Thinking about making a move in San Antonio? Whether you’re looking to buy, sell, or just rent, it’s essential to know what’s happening in the local real estate market. This blog post breaks down the San Antonio Board of Realtors (SABOR) report for March 2021 in easy-to-understand language. We’ll cover the key numbers, trends, and what it all means for you.
We’ll explore:
- Overall Market Performance: A quick overview of how the market did in March 2021.
- Different Types of Homes: Single-family homes, condos, land, and more.
- Sales by Area: Which parts of San Antonio were the most active?
- What It Means for You: Practical advice for buyers, sellers, and renters.
Let’s get started and see what March 2021 had in store for San Antonio real estate!
San Antonio Real Estate in March 2021: Key Takeaways
March 2021 was another hot month for real estate in San Antonio. Here’s a quick summary:
- Home Sales Rose: The number of single-family homes sold increased compared to last year.
- Home Prices Continued to Climb: The average price of a home went up.
- Condo Market Boomed: Condo sales and prices saw significant increases.
- Land Sales Soared: Many people were buying land, indicating a growing interest in building new homes.
Let’s take a closer look at the numbers for different property types.
Single-Family Homes: The Market’s Workhorse
Single-family homes are the most common type of property in San Antonio. Here’s how they performed in March 2021:
- Sales: 3,516 homes were sold, a 16% increase from 3,029 in March 2020. That’s a significant jump!
- Price per Square Foot: The average price per square foot increased from $130 to $148, a 14% increase.
- Average Price: The average price of a home rose from $275,695 to $316,971, a 15% increase.
- Days on Market (DOM): Homes sold much faster! The average DOM decreased from 69 days to 45 days, representing a 35% reduction.
What does this mean? The single-family home market was strong in March 2021. Homes were selling quickly, and prices were up.
Condos and Townhomes: A Growing Option
Condominiums and townhomes offer a different type of living, often with reduced maintenance requirements. Here’s how they did:
- Sales: 92 condos and townhomes were sold, a 53% increase from 60 in March 2020.
- Price per Square Foot: The average price per square foot increased from $137 to $193, a 41% increase.
- Average Price: The average price rose from 171,129 to 232,936, a 36% increase.
- Days on Market (DOM): Homes sold faster! The average DOM decreased from 73 days to 57 days, a 22% decrease.
What does this mean? The condo and townhome market was also strong, with significant increases in sales and prices.
Multifamily Properties: Investing in San Antonio
Multifamily properties (like duplexes and small apartment buildings) are popular with investors. Let’s see what the report showed:
- Sales: 36 multifamily properties were sold, a 14% decrease from 42 in March 2020.
- Price per Square Foot: The average price per square foot increased from $103 to $119, a 15% increase.
- Average Price: The average price rose slightly from $331,655 to $334,206, a 1% increase.
- Days on Market (DOM): Homes sold a bit faster! The average DOM decreased from 65 days to 58 days, a 11% decrease.
What does this mean? The multifamily market showed mixed results, with a slight decrease in sales but an increase in prices per square foot.
Residential Lots & Acreage: Building Your Dream
If you’re looking to build your own home or invest in land, here’s what you need to know:
- Sales: 532 lots and acreage properties were sold, a massive 119% increase from 243 in March 2020!
- Average Price: The average price increased from 94,243 to 126,136, a 34% increase.
- Days on Market (DOM): The average DOM increased from 164 days to 199 days, a 21% increase.
What does this mean? The market for residential lots and acreage was booming, with more than double the sales compared to the previous year. This indicates a strong interest in building new homes.
Residential Rentals: Finding a Place to Rent
Let’s take a look at the rental market in San Antonio:
- “Sales”: 1,170 rental leases were signed, representing a 10% decrease from the 1,300 signed in March 2020.
- Price per 100 Square Feet: The average cost per 100 square feet increased from $82 to $93, a 13% increase.
- Average Price: The average rent increased from $1,420 to $1,578, a 11% increase.
- Days on Market (DOM): Rental properties were leased much faster! The average DOM decreased from 57 days to 40 days, representing a 30% reduction.
What does this mean? While the number of leases signed decreased slightly, rents increased, and properties were rented much faster.
