Are you curious about the San Antonio real estate market? Thinking of buying, selling, or want to stay in the know? This blog post breaks down the August 2021 San Antonio Board of Realtors (SABOR) report, making it easier for you to understand what’s happening.
We’ll cover:
- Overall Market Performance: A quick look at the key numbers for August 2021.
- Different Types of Homes: We’ll check out single-family homes, condos, land, and more.
- What It Means for You: Advice for buyers, sellers, and renters in today’s market.
Let’s jump in and see what August 2021 had in store for San Antonio real estate!
San Antonio Real Estate in August 2021: Key Numbers
August 2021 saw a still active market, albeit with some notable shifts. Here’s a quick overview:
- Single-Family Home Sales Slightly Up: More homes were sold compared to last year.
- Prices Continued to Rise: The average cost of a single-family home went up.
- Land Sales Slowed a Bit: Fewer residential lots and acreage properties were sold.
- Commercial Properties Boomed: Commercial sales increased significantly.
Now, let’s dig into the details and see how different types of properties performed.
Single-Family Homes: The Main Attraction
Single-family homes are the most common type of property in San Antonio. Here’s how they did in August 2021:
- Sales: 3,788 homes were sold, a 2% increase from 3,726 in August 2020.
- Price per Square Foot: The average price per square foot increased from $136 to $164, a significant 21% jump.
- Average Price: The average price of a home rose from $298,356 to $353,662, a 19% increase.
- Days on Market (DOM): Homes sold much faster! The average DOM decreased from 55 days to 24 days, representing a 56% reduction. That’s incredibly fast!
What does this mean? The single-family home market was still hot in August 2021. Prices were up, and homes were selling very quickly.
Condos and Townhomes: A Different Kind of Living
Condominiums and townhomes offer a distinct lifestyle compared to single-family homes. Here’s how they performed:
- Sales: 94 condos and townhomes were sold, representing a slight decrease of 1% from the 95 sold in August 2020.
- Price per Square Foot: The average price per square foot increased from $149 to $173, a 16% increase.
- Average Price: The average price rose from 171,877 to 218,972, a 27% increase.
- Days on Market (DOM): Homes sold faster! The average DOM decreased from 68 days to 38 days, representing a 44% reduction.
What does this mean? The condo and townhome market also experienced strong growth, characterized by rising prices and faster sales.
Multifamily Properties: Investing in San Antonio
Multifamily properties, such as duplexes and apartment buildings, are popular among investors. Here’s what the report showed:
- Sales: 54 multifamily properties were sold, a 15% increase from 47 in August 2020.
- Price per Square Foot: The average price per square foot increased from $106 to $131, a 23% increase.
- Average Price: The average price decreased slightly from $297,452 to $284,996, a 4% decrease.
- Days on Market (DOM): Homes sold much faster! The average DOM decreased from 93 days to 62 days, representing a 33% drop.
What does this mean? The multifamily market remained attractive to investors, with increased sales and shorter sales times.
Residential Lots & Acreage: Building Your Dream
If you’re looking to build your own home, here’s what you need to know about land sales:
- Sales: 399 lots and acreage properties were sold, a 5% decrease from 419 in August 2020.
- Average Price: The average price increased from 101,452 to 138,877, a 37% increase.
- Days on Market (DOM): Homes sold much faster! The average DOM decreased from 210 days to 89 days, representing a 58% reduction.
What does this mean? While the number of land parcels sold was slightly lower, the price of land increased significantly, and properties sold much faster. This suggests continued interest in building new homes.
Residential Rentals: What’s the Rent Like?
Let’s look at the rental market in San Antonio:
- “Sales”: 1,138 rental leases were signed, a 16% decrease from 1,347 in August 2020. (Note: In this case, “Sales” refers to the number of rental leases signed.)
- Price per 100 Square Feet: The average cost per 100 square feet increased from $87 to $97, a 12% increase.
- Average Price: The average rent increased from $1,589 to $1,698, a 7% increase.
- Days on Market (DOM): Rental properties were leased much faster! The average DOM decreased from 35 days to 28 days, representing a 20% reduction.
What does this mean? While the number of leases signed decreased, rents increased, and properties were leased more quickly. The rental market remains competitive.
Commercial Properties: Business in San Antonio
Commercial properties (stores, offices, etc.) are essential for the local economy. Here’s how they performed:
- Sales: 51 commercial properties were sold, a massive 89% increase from just 27 in August 2020!
- Average Price: The average price increased from 233,272 to 483,539, a massive 107% increase.
