Are you thinking about buying, selling, or renting in San Antonio? Knowing the latest real estate market trends is super important! This blog post breaks down the San Antonio Board of Realtors (SABOR) report for January 2021 in a clear and easy-to-understand manner. We’ll examine the trends in home sales, prices, and more, so you can make informed decisions for your needs.
We’ll cover:
- Overall Market Trends: A quick look at how the San Antonio real estate market performed in January 2021.
- Different Types of Properties: From single-family homes to land and rentals, we’ll cover it all.
- Sales by Area: Find out which parts of San Antonio are the hottest!
- What it Means for You: Practical tips and advice for buyers, sellers, and renters.
Let’s jump in and see what January 2021 had in store for the San Antonio real estate scene!
San Antonio Real Estate in January 2021: The Big Picture
January 2021 was a busy month for the San Antonio real estate market. Here’s a quick overview:
- More Homes Sold: Home sales increased compared to January 2020, indicating that many people wanted to buy.
- Prices increased: Home prices were higher than last year. This is great for sellers, but buyers need to be ready to pay more.
- Faster Sales: Homes sold more quickly. This means the market was moving fast!
Now, let’s delve into the details and examine various types of properties.
Single-Family Homes: Always a Popular Choice
Single-family homes are the most common type of property in San Antonio. Here’s how they performed in January 2021:
- Sales: 2,559 homes were sold, a 22% increase from 2,091 in January 2020. That’s a lot more homes changing hands!
- Price per Square Foot: The average price per square foot increased from $127 to $143, a 12% rise. This shows homes were becoming more valuable.
- Average Price: The average price of a home rose from $265,081 to $304,009, a 15% increase.
- Days on Market (DOM): Homes sold much faster! The average DOM decreased from 65 days to 46 days, representing a 29% drop.
What does this mean? If you owned a single-family home, it was a good time to sell! Buyers were eager, and prices were up. If you were looking to buy, you needed to be ready to act fast.
Condos and Townhomes: A Different Way to Live
Condos and townhomes offer a different lifestyle, often with less maintenance. Here’s how this market did:
- Sales: 48 condos and townhomes were sold, a 28% decrease from 67 in January 2020. This is the opposite of single-family homes!
- Price per Square Foot: The average price per square foot increased from $145 to $159, a 10% increase.
- Average Price: The average price rose from 179,253 to 187,446, a 5% increase.
- Days on Market (DOM): The average DOM decreased slightly from 84 days to 79 days, a 6% decrease.
What does this mean? Although fewer condos and townhomes were sold, prices still increased. This could mean that the demand was still there, but fewer units were available.
Multifamily Properties: Investing in San Antonio’s Future
Multifamily properties (like duplexes and small apartment buildings) are popular with investors. Let’s see how they performed:
- Sales: 26 multifamily properties were sold, representing a 10% decrease from the 29 sold in January 2020.
- Price per Square Foot: The average price per square foot increased from $102 to $120, a 18% increase.
- Average Price: The average price decreased slightly from $303,749 to $292,452, a 4% decrease.
- Days on Market (DOM): These properties sold much faster! The average DOM dropped from 59 days to just 28 days, a massive 53% decrease.
What does this mean? The market was a mixed bag. Although sales were down and average prices decreased slightly, the cost per square foot increased, and properties were selling much faster. Investors acted quickly when they found something they liked.
Residential Lots & Acreage: Building Your Dream
Dreaming of building your own home? Here’s what happened with land sales:
- Sales: 323 lots and acreage properties were sold, a 25% increase from 259 in January 2020. More people were looking to buy land!
- Average Price: The average price increased from 99,893 to 116,422, a 17% increase.
- Days on Market (DOM): The average DOM increased slightly from 152 days to 155 days, a slight 2% increase.
What does this mean? The land market was strong, with rising sales and prices. If you were selling land, you likely had more interested buyers.
Residential Rentals: Finding a Place to Rent
Let’s check out the rental market to see what it costs to rent a home in San Antonio:
- “Sales”: 1,005 rental leases were signed, a 5% decrease from 1,061 in January 2020.
