The San Antonio real estate market is constantly changing. Whether you’re considering buying a house, selling your home, or want to stay informed, it’s essential to keep up-to-date with the latest trends. This report breaks down the numbers from February 2023 to help you understand what’s happening in the San Antonio housing market.
February 2023 San Antonio Real Estate Market: Key Points
- Home Sales Decreased: Fewer homes were sold in February 2023 compared to February 2022.
- Prices Still Increased (Slightly): Although sales were down, the average cost of homes still saw a slight increase.
- More Choices for Buyers: With more homes on the market, there’s good news for those looking to buy.
- Interest Rates Matter: Interest rates continue to play a significant role in the market’s performance.
Let’s take a closer look at the numbers.
Single-Family Homes in San Antonio
Single-family homes are the most common type of home that people buy. Here’s how they did in February 2023:
- Sales: 2,287 homes were sold, which is less than the 2,744 sold in February 2022 (a 17% decrease).
- Average Price: The average home price was $365,678, which is a little higher than the $356,945 from last year (a 2% increase).
- Median Price: The median price was $310,000.
- Price per Square Foot: The average price per square foot was $176.
- Days on Market (DOM): On average, homes were on the market for 70 days.
- Close to Original List Price: On average, homes sold for 94.2% of their original list price.
- New Listings: There were 3,531 new homes listed.
- Active Listings: There were 9,712 active home listings.
What does this mean?
Fewer people purchased single-family homes in San Antonio in February 2023 compared to February 2022. However, the prices of those homes still increased slightly. Homes are also taking longer to sell, which could mean the market is starting to cool down.
Condominiums and Townhomes in San Antonio
Condominiums and townhomes are another option for individuals seeking a place to live. Here’s what happened with them in February 2023:
- Sales: 51 condos/townhomes were sold, down from 73 sold in February 2022 (a 29% decrease).
- Average Price: The average price was 233,966,whichisalittlehigherthanthe233,966, which is a little higher than the233,966,whichisalittlehigherthanthe175,000 last year.
- Median Price: The median price was $125,300.
- Price per Square Foot: The average price per square foot was $195.
- Days on Market (DOM): On average, homes were on the market for 60 days.
- New Listings: There were 57 new condo/townhome listings.
- Active Listings: There were 225 active condo/townhome listings.
What does this mean?
Similar to single-family homes, the number of condos and townhomes sold in February 2023 was lower than in the same month last year.
Multifamily Properties in San Antonio
Multifamily properties are buildings with multiple living units, like apartment buildings. Here’s how they performed:
- Sales: 33 multifamily properties were sold, fewer than the 36 last year.
- Average Price: The average price was 371,415,whichislessthanthe371,415, which is less than the371,415,whichislessthanthe390,330 from last year.
- Median Price: The median price was $315,000.
- Price per Square Foot: The average price per square foot was $154.
- New Listings: There were 38 new multifamily listings.
- Active Listings: There were 431 active multifamily listings.
What does this mean?
Fewer multifamily properties were sold compared to the year before.
Residential Lots & Acreage in San Antonio
If you’re interested in building your own home or investing in land, here’s what happened with residential lots and acreage:
- Sales: 201 lots were sold, down from 391 last year.
- Average Price: The average price was $156,772.
- Median Price: The median price was $327,500.
- Price per Square Foot: The average price per square foot was $32.
- New Listings: There were 193 new residential lots and acreage listings.
- Active Listings: There were 3,239 active residential lots & acreage listings.
What does this mean?
Fewer land lots were sold compared to last year.
San Antonio Rental Market
Let’s check out the rental market in San Antonio:
- Sales: 1,117 rentals were rented, up from 1,002 last year.
- Average Price: $1,798, up from $1,733 last year.
- Median Price: $1,733.
- Price per Square Foot: $113.
- New Listings: There were 1,249 new rental listings.
- Active Listings: There were 2,532 active rental listings.
What does this mean?
More rentals were rented compared to last year, and both the average and median prices also increased.
Other Types of Property in San Antonio
Here’s a quick look at some other types of properties:
- Commercial: The average price was $672,936.
- Commercial Land: The average price was $669,720.
- Rural Farms & Ranches: The average price was $882,015.
These markets can be significantly different from the residential market and depend heavily on their location, size, and features.