- Days on Market (DOM): It took longer to sell commercial properties. The average DOM increased from 153 days to 207 days, a 35% increase.
What does this mean? The commercial property market experienced a significant boom, marked by soaring sales and prices.
Commercial Land: Investing in the Future of Business
Commercial land is land zoned for business use. Here’s what happened in August 2021:
- Sales: 15 commercial land properties were sold, a 25% increase from 12 in August 2020.
- Average Price: The average price increased from $198,385 to $844,506, a staggering 326% increase.
- Days on Market (DOM): It took longer to sell commercial land. The average DOM increased from 199 days to 299 days, a 50% increase.
What does this mean? The commercial land market was also incredibly strong, with significant price increases.
Rural Farms & Ranches: A Piece of Country Life
Rural farms and ranches offer a different lifestyle. Here’s how they performed:
- Sales: 51 rural farms and ranches were sold, a slight decrease of 7% from 55 in August 2020.
- Average Price: The average price increased from 668,608 to 1,466,243, a massive 119% increase.
- Days on Market (DOM): These properties sold more quickly. The average DOM decreased from 208 days to 176 days, a 15% decrease.
What does this mean? The market for rural farms and ranches has seen prices soar, suggesting that the San Antonio metro area continues to attract wealthy individuals seeking large properties outside the city core.
Sales Closed by Area: Where is the Market Hottest?
The SABOR report also breaks down sales by area within the city of San Antonio. This can help you understand which neighborhoods are seeing the most activity and price increases.
(Note: Due to the amount of data, we’ll highlight some key observations. You can find the full details in the original SABOR report.)
Key Observations:
- Price Increases: Most areas saw increases in both average and median sales prices compared to August 2020.
- Days on Market (DOM): The DOM varied from area to area, with some regions seeing homes sell much faster.
- Sold to List Price: Sold to List Price generally ranged from 99% to 102%, indicating very little negotiation, and sometimes homes sold for over list.
Examples:
- Area 18: Saw Average Sales Price increase from 368,755 to 492,395
- Area 26: Saw Average Sales Price go up from 380,459to380,459 to380,459to512,828
- Area 31: Saw Average Sales Price go up from 420,907to420,907 to420,907to504,907
To find detailed information about specific areas you’re interested in, please refer to the complete tables in the original SABOR report.
Year-to-Date: How is 2021 Shaping Up?
Let’s examine how the market has performed overall from January to August 2021, compared to the same period in 2020.
- Single-Family Homes: Sales up 9%, average price up 17%.
- Condos and Townhomes: Sales up 35%, average price up 32%!
- Multifamily Properties: Sales up 24%, average price up 7%.
- Residential Lots & Acreage: Sales up 48%, average price up 44%.
- Residential Rentals: Leases signed down 16%, while average rent increased by 8%.
- Commercial Properties: Sales up 79%, average price up 30%.
- Commercial Land: Sales up 88%, average price up 92%.
- Rural Farms & Ranches: Sales up 66%, average price up 44%.
What This Means for You: Advice for Buyers and Sellers
So, what does all this information mean for you? Here’s some advice for buyers and sellers in the San Antonio real estate market:
For Buyers:
- Get Pre-Approved: Get pre-approved for a mortgage before you start looking at homes. This shows sellers you’re serious.
- Act Fast: Homes are selling very quickly, so be ready to make an offer as soon as you find a home you like.
- Be Prepared to Compete: You may need to offer more than the asking price to secure the home you want.
- Consider All Costs: Remember to factor in closing costs, property taxes, and insurance.
- Work with a Good Realtor: A knowledgeable Realtor can help you navigate the market.
For Sellers:
- Price Your Home Right: Work with your Realtor to determine the right price for your home.
- Prepare Your Home for Sale: Ensure your home is clean, well-maintained, and visually appealing to potential buyers.
- Be Ready for Multiple Offers: You may receive multiple offers on your home.
- Consider All Offers Carefully: Don’t just look at the price. Consider the terms of the offer.
- Work with a Good Realtor: A skilled Realtor can help you market your home and negotiate the best price.
Conclusion: A Dynamic Market
The San Antonio real estate market in August 2021 remained highly dynamic. While single-family home sales were only slightly up, prices continued to rise, and the market remained very competitive. Whether you’re a buyer or a seller, it’s essential to understand these trends and work with a knowledgeable real estate professional.
Disclaimer: This blog post is based on data from the San Antonio Board of Realtors MLS report for August 2021. Market conditions can change, so it’s always a good idea to consult with a real estate professional for the most up-to-date information.