San Antonio Real Estate Market: April 2021 - What's the Latest?

Are you interested in buying, selling, or investing in real estate in San Antonio? It’s essential to stay up-to-date on the latest market trends. This blog post breaks down the April 2021 San Antonio Board of Realtors (SABOR) report in a way that’s easy to understand, even if you’re not a real estate expert.

We’ll cover:

Overall Market Performance: A quick overview of how the San Antonio real estate market performed in April 2021.
Different Types of Homes: From single-family homes to land and rentals, we’ll explore it all.
Sales by Area: Find out which neighborhoods in San Antonio were the most active.
What It Means for You: Practical advice and tips for buyers, sellers, and renters.

Let’s dive in and see what April 2021 had in store for San Antonio real estate!

San Antonio Real Estate in April 2021: A Quick Summary

April 2021 was a very busy month for real estate in San Antonio. Here’s a snapshot of the key trends:

Home Sales Skyrocketed: More single-family homes were sold compared to April 2020.
Home Prices Continued to Rise: The average price of a home increased significantly.
Condo Market Booms: Condo sales experienced a significant surge, signaling growing popularity.
Land Sales Boomed: The number of land sales more than doubled, showing a surge in interest for new construction.

Now, let’s take a closer look at the numbers for different types of properties.

Single-Family Homes: The Core of the Market

Single-family homes are the most common type of property in San Antonio. Here’s how they performed in April 2021:

Sales: 3,483 homes were sold, a massive 27% increase from 2,735 in April 2020. That’s a lot more homes changing hands!
Price per Square Foot: The average price per square foot increased from $129 to $154, a 19% increase.
Average Price: The average price of a home rose from $273,473 to $333,671, a 22% increase.
Days on Market (DOM): Homes sold much faster! The average DOM decreased from 61 days to 36 days, representing a 41% drop. This means homes were being snatched up quickly!

What does this mean? The single-family home market was incredibly strong in April 2021. Sellers were in a great position, and buyers needed to be prepared for competition.

Condos and Townhomes: A Popular Alternative

Condos and townhomes offer a different lifestyle, often with less maintenance. Here’s how this market performed:

Sales: 91 condos and townhomes were sold, an astounding 78% increase from 51 in April 2020.
Price per Square Foot: The average price per square foot increased from $133 to $175, a 32% increase.
Average Price: The average price rose from $159,187 to $202,518, a 27% increase.
Days on Market (DOM): The average DOM increased slightly from 63 days to 73 days, a 16% increase.

What does this mean? The condo and townhome market was also very strong, with significant increases in sales and prices. However, homes were staying on the market a bit longer than last year.

Multifamily Properties: A Solid Investment

Multifamily properties (like duplexes and small apartment buildings) are popular with investors. Let’s see what the report showed:

Sales: 40 multifamily properties were sold, a 5% increase from 38 in April 2020.
Price per Square Foot: The average price per square foot increased from $117 to $142, a 21% increase.
Average Price: The average price rose from 337,032 to 358,322, a 6% increase.
Days on Market (DOM): Homes sold faster! The average DOM decreased from 72 days to 55 days, a 24% decrease.

What does this mean? The multifamily market experienced moderate growth, characterized by rising prices and accelerated sales.

Residential Lots & Acreage: Building Your Dream Home

If you’re looking to build your own home or invest in land, here’s what you need to know:

Sales: 524 lots and acreage properties were sold, a massive 157% increase from 204 in April 2020! This indicates a huge demand for land.
Average Price: The average price increased from 82,004 to 137,161, a 67% increase.
Days on Market (DOM): The average DOM decreased from 214 days to 143 days, a 33% decrease.

What does this mean? The market for residential lots and acreage was booming! More people were looking to buy land and build their own homes.

Residential Rentals: Finding a Place to Lease

Let’s take a look at the rental market in San Antonio:

“Sales”: 1,209 rental leases were signed, an 8% increase from 1,122 in April 2020.
Price per 100 Square Feet: The average cost per 100 square feet increased from $86 to $91, a 7% increase.
Average Price: The average rent increased from $1,478 to $1,587, a 7% increase.
Days on Market (DOM): Rental properties were leased much faster! The average DOM decreased from 53 days to 34 days, representing a 36% reduction.

What does this mean? The rental market was also strong, with increasing rents and faster leasing times.

Commercial Properties: How Businesses Were Doing

Commercial properties (stores, offices, etc.) are essential for the local economy. Here’s how they performed:

Sales: 40 commercial properties were sold, a massive 186% increase from just 14 in April 2020!
Average Price: The average price decreased from $371,568 to $280,107, a 25% decrease.
Days on Market (DOM): It took longer to sell commercial properties. The average DOM increased from 154 days to 200 days, a 30% increase.

