Thinking about buying, selling, or renting a home in San Antonio? It’s essential to stay informed about the latest real estate market trends. This blog post breaks down the July 2021 San Antonio Board of Realtors (SABOR) report in a clear and easy-to-understand manner. We’ll cover the key numbers, trends, and what they mean for you.
We’ll explore:
- Overall Market Performance: A quick overview of how the San Antonio real estate market performed in July 2021.
- Different Types of Homes: From single-family homes to land and rentals, we’ll explore the trends.
- What It Means for You: Practical advice and tips for buyers, sellers, and renters based on the latest market data.
Let’s dive in and see what July 2021 revealed about the San Antonio real estate scene!
San Antonio Real Estate in July 2021: Key Highlights
July 2021 presented a fascinating picture of the San Antonio real estate market. Here are the main takeaways:
- Single-Family Home Sales Slightly Down: The number of single-family homes sold decreased a bit compared to July 2020.
- Home Prices Continued to Climb: The average price of a single-family home still went up.
- Condo Market Showed Growth: Condo sales and prices both increased, though modestly.
- Land Sales Soared: The number of land sales saw a good increase compared to last year, and the average price went way up.
Now, let’s look at the specific numbers for different types of properties.
Single-Family Homes: The Mainstay of the Market
Single-family homes are the most common type of property in San Antonio. Here’s how they performed in July 2021:
- Sales: 3,885 homes were sold, representing a 9% decrease from the 4,285 sold in July 2020.
- Price per Square Foot: The average price per square foot increased from $135 to $137, a slight 1% increase.
- Average Price: The average price of a home rose from $299,295 to $353,811, an 18% increase.
- Days on Market (DOM): Homes sold much faster! The average DOM decreased from 58 days to 25 days, representing a 57% reduction. This indicates a very fast-paced market!
What does this mean? While fewer single-family homes were sold in July 2021 compared to the previous year, prices still rose significantly, and homes were selling extremely quickly. This suggests that demand remained high, but the available inventory might have been limited.
Condos and Townhomes: A Growing Choice
Condos and townhomes offer a different lifestyle, often appealing to those seeking less maintenance and community amenities. Here’s how they performed:
- Sales: 86 condos and townhomes were sold, a 9% increase from 79 in July 2020.
- Price per Square Foot: The average price per square foot increased from $157 to $177, a 13% increase.
- Average Price: The average price rose from 194,569 to 217,148, a 12% increase.
- Days on Market (DOM): The average DOM decreased from 68 days to 46 days, a 32% decrease.
What does this mean? The condo and townhome market experienced moderate growth in July 2021, marked by increased sales, higher prices, and shorter sales times. This indicates growing interest in this type of housing.
Multifamily Properties: An Investment Option
Multifamily properties (like duplexes and small apartment buildings) are often viewed as valuable investment opportunities. Let’s examine the key findings from the July report:
- Sales: 43 multifamily properties were sold, a 54% increase from 28 in July 2020.
- Price per Square Foot: The average price per square foot increased from $123 to $127, a 3% increase.
- Average Price: The average price rose from $286,556 to $309,766, an 8% increase.
- Days on Market (DOM): The average DOM decreased from 48 days to 33 days, a 31% decrease.
What does this mean? The multifamily market experienced significant growth in sales and prices, accompanied by shorter sales times, indicating strong investor interest.
Residential Lots & Acreage: Building Your Dream Home
If you’re considering building your own home or investing in land, here’s what you need to know about the market:
- Sales: 442 lots and acreage properties were sold, a 9% increase from 404 in July 2020.
- Average Price: The average price increased from 92,055 to 151,726, a massive 65% increase.
- Days on Market (DOM): The average DOM decreased from 157 days to 119 days, a 24% decrease.
What does this mean? The market for residential lots and acreage saw significant increases, signaling strong interest in new construction and a considerable value surge.
Residential Rentals: Understanding the Rental Market
Let’s take a look at what’s happening in the San Antonio rental market:
- “Sales”: 1,397 rental leases were signed, a 13% decrease from 1,597 in July 2020.
- Price per 100 Square Feet: The average cost per 100 square feet increased from $90 to $98, a 9% increase.
- Average Price: The average rent increased from $1,580 to $1,726, a 9% increase.
- Days on Market (DOM): Rental properties were leased much faster! The average DOM decreased from 38 days to just 25 days, a 34% decrease.
What does this mean? While the number of leases signed decreased, rents increased, and properties were being leased much more quickly. This indicates a competitive rental market with high demand.
Commercial Properties: Business Real Estate Trends
Commercial properties (stores, offices, etc.) are vital for the local economy. Here’s how they performed:
- Sales: 46 commercial properties were sold, a 44% increase from 32 in July 2020.
- Average Price: The average price increased from $180,832 to $209,413, a 16% increase.
- Days on Market (DOM): It took significantly longer to sell commercial properties. The average DOM increased from 148 days to 267 days, an 80% increase.
