Are you thinking about buying, selling, or renting a home in San Antonio? Staying informed about the real estate market is key! This blog post breaks down the June 2021 San Antonio Board of Realtors (SABOR) report in a way that’s easy to understand, even if you’re not a real estate expert.
We’ll cover:
- Overall Market Performance: A quick look at how the San Antonio real estate market performed in June 2021.
- Different Types of Homes: From single-family homes to land and rentals, we’ll explore the trends.
- Sales by Area: Discover which neighborhoods in San Antonio were the most active in June.
- 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 uncover what June 2021 revealed about the San Antonio real estate market!
San Antonio Real Estate in June 2021: Key Trends at a Glance
June 2021 continued the trend of a very active real estate market in San Antonio. Here’s a quick overview of the key trends:
- Home Sales Remained Strong: The number of single-family homes sold was up compared to June 2020.
- Home Prices Continued to Increase: The average price of a home kept climbing.
- Condo Market Stayed Hot: Condo sales saw a significant increase, showing continued interest in condo living.
- Land Sales Boomed: The number of land sales increased, signaling ongoing interest in new construction and investment.
Now, let’s take a more detailed 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 June 2021:
- Sales: 4,024 homes were sold, a 5% increase from 3,850 in June 2020. The San Antonio market continues to see strong sales.
- Price per Square Foot: The average price per square foot increased from 132to132 to132to159, a substantial 20% increase.
- Average Price: The average price of a home rose from 289,517to289,517 to289,517to345,114, a significant 19% increase.
- Days on Market (DOM): Homes sold much faster! The average DOM dropped from 60 days to just 26 days, a 57% decrease. This indicates an incredibly fast-paced market!
What does this mean? The single-family home market remained very strong in June 2021. Sellers were in a favorable position, and buyers needed to be ready to act quickly and potentially compete with other offers.
Condos and Townhomes: A Growing Market Segment
Condos and townhomes offer a different style of living, often appealing to those seeking less maintenance and community amenities. Here’s how they performed:
- Sales: 114 condos and townhomes were sold, a notable 61% increase from 71 in June 2020.
- Price per Square Foot: The average price per square foot increased from 151to151 to151to185, a solid 23% increase.
- Average Price: The average price rose from 177,598to177,598 to177,598to222,853, a 25% increase.
- Days on Market (DOM): The average DOM decreased slightly from 66 days to 64 days, a 3% decrease.
What does this mean? The condo and townhome market experienced significant growth in June 2021, driven by increased demand and rising prices.
Multifamily Properties: An Attractive Investment
Multifamily properties (like duplexes and small apartment buildings) are often viewed as valuable investment opportunities. Let’s examine the key findings from the June report:
- Sales: 45 multifamily properties were sold, a significant 50% increase from 30 in June 2020.
- Price per Square Foot: The average price per square foot increased from 119to119 to119to155, a 30% increase.
- Average Price: The average price rose from 292,615to292,615 to292,615to412,207, a substantial 41% increase.
- Days on Market (DOM): The average DOM increased slightly from 78 days to 80 days, a 3% increase.
What does this mean? The multifamily market experienced robust growth in sales and prices, indicating strong investor confidence and demand for these types of properties.
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: 458 lots and acreage properties were sold, a 29% increase from 354 in June 2020.
- Average Price: The average price increased from 91,312to91,312 to91,312to147,907, a remarkable 62% increase.
- Days on Market (DOM): The average DOM decreased significantly from 200 days to 106 days, a 47% decrease.
What does this mean? The market for residential lots and acreage remained exceptionally strong, driven by surging demand, higher prices, and faster sales. This points to strong interest in new construction.
Residential Rentals: Understanding the Rental Market
Let’s take a look at what’s happening in the San Antonio rental market:
- “Sales”: 1,212 rental leases were signed, a 25% decrease from 1,618 in June 2020.
- Price per 100 Square Feet: The average price per 100 square feet increased from 88to88 to88to96, a 9% increase.
