San Antonio Positive Housing Trend Continues Housing statistics mirror San Antonio economy

 The local housing market continues to grow reflecting the strong economic climate of the city according to the March 2012 Multiple Listing Service report by the San Antonio Board of REALTORS® (SABOR). Key housing indicators all improved in March 2012 compared with March 2011.

Housing statistics continued their upswing for the third consecutive month this year. The average price for single family homes grew two percent to $185,561 and the median price increased four percent to $155,600 compared to figures in March 2011. Both average and median prices have improved month over month this year, marking a favorable housing trend for the year. Last month’s average and median prices were $183,955 and $147,100, respectively. To date sales, which encompass homes sold in the first‐quarter of 2012, saw a six percent increase from the first quarter of 2011.

The number of homes sold in San Antonio also grew 4 percent to 1,637 in March compared to the same month last year. “We are entering our busy spring and summer sales period and with market conditions as favorable as they are, we are hopeful that we’ll maintain our steady progress,” said Liza Reyes, 2012 SABOR Chairman of the Board.

Key Statistics
$185,561 – Average price for single‐family homes in March 2012, 2 percent higher than a year ago.
$155,600 – Median price for single‐family homes in March 2012, 4 percent higher than a year ago.
3,855 – Total number of single‐family homes sold year‐to‐date in the first quarter 2012, 6 percent higher than a year ago.

San Antonio is among a handful of metros that reached its pre‐recession employment peak by mid‐2011. The job market continues to grow with news that Bandera Ventures will build a 300,000‐sf assembly and warehouse building in Seguin to house companies that supply packaging and logistics support to manufacturer Caterpillar Inc. The Milken Institute named San Antonio the best performing city in 2011. It gained the top ranking out of 200 large U.S. metros and ranked seventh in job growth for 2005–2010. Job growth positively affects the housing market.

“The benefit to the San Antonio housing market from job creation by military relocations, growth in health care and biosciences, renewed investment in oil and gas exploration, as well as revived interest in manufacturing reflect favorably in our statistics,” said SABOR President and CEO Angela Shields.

Source: The San Antonio Board of REALTORS®