- Price per 100 Square Feet: The average cost per 100 square feet increased from $83 to $86, a 4% increase.
- Average Price: The average rent increased from $1,472 to $1,532, a 4% increase.
- Days on Market (DOM): Rental properties were leased much faster! The average DOM decreased from 60 days to 42 days, representing a 30% reduction.
What does this mean? Even though fewer leases were signed, rents increased, and rentals were being snapped up quickly. Landlords probably had an easier time finding renters.
Commercial Properties: How Businesses Were Doing
Commercial properties (stores, offices, etc.) are important for the local economy. Here’s how they fared:
- Sales: 30 commercial properties were sold, a 25% increase from 24 in January 2020.
- Average Price: The average price increased from 260,078 to 298,710, a 15% increase.
- Days on Market (DOM): It took longer to sell commercial properties. The average DOM increased from 128 days to 219 days, a 71% increase.
What does this mean? More commercial properties were sold at higher prices. However, it also took longer to find the right buyer.
Commercial Land: Investing in Future Business
Commercial land is where new businesses might be built. Let’s look at the numbers:
- Sales: 13 commercial land properties were sold, a massive 160% increase from just 5 in January 2020!
- Average Price: The average price increased from 256,400 to 425,730, a 66% increase.
- Days on Market (DOM): It took much less time to sell commercial land. The average DOM dropped from 640 days (over a year and a half!) to 310 days, a 52% decrease.
What does this mean? The commercial land market was booming! People were eager to invest in the future of San Antonio’s business.
Rural Farms & Ranches: A Piece of the Country
Many people dream of owning a farm or ranch. Here’s how this market did:
- Sales: 61 rural farms and ranches were sold, a massive 118% increase from 28 in January 2020!
- Average Price: The average price increased from $450,450 to $749,774, a 66% increase.
- Days on Market (DOM): These properties took a bit longer to sell. The average DOM increased from 130 days to 155 days, a 19% increase.
What does this mean? The market for farms and ranches was incredibly strong. More people wanted to escape to the country, driving up prices.
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 January 2020.
- Sales Volume: Some areas experienced a significantly higher volume of home sales than others.
- Days on Market (DOM): The amount of time it took to sell varied depending on the area.
Examples:
- Area 1: Sales increased from 265 to 290, and the average sales price went up from 269,835to269,835 to269,835to289,103.
- Area 18: Sales increased from 153 to 193, and the average sales price went up from 350,684to350,684 to350,684to406,002.
- Area 27: Sales increased from 172 to 229, and the average sales price went up from 245,954to245,954 to245,954to280,328.
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 January 2021 market:
For Buyers:
- Get Pre-Approved for a Mortgage: This is essential! It shows sellers you’re serious and know what you can afford.
- Be Ready to Act Fast: Homes are selling quickly, so don’t wait if you find a home you love.
- Work with a Good Real Estate Agent: A local expert can help you find the right home and negotiate the best deal.
- Consider Different Neighborhoods: Be open to exploring areas you might not have thought of before.
- Factor in All Costs: Remember to budget for closing costs, property taxes, and insurance, in addition to the home’s purchase price.
For Sellers:
- Price Your Home Strategically: Collaborate with your agent to determine a price that appeals to buyers while also accurately reflecting the current market value.
- Make Your Home Shine: Clean, declutter, and make any necessary repairs to make a great first impression.
- Be Flexible with Showings: The more people who see your home, the better!
- Carefully Evaluate Offers: Don’t just look at the price. Consider the terms of the offer, like closing dates and contingencies.
- Partner with an Experienced Agent: A good agent can help you market your home effectively and guide you through the selling process.
For Renters:
- Start Your Search Early: Rental properties are being leased quickly, so begin your search well in advance of your move.
- 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 Dynamic Market in San Antonio
The San Antonio real estate market in January 2021 was active and competitive. By understanding these trends, you can make informed decisions about your real estate goals. Whether you’re buying, selling, or renting, be sure to consult with a qualified professional for personalized advice.
Disclaimer: This blog post is based on data from the San Antonio Board of Realtors MLS report for January 2021. Market conditions can change, so it’s essential to stay updated.