Thinking about buying, selling, or investing in San Antonio real estate? Get the latest scoop on the market! This blog post breaks down the February 2021 San Antonio Board of Realtors (SABOR) report, making it easy to understand what’s happening and how it affects you.
We’ll cover:
- Overall Market Performance: A quick look at the key numbers for February 2021.
- Different Types of Homes: We’ll explore single-family homes, condos, land, and more.
- Sales by Area: Find out which parts of San Antonio are seeing the most action.
- What It Means for You: Tips and advice for buyers, sellers, and renters.
Let’s dive in and see what February 2021 revealed about the San Antonio real estate market!
February 2021: San Antonio Real Estate at a Glance
February 2021 was another active month for the San Antonio real estate market. Here are the highlights:
- Home Sales Slightly Up: Single-family home sales were a bit higher than last year.
- Prices Continued to Rise: Home prices continued to climb, which is good news for sellers.
- Condo Prices Soared: Condominium prices experienced a significant increase compared to last year.
- Land Sales Boomed: More people were buying land, indicating a growing interest in building new homes.
Now, let’s take a closer look at the numbers for different types of properties.
Single-Family Homes: The Foundation of the Market
Single-family homes are the most common type of property in San Antonio. Here’s how they performed in February 2021:
- Sales: 2,413 homes were sold, representing a slight 1% increase from 2,395 in February 2020.
- Price per Square Foot: The average price per square foot increased from $128 to $148, a 15% jump.
- Average Price: The average price of a home rose from $274,049 to $314,810, a 15% increase.
- Days on Market (DOM): Homes sold much faster! The average DOM decreased from 74 days to 51 days, representing a 31% reduction.
What does this mean? The single-family home market was still strong, with rising prices and faster sales. If you owned a home, it was a good time to consider selling. If you were a buyer, you needed to be ready to move quickly.
Condos and Townhomes: A Growing Segment
Condos and townhomes offer a different lifestyle, often appealing to those seeking a lower level of maintenance. Here’s how they performed:
- Sales: 68 condos and townhomes were sold, representing a 13% increase from 60 in February 2020.
- Price per Square Foot: The average price per square foot skyrocketed from $138 to $239, a massive 72% increase.
- Average Price: The average price more than doubled, rising from $152,121 to $311,728, a 105% increase.
- Days on Market (DOM): The average DOM decreased slightly from 79 days to 68 days, a 14% decrease.
What does this mean? The condo and townhome market was hot, with prices soaring. This could mean increased demand for this type of housing.
Multifamily Properties: An Investment Opportunity
Multifamily properties (like duplexes and apartment buildings) are popular with investors. Let’s see how they did:
- Sales: 28 multifamily properties were sold, representing a 13% decrease from the 32 sold in February 2020.
- Price per Square Foot: The average price per square foot increased from $115 to $129, a 12% increase.
- Average Price: The average price rose from $318,153 to $400,289, a 26% increase.
- Days on Market (DOM): The average DOM decreased from 94 days to 64 days, a 32% decrease.
What does this mean? The multifamily market showed mixed results. While sales decreased, prices increased, and properties sold more quickly.
Residential Lots & Acreage: Building Your Dream Home
If you’re looking to build a custom home, here’s what happened with land sales:
- Sales: 337 lots and acreage properties were sold, a 21% increase from 279 in February 2020.
- Average Price: The average price increased from $ 77,445 to $ 134,752, a 74% increase.
- Days on Market (DOM): The average DOM increased slightly from 147 days to 161 days, a 10% increase.
What does this mean? The land market was booming, with significantly higher sales and prices. People were clearly interested in building their own homes.
Residential Rentals: Finding a Place to Lease
Let’s check out the rental market to see how much it costs to rent a home in San Antonio:
- “Sales”: 948 rental leases were signed, a 23% decrease from 1,224 in February 2020.
- Price per 100 Square Feet: The average cost per 100 square feet increased from $84 to $91, an 8% increase.
- Average Price: The average rent increased from $1,458 to $1,581, a 8% increase.
- Days on Market (DOM): Rental properties were leased much faster! The average DOM decreased from 67 days to 43 days, representing a 36% reduction.
What does this mean? Fewer leases were signed, but rents increased, and properties were rented out more quickly.
