San Antonio Market Update 3/16/21

Cassie Villela here with my latest San Antonio Real Estate Investing Market Update! Check out the video presentation or read on for the latest data.

SAN ANTONIO COVID-19 UPDATE

For this market update, the COVID numbers are declining and we are currently in the mild risk category. As always, please be safe.

The City of San Antonio is accepting applications for emergency rent and mortgage assistance. This is for individuals and families living within the San Antonio city limits who are experiencing hardship. Note that the landlords must be registered with the city as vendors, and will be paid directly.

For more information. Register here

Additionally, the South Alamo Regional Alliance for the Homeless has put together an Eviction Prevention Toolkit to help landlords in San Antonio and Bexar County prevent tenants’ evictions.

A MOMENT OF CELEBRATION

Ok, I'm really excited this week because it is the one-year anniversary of my first meetup and the first update I gave. I started giving these updates when COVID began because I was worried about the market and how it would be effected and I wanted people to have the very latest data to make decisions. I don't think that anyone expected that a year after COVID hit, we'd be experiencing the hottest real estate market we've had, and that we would have appreciated double digits by the next year.

I've been tracking almost all of these data points for the last year, so now I've got better data to draw projections from! Woohoo data!

SAN ANTONIO REAL ESTATE MARKET UPDATE

The showing numbers for the past few weeks are about 2/3 what they were at this time last year. I think that this is due more to inventory issues than there being fewer buyers. There are a lot of buyers taking advantage of interest rates and the huge appreciation. I can also see this anecdotally, as every house I've listed recently has gone under contract in just a few days. It's obvious that it isn't slowing down. The decrease in showings are from lower inventory, not lower interest.

In contrast, Rental Showings are pretty much exactly the same as last year. These haven't been effected by COVID as much as people making the decision to list their house.

Weekly home sales had a dramatic dip a few weeks ago due to that big Texas-wide freeze that shut everything down. The next few weeks had a dramatic spike, as title companies had to make up for lost time. I think we will continue to see this high level of sales for a while.

Median Price has continued to rise. It is going to fluctuate and that's not something to really worry about - really we are looking at it over time and we can see that it is gradually and consistently increasing.

Home sales are consistent with where they were last year, but home prices have gone up quite a bit (average increase 15%, median increase 11%). It is really hard to believe that a year ago we were going into COVID freaking out and speculating, but now we are seeing this type of growth.

The Multifamily Home sales experienced a 13% decrease from last year. This sounds bad, but there really aren't that many multifamily units in San Antonio are. Because there are so few data points, the slight decrease really skews the percentage.

Rental prices continue to rise. $1581 is the average rental price (this includes houses, condos, townhomes, but NOT apartments), which has gone up pretty dramatically from last year. There was a bit of a decrease in rented properties for the past month, but I would chalk that up, again to the freeze.

Anecdotally, the market is really heating up. I'm getting a lot of calls to list houses and a lot of people looking to buy. It is definitely a seller's market, so if you're thinking of selling, this is the time to do it. Buyers are going to have to find some trick up your sleeve to distinguish yourself from the rest of the pack to get something in this market.

So that's where we are in Mid-March 2021! If you have any questions or data points you might suggest adding, please comment down below. See you next time!

Join me every other Tuesday for more Real Estate Investing Market Updates. Register at investors.cassievillela.com 

Have an idea for our Real Estate Investing Meetup? Drop me a line to suggest topics you are interested in me covering.