San Antonio Market Update 6/22/21

Hello and welcome back! Today I’ve got the latest San Antonio Real Estate Market data to discuss. Read on or watch the video for the latest!

COVID-19 Update

I’m happy to report that cases are continuing to go down in the San Antonio area and fewer ICU beds are being used. We have much fewer new cases, so that’s very exciting news!

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.

Real Estate Market Update

The Showings Per Week right now are on track with last year’s. The start to summer where everyone is really looking in May and June, then over the summer it tends to go down into fall. This tracks along with expected trends.

We see the same with Rental Showings. A peak at the beginning of June and then it sort of falls off as people leave for vacation and so forth.

Now we’ll take a look at the Weekly Home Sales. The dip you see on the red line is the first week of the month. As I talk about often, there tends to be a peak followed by a low point. This is where the last week of the month has more closings than the rest of the month because everyone is trying to close by the end of the month. So you’ll see a little peak at the end of the month and a bit lower by the next week.

The Median Price shows a substantial increase over this time last year. We are approaching a $300k median price, which sounds unbelievable to me. If you have been in San Antonio for a while, this sounds quite high. Not too long ago, your starter homes are around $100k and your luxury homes are around $300k. Especially since our median family income is around $70k, this $300k price seems really high.

Home Sales saw a dramatic increase over 2020. I’m trying to figure out why this might be. Perhaps COVID played a part in this, but we need to see if this trend continues into June to make any real conclusions.

The Price Increases are legit. We are nearing the $300k median home price, with a 23% median increase and a 27% average increase. I think the median increase is a more reliable measure of growth because the average can be skewed by just a few very high priced sales. Even still, this is a big increase in prices over just one year.

Days on Market has really blown me away! For them to be almost 50% lower than they were last year is wild. I’m thinking back to last year when I was thinking “how can this go on and be so fast?!” and now we are selling houses closing in just over a month.

Multifamily Home Sales in May showed a huge increase. It is worth noting that we sometimes get wacky numbers on multifamily home sales because there just aren’t than many here in San Antonio. However, that’s still a big increase from last year.

As with the Single Family Prices, I think the Multifamily Sale Prices are a more important indicator. Again, I’d like to remind you that these numbers could be a little skewed due to the method of data collection. If in 2020, 19 duplexes were sold, but in 2021 there were some 4-plexes or larger in there, then naturally their prices would be higher. Unfortunately, when they collect these data, they do not differentiate between the size/number of units in multifamily properties.

The Rental Prices for May 2021 have increased about 10% since last year. With rental prices the average is more accurate because there really aren’t luxury rentals to skew the average. $1649 being the average rental price is really unbelievable to me.

Final Thoughts

I know I may seem like a broken record coming on week after week telling you about how this market is so unbelievable, but it is totally true. This time last year I was amazed by the prices and days on market, and I continue to be floored that they are still going up and that the market is getting even hotter.

If you have any other statistics that you think will be helpful or any other questions about the market that might be helpful, please comment down below. Let me know what information you need and I’ll include it next time!