What does this mean? While more commercial properties were sold, the average price decreased, and it took longer to find buyers. This could indicate a shift in the types of commercial properties being sold.

Commercial Land: Investing in Future Business

Commercial land is where new businesses might be built. Let’s look at the numbers:

Sales: 14 commercial land properties were sold, a 100% increase from 7 in April 2020.
Average Price: The average price decreased from $441,358 to $240,038, a 46% decrease.
Days on Market (DOM): It took much longer to sell commercial land. The average DOM increased from 119 days to 521 days (nearly a year and a half!), a 338% increase.

What does this mean? The commercial land market showed mixed results. More properties were sold, but the average price decreased significantly, and it took much longer to find buyers.

Rural Farms & Ranches: A Piece of the Country

Many people dream of owning a farm or ranch. Here’s how this market did:

Sales: 58 rural farms and ranches were sold, a 123% increase from 26 in April 2020!
Average Price: The average price increased dramatically from 451,554 to 1,076,673, a 138% increase.
Days on Market (DOM): These properties took a bit longer to sell. The average DOM increased from 118 days to 157 days, a 33% increase.

What does this mean? The market for farms and ranches was incredibly strong, with a significant increase in sales and prices.

Year-to-Date: How is 2021 Shaping Up?

Let’s take a look at the year-to-date numbers (January through April) to get a broader perspective:

Single-Family Homes: Sales up 15%, average price up 16%.
Condos and Townhomes: Sales up 26%, average price up 43%.
Multifamily Properties: Sales down 5%, average price up 5%.
Residential Lots & Acreage: Sales up 74%, average price up 45%.
Residential Rentals: Leases signed down 11%, while average rent increased by 8%.
Commercial Properties: Sales up 101%, average price down 1%.
Commercial Land: Sales up 50%, average price up 3%.
Rural Farms & Ranches: Sales up 114%, average price up 31%.

These numbers indicate a very strong real estate market overall in San Antonio, with rising prices and sales for most property types.

Sales Closed by Area: Where Was the Market Hottest?

The SABOR report also breaks down sales by different areas within San Antonio. This helps you see which neighborhoods were the most active.

(Note: Because there’s so much information, we’ll highlight a few key things. You can find all the details in the full SABOR report.)

Key Observations:

Price Increases: Most areas saw significant home price increases compared to April 2020.
Sales Volume Variations: Some areas had a much larger increase in the number of homes sold than others.
Days on Market Varied: The amount of time it took to sell a home depended on the location.

Examples:

Area 5: Saw a significant increase in average sales price, going from 330,392inApril2020to330,392 in April 2020 to330,392inApril2020to503,612 in April 2021.
Area 10: Also experienced a significant price increase, from 448,560 to 559,736.
Area 26: Had a large number of sales (256 in April 2021), indicating high demand.
Area 27: Also had a high sales volume (326 in April 2021), with a notable price increase.

To find detailed information about the areas you’re specifically interested in, check out the full tables in the original SABOR report!

What This Means for You: Advice for Buyers, Sellers, and Renters

So, how does all of this information affect you? Here’s some advice based on the April 2021 market:

For Buyers:

Get Pre-Approved for a Mortgage: This is absolutely essential in a competitive market. It shows sellers you’re serious and know what you can afford.
Be Ready to Act Fast: Homes are selling quickly, so don’t hesitate if you find a home you love.
Work with an Experienced Real Estate Agent: A good agent can help you navigate the market and find the right home.
Consider a Range of Neighborhoods: Be open to exploring different areas.
Be Prepared to Compete: You may need to make a firm offer to secure the win.

For Sellers:

Price Your Home Strategically: Collaborate with your agent to determine the optimal price to attract potential buyers.
Make Your Home Show-Ready: Ensure your home is clean, well-maintained, and visually appealing.
Be Prepared for Multiple Offers: You may receive multiple offers, so be prepared to evaluate them carefully.
Work with a Skilled Agent: A skilled agent can help you effectively market your home and secure the best possible price.
Consider the Timing: The market is strong, so now may be a good time to sell.

For Renters:

Start Your Search Early: Rental properties are being leased quickly, so begin your search well in advance.
Be Prepared to Apply Quickly: Have your application materials (proof of income, credit report, etc.) ready to go.
Know Your Budget: Determine how much rent you can comfortably afford.
Consider Different Locations: Be open to renting in different neighborhoods to find the best value.

Conclusion: A Thriving San Antonio Market

The San Antonio real estate market in April 2021 was thriving, with rising prices and a surge in sales for many property types. Whether you’re buying, selling, or renting, it’s essential to stay informed and work with a qualified real estate professional.

Disclaimer: This blog post is based on data from the San Antonio Board of Realtors MLS report for April 2021. Market conditions can change, so it’s essential to stay updated.