Posted about 4 years ago

San Antonio Market Update 8/17/21

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

Covid-19 Update

Unfortunately, we are at SEVERE risk but it is steady and not increasing. Please be really careful because the hospitals are full. Do your part – get vaccinated and wear your masks!

Real Estate Market Update

The Single Family Homes Showings Per week is a little below where we were this time last year. I don’t know if this is because this is the starter home range and prices have just gone up so much. I did include a few slides down a comparison of where the most showings are happening, so we’ll talk about that then. This could be a sign of slowing down a bit.

Rental showings per week are a bit lower than this time last year, as well as the number of rentals that are happening compared to last year. This looks like a bit of a slow down too – more on that in a moment.

Weekly home sales are higher than they were this time last year but are pretty much on track with last year’s.

Now we’ll talk about the weekly median price. When I looked at the beginning of August, the median price topped out at $325,000! But when I looked this week, it went back down to $307,000. I think last week was kind of an outlier. We get excited about higher prices, but the stability of the market is important too. I’m glad it didn’t uptick that much permanently.

This median price includes all types of homes throughout the market – single-family homes, condos, etc.

I wanted to look into where all the showings have been happening. So here’s a chart that shows the number of showings that happened in each price range. I put all showings or all types of properties, in all areas of San Antonio for the first week of August. At the bottom, $0-30,000 are usually rentals, and the $30-59,999 are usually lots or land sales. Outside of those price ranges, the most amount of showings are happening between $180,000 and $300,00. Specifically, $210,000 to $270,000 is where the real bulk of the showings are happening. This makes sense because the median price is just above this and there are a lot of houses in this price range.

I should probably look back and add in the showings from the first week of August in 2020 to see how it has changed over time. I’ll add that in next time.

Home sales in July decreased by about 10% compared to 2020. This isn’t enough to be super worried about. If this trend continues into August, then I might begin to be concerned about it.

Single-family home prices for July 2021 increased, with an 18% increase in average price and a 15% increase in the median home price. I did notice that July’s median increase is a little bit lower than we saw in June. I don’t know if this is indicative of the market plateauing or slowing a little or not. Anecdotally, that’s what it seems like to me, just from the listings I have and what I’ve been hearing from my broker and other realtors and investors. I get a sense that there might be a slowdown, not in a sense of the market falling, but in that it is not going up so fast.

Days on Market are still way down, compared to last year.

July Multifamily Home Sales increased quite a bit since last year, but as you can see with the prices there wasn’t a huge increase there.

As a reminder, the term “multifamily” includes duplexes, fourplexes, etc, and does not differentiate. That makes it hard to get a good read on how much the prices are going up because you can expect homes with more units to cost more. This increase could just mean that more larger properties sold.

July Residential Rentals showed a decrease in the number of units rented out, as well as a decrease in showings of rentals. This could be related to school starting and covid ramping up. We did have an almost 10% increase in the rental price. The average rental price (not including apartments) last month was $1726. This sounds like a lot for San Antonio and it is. I’m sure inflation is playing a factor. We’ll keep an eye on this and hopefully, these numbers will stabilize a bit.