Housing Inventory Low in San Antonio

As of September 2013, housing inventory in the Alamo City stood at 4.6 months — a six-year low for the market, according to the latest San Antonio Board of Realtors (SABOR) report. The September report also shows that homes are on the market, on average, 70 days. Of the homes sold, 97 percent were bought at the listing price.

“We have seen our inventory getting smaller and smaller all year, making this more of a competitive market,” says Steven Gragg, 2013 SABOR chairman of the board. “Low inventory could result in sellers receiving multiple bids on homes located in prime locations or being able to sell closer to their asking price.”

In September, the average price of a home in the greater San Antonio area stood at $205,728 — up from an average price of $193,026 last September, and an average price of $189,723 in September 2011.

A total of 2,031 homes were sold over the 30 days ended Sept. 30, 2013, according to the latest SABOR analysis. By comparison, 1,686 sales were recorded last September. Two years ago, 1,576 home-sales were recorded.The median price of a home currently stands at $168,700 — up from $158,400 a year ago, and $154,600 as of September 2011.

“Interest rates have been at historic lows for some time now, allowing many people to take advantage of the opportunity,” observes Angela Shields, president and CEO for SABOR.

Even the slight increases in interest rates have done little to slow down the housing market.“Although the rates have started to inch up, they still remain below five percent, making home buying affordable for a wide range of people,” Shields adds

Source: SABOR and San Antonio Business Journal