Commercial Properties: How Businesses Were Doing
Commercial properties (stores, offices, etc.) are essential for the local economy. Here’s how they performed:
- Sales: 48 commercial properties were sold, a massive 140% increase from 20 in March 2020!
- Average Price: The average price increased from $300,015 to $373,213, a 24% increase.
- Days on Market (DOM): It took longer to sell commercial properties. The average DOM increased from 181 days to 265 days, a 46% increase.
What does this mean? The commercial property market saw a significant increase in sales and prices, though it also took longer to find buyers.
Commercial Land: Investing in the Future of Business
Commercial land is where new businesses might be built. Let’s look at the numbers:
- Sales: Thirteen commercial land properties were sold, representing a 44% increase from nine in March 2020.
- Average Price: The average price increased from $228,833 to $404,292, a 77% increase.
- Days on Market (DOM): It took longer to sell commercial land. The average DOM increased from 348 days to 435 days, a 25% increase.
What does this mean? The commercial land market was also strong, with significant increases in sales and prices.
Rural Farms & Ranches: A Piece of the Country
Many people dream of owning a farm or ranch. Here’s how this market did:
- Sales: 83 rural farms and ranches were sold, a massive 168% increase from 31 in March 2020!
- Average Price: The average price decreased from $898,366 to $810,444, a 10% decrease.
- Days on Market (DOM): The average DOM decreased slightly from 198 days to 197 days.
What does this mean? The market for farms and ranches was booming in terms of sales, though the average price decreased slightly.
Year-to-Date: How is 2021 Shaping Up?
Let’s examine the year-to-date numbers (comprising January, February, and March) to gain a better understanding of the overall trend.
- Single-Family Homes: Sales up 12%, average price up 14%.
- Condos and Townhomes: Sales up 12%, average price up 49%!
- Multifamily Properties: Sales down 12%, average price up 6%.
- Residential Lots & Acreage: Sales up 54%, average price up 39%.
- Residential Rentals: Leases signed down 16%, while average rent increased by 8%.
- Commercial Properties: Sales up 80%, average price up 18%.
- Commercial Land: Sales up 35%, average price up 35%.
- Rural Farms & Ranches: Sales up 114%, average price up 11%.
These numbers indicate a robust overall market, characterized by rising prices, particularly for condos and single-family homes. Land sales are also booming.
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 highlight a few key things. You can find all the details in the full SABOR report.)
Key Observations:
- Price Increases: In most areas, home prices increased compared to March 2020.
- Areas with Significant Activity: Areas 1, 18, 26, and 27 saw increased volume and price appreciation.
- DOM Varied by Area: The amount of time it took to sell a home varied by location.
Examples:
- Area 1: Sales increased from 400 to 463, and the average sales price went up from 271,274 to 292,374.
- Area 18: Sales increased from 243 to 253, and the average sales price went up from 367,689to367,689 to367,689to413,084.
- Area 26: Sales increased from 233 to 268, and the average sales price went up from 381,317 to 437,702.
- Area 27: Sales increased from 279 to 325, and the average sales price went up from 260,732to260,732 to260,732to286,626.
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 March 2021 market:
For Buyers:
- Get Pre-Approved for a Mortgage: This is essential in a competitive market.
- Be Ready to Act Fast: Homes are selling quickly, so don’t hesitate if you find a home you love.
- Work with an Experienced Real Estate Agent: A good agent can help you navigate the market.
- Consider a Range of Neighborhoods: Be open to exploring different areas.
- Be Prepared to Compete: You may need to make a firm offer to secure the win.
For Sellers:
- Price Your Home Strategically: Collaborate with your agent to determine the optimal price.
- Make Your Home Show-Ready: Ensure your home looks its best.
- Be Prepared for Multiple Offers: You may receive multiple offers.
- Work with a Skilled Agent: A skilled agent can help you effectively market your home.
- Consider the Timing: The market is strong, so now may be a good time to sell.
For Renters:
- Start Your Search Early: Rental properties are being leased quickly.
- 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.
Conclusion: A Strong Market in San Antonio
The San Antonio real estate market remained strong in March 2021. 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 March 2021. Market conditions can change, so it’s essential to stay updated.