What does this mean? The commercial property market saw increased sales volume and prices, but the increased DOM suggests it was taking longer to find suitable buyers.
Commercial Land: Investing in the Future
Commercial land is the foundation for future business development. Let’s analyze the latest figures:
- Sales: 18 commercial land properties were sold, a massive 125% increase from just 8 in July 2020!
- Average Price: The average price increased from $215,425 to $983,377, a massive 356% increase.
- Days on Market (DOM): The average DOM increased slightly from 603 days to 630 days, a 4% increase.
What does this mean? The commercial land market experienced a massive surge in sales volume and average prices, indicating strong investor confidence in the future of San Antonio’s business landscape.
Rural Farms & Ranches: A Piece of the Country
Many people dream of owning a farm or ranch. Let’s examine the trends in this market segment:
- Sales: 48 rural farms and ranches were sold, a slight 2% increase from 47 in July 2020.
- Average Price: The average price increased from $568,055 to $1,076,307, a substantial 89% increase.
- Days on Market (DOM): These properties sold more quickly. The average DOM decreased from 198 days to 112 days, a 43% decrease.
What does this mean? The market for rural farms and ranches remained strong, with significantly increased prices and faster sales times, suggesting a growing interest in rural living.
Year-to-Date: A Look at the Big Picture (January – July 2021)
Let’s zoom out and look at the year-to-date numbers to get a better understanding of the overall market trends:
- Single-Family Homes: Sales up 10%, average price up 17%.
- Condos and Townhomes: Sales up 43%, average price up 32%!
- Multifamily Properties: Sales up 25%, average price up 8%.
- Residential Lots & Acreage: Sales up 59%, average price up 46%.
- Residential Rentals: Leases signed down 16%, while average rent increased by 8%.
- Commercial Properties: Sales up 78%, average price up 17%.
- Commercial Land: Sales up 106%, average price up 64%.
- Rural Farms & Ranches: Sales up 83%, average price up 36%.
These numbers confirm a strong overall real estate market in San Antonio, with significant growth in sales and prices across most property types.
Sales Closed by Area: Identifying the Hottest Neighborhoods
The SABOR report also breaks down sales by different areas within San Antonio. This allows you to identify which neighborhoods were the most active and where prices were rising the fastest.
(Note: Because of the volume of data, we’ll highlight a few key takeaways. The full details are available in the original SABOR report.)
Key Observations:
- Price Appreciation: Most areas experienced significant increases in home prices compared to July 2020.
- Estimated Days to Sell: Generally much lower than last year across all areas.
- Sales Trends Vary: Some areas experienced sales increases, while others saw a slight decrease.
Examples:
- Area 1: Continued to see strong sales, with an average sales price of $332,032.
- Area 10: Experienced significant price appreciation, with the average sales price reaching $653,249.
- Area 26: Also saw significant price appreciation, with the average sales price reaching $525,118
- Area 27: Strong sales volume and price appreciation.
Check the full SABOR report to find the details for the specific areas you’re interested in learning more about!
What This Means for You: Advice for Buyers, Sellers, and Renters
So, what does all of this market data mean for you? Here’s some practical advice based on the July 2021 San Antonio real estate market:
For Buyers:
- Get Pre-Approved for a Mortgage: This is essential in a competitive market. Know your budget and be ready to act quickly.
- Work with an Experienced Real Estate Agent: A local expert can help you find the right property and navigate the fast-paced market.
- Consider a Range of Neighborhoods: Be open to exploring different areas to find the best value and options.
- Be Prepared to Compete: With homes selling quickly, you may need to make a firm offer.
For Sellers:
- Price Your Home Strategically: Collaborate with your agent to determine the optimal price, taking into account recent sales and current market conditions.
- Make Your Home Show Ready: Ensure your home is clean, well-maintained, and appealing to potential buyers.
- Be Prepared for a Quick Sale: Homes are selling fast, so be ready to move quickly once you accept an offer.
- Work with a Skilled Agent: A good agent can help you market your home effectively and get the best possible outcome.
- Consider the Timing: The market remains strong, making now an excellent time to sell.
For Renters:
- Start Your Search Early: Rental properties are being leased quickly, so begin your search well in advance of your desired move-in date.
- Be Prepared to Apply Quickly: Have all your application materials ready to go.
- Know Your Budget: Determine how much rent you can comfortably afford each month.
- Consider Different Locations: Be open to renting in various neighborhoods to find the best value and amenities.
Conclusion: A Market with Continued Strength
The San Antonio real estate market remained strong in July 2021, with increasing prices and faster sales for many property types. While single-family home sales were slightly down, the overall market continued to demonstrate its strength and resilience. Whether you’re buying, selling, or renting, staying informed and working with a qualified real estate professional are essential for success.
Disclaimer: This blog post is based on data from the San Antonio Board of Realtors MLS report for July 2021. Market conditions can change, so it’s essential to stay updated.