Overall Trends in the San Antonio Real Estate Market
- New Listings: The number of new homes being listed for sale varies significantly.
- Active Listings: The number of homes currently for sale (active listings) has increased. This means buyers have more choices than they did last year.
- Pending Sales: The number of homes under contract but not yet closed (pending sales) has decreased.
San Antonio Real Estate by Area
The SABOR report also breaks down sales by different areas of San Antonio. Here are a few interesting points:
- Area 1: The average sales price increased slightly from 357,110 to 357,240.
- Area 10: The average sales price increased from 613,033to613,033 to613,033to632,572.
- Area 17: The average sales price increased from 280,120to280,120 to280,120to270,143.
- Area 27: The average sales price dropped from 355,543 to 351,741.
Important Note: These are just a few examples. The full report has data for many more areas. It’s always a good idea to check the specific area you’re interested in.
Year-to-Date (YTD) San Antonio Real Estate
The report also includes data for the entire year up to February 2023. Here are a few key points:
- Single-Family Home Sales (YTD): 4,113 homes were sold, down 22% from last year.
- Average Single-Family Home Price (YTD): $365,434, up 4% from last year.
What does this mean?
Although sales slowed in February, the overall market for the year remains relatively strong, with prices slightly higher than last year.
Predictions for the San Antonio Real Estate Market
Predicting the future is always a challenging task. However, based on the February 2023 data, here are a few possible scenarios:
- Price Growth May Slow Down More: With more homes on the market and fewer sales, buyers have more negotiating power. This could mean that prices won’t increase as quickly as they have been, or they might even go down in some areas.
- The Market Could Become More Balanced: A more balanced market means that buyers and sellers have approximately equal power. This can make the process of buying and selling homes easier.
- Interest Rates Will Be Key: Changes in interest rates can significantly impact how much people can afford to spend on a home, ultimately affecting the market.
Tips for San Antonio Home Buyers
If you’re thinking about buying a home in San Antonio, here’s some advice:
- Get Pre-Approved for a Loan: This will give you a clear idea of how much you can borrow.
- Find a Good Real Estate Agent: A local agent can help you find the right home and guide you through the buying process.
- Be Patient and Do Your Research: Take your time to find the right home that meets your needs and budget.
Tips for San Antonio Home Sellers
If you’re planning to sell your home, keep these things in mind:
- Price Your Home Strategically: Research what similar homes in your area have recently sold for to determine a competitive listing price.
- Make Your Home Look Its Best: Clean, declutter, and make any necessary repairs or upgrades to enhance your home’s appeal.
- Be Flexible and Open to Negotiation: Be willing to work with potential buyers to reach a mutually agreeable and mutually beneficial deal.
How to Find Out More About San Antonio Real Estate
- SABOR Website: The San Antonio Board of Realtors’ website (https://www.sabor.com/) provides extensive information about the local market.
- Local Real Estate Agents: Consult with real estate agents who are well-versed in the local market.
- Real Estate News Sites: Stay updated on the latest news and trends in San Antonio real estate.
In Conclusion
The San Antonio real estate market is constantly changing, and February 2023 was no different. While sales slowed, prices generally continued to rise, albeit at a slower pace. With more homes on the market, buyers have more options, and the market may be shifting towards a more balanced state. Whether you’re buying or selling, staying informed and working with experienced professionals is crucial for making smart real estate decisions.
FAQs About the San Antonio Real Estate Market
Q: Are home prices still increasing in San Antonio?
A: Yes, in general, home prices in San Antonio were still slightly higher in February 2023 than they were in February 2022. However, the rate of increase appears to be slowing down.
Q: Is now a good time to buy a home in San Antonio?
A: It depends on your individual circumstances. Consider factors such as interest rates, your financial situation, and your long-term objectives. Consult with a real estate agent and a financial advisor for personalized guidance.
Q: Is now a good time to sell a home in San Antonio?
A: With prices still relatively high, it could be a good time to sell. However, with more homes on the market, it’s essential to price your home competitively and make it stand out to attract buyers.
Q: Where can I find the complete SABOR MLS report?
A: Contact the San Antonio Board of Realtors to inquire about accessing the full report and detailed market statistics.
Disclaimer: This report is based on data from the SABOR MLS and is intended for informational purposes only. Consult with qualified professionals before making any real estate decisions.