- Average Price: The average rent increased from 1,585to1,585 to1,585to1,671, a 5% increase.
- Days on Market (DOM): Rental properties were leased much faster! The average DOM decreased from 42 days to just 31 days, a 26% 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: Trends in Business Real Estate
Commercial properties (stores, offices, etc.) are vital for the local economy. Here’s how they performed:
- Sales: 41 commercial properties were sold, a notable 64% increase from 25 in June 2020.
- Average Price: The average price increased slightly from 339,090to339,090 to339,090to340,547, representing basically no growth.
- Days on Market (DOM): It took significantly longer to sell commercial properties. The average DOM increased from 162 days to 257 days, a 59% increase.
What does this mean? The commercial property market saw increased sales volume, but prices remained relatively flat. The increased DOM suggests it was taking longer to find the right buyers.
Commercial Land: Investing in Future Growth
Commercial land is the foundation for future business development. Let’s analyze the latest figures:
- Sales: 16 commercial land properties were sold, a massive 433% increase from just 3 in June 2020!
- Average Price: The average price decreased from 429,533to429,533 to429,533to368,910, a 14% decrease.
- Days on Market (DOM): It took significantly longer to sell commercial land. The average DOM increased from 438 days to 630 days, a 44% increase.
What does this mean? The commercial land market experienced a huge surge in sales volume, but average prices decreased, and it took significantly longer to sell properties. This could suggest a shift in the types of commercial land being sold.
Rural Farms & Ranches: A Piece of Country Living
Many people dream of owning a farm or ranch. Let’s examine the trends in this market segment:
- Sales: 60 rural farms and ranches were sold, a 46% increase from 41 in June 2020.
- Average Price: The average price increased from 701,098to701,098 to701,098to873,222, a 25% increase.
- Days on Market (DOM): It took less time to sell these properties. The average DOM decreased from 206 days to 146 days, a 29% decrease.
What does this mean? The market for rural farms and ranches remained strong, with increasing sales and prices, and faster sales times, suggesting a growing interest in rural living.
Year-to-Date: A Look at the Big Picture
Let’s zoom out and look at the year-to-date numbers (January through June) to get a better understanding of the overall market trends:
- Single-Family Homes: Sales up 15%, average price up 18%.
- Condos and Townhomes: Sales up 51%, average price up 37%!
- Multifamily Properties: Sales up 21%, average price up 9%.
- Residential Lots & Acreage: Sales up 70%, average price up 43%.
- Residential Rentals: Leases signed down 16%, average rent up 7%.
- Commercial Properties: Sales up 88%, average price up 3%.
- Commercial Land: Sales up 100%, average price up 5%.
- Rural Farms & Ranches: Sales up 105%, average price up 28%.
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 June 2020.
- Demand and Activity: Certain areas saw increased buyer activity and sales volume.
- DOM Varied by Area: The time it took to sell a home depended on the specific location.
Examples:
- Area 1: Sales of 522 with an average price of $327,488.
- Area 18: Sales of 341 with an average price of $480,406.
- Area 26: Sales of 310 with an average price of $485,067.
- Area 27: Sales of 368 with an average price of $325,432.
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 June 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 prepared to act quickly.
- Work with an Experienced Real Estate Agent: A local expert can help you find the right property and navigate the market.
- Consider a Range of Neighborhoods: Be open to exploring different areas to find the best value.
- Be Prepared to Compete: You may need to make a strong offer to stand out from the competition.
For Sellers:
- Price Your Home Strategically: Work with your agent to determine the optimal price based on recent sales and market conditions.
- Make Your Home Show Ready: Ensure your home is clean, well-maintained, and appealing to potential buyers.
- Be Prepared for Multiple Offers: The market is hot, so you may receive multiple offers on your home.
- 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 is strong, so now could be 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 Continuing Strong Market
The San Antonio real estate market remained strong in June 2021, with increasing prices and sales for many property types. 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 June 2021. Market conditions can change, so it’s important to stay updated.