September 16, 2013

San Antonio Real Estate Market Stays Strong as Summer Sales Season Winds Down

San Antonio – Homes moved quickly in August, spending just 69 days on market. The month also reported a

low 4.8 months of inventory – the smallest months of inventory since February 2007. The average price of a

single-family residential home in August rose to $209,672 and the median price increased to $174,500 – a seven

percent and eight percent increase compared to 2012, respectively. According to the most recent sales figures

from the San Antonio Board of REALTORS® (SABOR) Multiple Listing Service Report, sales for August also

rose by fifteen percent from 2012 to a total of 2,413 homes sold.

“August was another outstanding month for the San Antonio market, and it’s no surprise as we have seen steady

gains in sales and prices since the beginning of 2012,” said Steven Gragg, 2013 SABOR Chairman of the Board.

“Median prices particularly have shown substantial growth, and part of that has to do with a rise this year in

sales of higher end homes. Since February, homes priced over $500,000 have edged close to or gone over four

percent of total homes sold. Usually that number is closer to three percent.”

Homes purchased in the low range (below $200,000) accounted for 59.3 percent of homes sold in August.

Homes priced in the mid-range (between $200,000 and $500,000) made up 36.6 percent of sales and homes

costing over $500,000 accounted for 3.9 percent of homes sold.

According to the Texas A&M Real Estate Center, Texas’ low cost of living allows consumers to make their

money go further, giving them a higher quality of life for less. In fact, Texas’ cost of living is three percent

below the national average. With such affordable living, companies can remain competitive with lower wages to

keep their prices down.

This affordability can be seen in the strength of the Texas real estate market. Houston, Austin, Dallas and San

Antonio have all seen steady gains in prices and home sales this year. Sales hit an all-time high in Texas in the

second quarter of 2013, with the highest figures for median and average price ever seen in Texas real estate.

“San Antonio’s year-to-date sales have increased 19 percent compared to this time last year,” said Angela

Shields, SABOR President and CEO. “Homes are selling for 97 percent of list price meaning sellers are getting

the prices they want for their homes and buyers are eager to make the dream of home ownership a reality.”

San Antonio Home Sales Recap

August 2011 August 2012 August 2013

Total Month Sales 1,778 2,104 2,413

Average Price $183,607 $195,693 $209,672

Median Price $153,500 $161,400 $174,500