Commercial Properties: How Businesses Were Doing
Commercial properties (stores, offices, etc.) are essential for the local economy. Here’s how they performed:
- Sales: 21 commercial properties were sold, representing a 75% increase from the 12 sold in February 2020.
- Average Price: The average price increased from $222,997 to $252,525, a 13% increase.
- Days on Market (DOM): It took longer to sell commercial properties. The average DOM increased from 224 days to 137 days, a 39% decrease.
What does this mean? More commercial properties were sold, and for higher prices, although the average DOM decreased significantly.
Commercial Land: Investing in the Future of Business
Commercial land is where new businesses might be built. Let’s look at the numbers:
- Sales: Six commercial land properties were sold, representing a 33% decrease from the 9 sold in February 2020.
- Average Price: The average price decreased from $318,556 to $157,417, a 51% decrease.
- Days on Market (DOM): It took much longer to sell commercial land. The average DOM increased from 306 days to 386 days, a 26% increase.
What does this mean? Fewer commercial land properties were sold, and for lower prices, while the average DOM increased.
Rural Farms & Ranches: A Piece of the Country
Many people dream of owning a farm or ranch. Here’s how this market did:
- Sales: 37 rural farms and ranches were sold, a 54% increase from 24 in February 2020!
- Average Price: The average price decreased from $822,594 to $783,562, a 5% decrease.
- Days on Market (DOM): These properties sold in a bit less time. The average DOM decreased from 130 days to 118 days, a 9% decrease.
What does this mean? The market for farms and ranches continued to show strength, with more sales, while the average prices decreased and the DOM shrank.
Year-to-Date: How is 2021 Shaping Up?
Let’s examine the year-to-date numbers (comprising January and February) to gain a clearer understanding of the overall trend.
- Single-Family Homes: Sales up 9%, average price up 14%.
- Condos and Townhomes: Sales down 8%, average price up a whopping 63%!
- Multifamily Properties: Sales down 13%, average price up 13%.
- Residential Lots & Acreage: Sales up 23%, average price up 43%.
- Residential Rentals: Leases signed down 17%, while average rent increased by 6%.
- Commercial Properties: Sales up 42%, average price up 12%.
- Commercial Land: Sales up 29%, average price up 13%.
- Rural Farms & Ranches: Sales up 85%, average price up 21%.
These numbers indicate a robust overall market, characterized by rising prices, particularly for single-family homes and condominiums. Land sales are also booming, while the rental market is seeing fewer leases but higher rents.
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 point out a few key things. You can find all the details in the full SABOR report.)
Key Observations:
- Price Increases: Most areas experienced a rise in home prices compared to February 2020.
- Days on Market (DOM): The amount of time it took to sell varied depending on the area.
- Area 5: Saw significant price increases. The average price went up from 359,983to359,983 to359,983to478,918
- Area 18: Average Sales Price went up from 357,874to357,874 to357,874to421,946, and DOM decreased.
- Area 26: Large sales volume – saw prices go up from 371,720to371,720 to371,720to403,905.
- Area 27: Prices increased from 248,877to248,877 to248,877to287,294 with a decreased DOM.
Check the full SABOR report to find the details for the specific areas you’re interested in!
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 February 2021 market:
For Buyers:
- Be Prepared for Competition: With prices rising and homes selling quickly, be ready to compete with other buyers.
- Get Pre-Approved for a Mortgage: This is more important than ever!
- Work with an Experienced Agent: A good agent can help you find the right home and navigate the competitive market.
- Consider a Range of Neighborhoods: Be open to exploring different areas to find the best value.
- Don’t Wait: If you find a home you love, act quickly!
For Sellers:
- Price Your Home Strategically: Collaborate with your agent to determine a price that effectively attracts potential buyers.
- Make Your Home Show-Ready: Ensure your home is clean, well-maintained, and visually appealing to potential buyers.
- 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: With rentals being leased quickly, start your search well in advance of your move.
- Be Prepared to Apply Quickly: Have your application materials ready.
- Know Your Budget: Determine how much rent you can afford.
- Consider Different Locations: Be open to renting in different neighborhoods to find the best value.
Conclusion: A Hot Market Continues
The San Antonio real estate market remained strong in February 2021, with rising prices and faster sales. 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 February 2021. Market conditions can change, so it’s essential to stay informed and updated.