Thinking about buying, selling, or renting a home in San Antonio? It’s essential to stay informed about the local real estate market. This blog post breaks down the May 2021 San Antonio Board of Realtors (SABOR) report in a simple and easy-to-understand way. We’ll examine the key numbers, trends, and their implications for you.
We’ll cover:
- Overall Market Performance: A quick overview of how the San Antonio real estate market performed in May 2021.
- Different Types of Homes: We’ll explore single-family homes, condos, land, and more.
- Sales by Area: Which parts of San Antonio were the most active in May?
- What It Means for You: Practical advice for buyers, sellers, and renters based on the latest data.
Let’s dive in and see what May 2021 revealed about the San Antonio real estate scene!
San Antonio Real Estate in May 2021: A Quick Look
May 2021 was another exciting month for real estate in San Antonio. Here’s a quick summary of the key trends:
- Home Sales Continued to Climb: The number of single-family homes sold increased compared to May 2020.
- Home Prices Kept Rising: The average price of a home continued to go up.
- Condo Sales Surge: Condo sales experienced a significant increase, signaling a growing interest in this type of housing.
- Land Sales Remained Strong: The number of land sales remained high, showing continued interest in new construction.
Let’s take a closer look at the numbers for different types of properties.
Single-Family Homes: The Heart of the Market
Single-family homes are the most common type of property in San Antonio. Here’s how they performed in May 2021:
- Sales: 3,669 homes were sold, a significant 27% increase from 2,884 in May 2020. That means a lot more families found new homes!
- Price per Square Foot: The average price per square foot increased from $130 to $157, a 21% increase.
- Average Price: The average price of a home rose from $278,963 to $341,853, a 23% increase.
- Days on Market (DOM): Homes sold much faster! The average DOM decreased from 63 days to 33 days, representing a 48% drop. This means homes were selling incredibly quickly!
What does this mean? The single-family home market was very strong in May 2021. Sellers were in a great position to get top dollar for their homes, and buyers needed to be prepared to act quickly.
Condos and Townhomes: A Growing Choice
Condos and townhomes offer a distinct style of living, often appealing to those seeking less maintenance and a more community-oriented lifestyle. Here’s how they performed:
- Sales: 112 condos and townhomes were sold, a massive 173% increase from just 41 in May 2020!
- Price per Square Foot: The average price per square foot increased from $160 to $196, a 23% increase.
- Average Price: The average price rose from $198,359 to $246,416, a 24% increase.
- Days on Market (DOM): Homes sold much faster! The average DOM decreased from 50 days to 76 days, a 52% increase.
What does this mean? The condo and townhome market experienced explosive growth in May 2021. It suggests a growing popularity for this type of housing in San Antonio.
Multifamily Properties: An Investment Opportunity
Multifamily properties (like duplexes and small apartment buildings) are often seen as investment opportunities. Let’s see what the May report revealed:
- Sales: 43 multifamily properties were sold, a significant 126% increase from 19 in May 2020!
- Price per Square Foot: The average price per square foot increased from $122 to $126, a 4% increase.
- Average Price: The average price rose from 259,272 to 268,399, a 4% increase.
- Days on Market (DOM): Homes sold more slowly! The average DOM increased from 43 days to 36 days, a 16% decrease.
What does this mean? The multifamily market experienced significant growth in sales, while prices remained relatively stable. This could be a sign of increased investor interest.
Residential Lots & Acreage: Building Your Dream Home
If you’re looking to build your own home or invest in land, here’s what you need to know:
- Sales: 435 lots and acreage properties were sold, a significant 77% increase from 246 in May 2020.
- Average Price: The average price increased from 91,276 to 115,909, a 27% increase.
- Days on Market (DOM): The average DOM increased from 148 days to 167 days, a 13% increase.
What does this mean? The market for residential lots and acreage remained strong, indicating a continued interest in building new homes in the San Antonio area.
Residential Rentals: Finding a Place to Lease
Let’s take a look at the rental market in San Antonio:
- “Sales”: 1,247 rental leases were signed, a 12% decrease from 1,417 in May 2020.
- Price per 100 Square Feet: The average cost per 100 square feet increased from $86 to $94, a 9% increase.
- Average Price: The average rent increased from $1,508 to $1,649, a 9% increase.
- Days on Market (DOM): Rental properties were leased much faster! The average DOM decreased from 48 days to just 30 days, a 38% decrease.
What does this mean? While fewer leases were signed compared to last year, rents increased, and properties were being leased at a much faster rate. Landlords likely had a smoother time finding tenants.
Commercial Properties: How Businesses Were Doing
Commercial properties (stores, offices, etc.) play a crucial role in the local economy. Here’s how they performed:
- Sales: 40 commercial properties were sold, a significant 74% increase from 23 in May 2020.
- Average Price: The average price increased from 162,969 to 231,929, a 42% increase.
- Days on Market (DOM): It took longer to sell commercial properties. The average DOM increased from 153 days to 223 days, a 46% increase.
What does this mean? The commercial property market saw a notable increase in both sales and prices, although it also took longer to find buyers for these properties.
Commercial Land: Investing in Future Business Growth
Commercial land is where new businesses can be built. Let’s look at the numbers:
- Sales: 17 commercial land properties were sold, a massive 183% increase from just 6 in May 2020!
- Average Price: The average price increased from $164,000 to $249,281, a 52% increase.
- Days on Market (DOM): The average DOM decreased slightly from 282 days to 273 days, a 3% decrease.
What does this mean? The commercial land market experienced explosive growth, indicating strong investor confidence in the future of San Antonio’s business landscape.
Rural Farms & Ranches: A Piece of Country Life
Many people dream of owning a farm or ranch. Here’s how this market did:
- Sales: 44 rural farms and ranches were sold, a significant 63% increase from 27 in May 2020.
- Average Price: The average price increased dramatically from 673,409 to 1,173,831, a 74% increase.
- Days on Market (DOM): These properties sold more quickly. The average DOM decreased from 295 days to 193 days, a 35% decrease.
What does this mean? The market for rural farms and ranches was incredibly strong, with rising prices and faster sales, suggesting a growing desire for country living.
Year-to-Date: How is 2021 Shaping Up?
Let’s take a look at the year-to-date numbers (January through May) to get a broader perspective on the market:
- Single-Family Homes: Sales up 18%, average price up 17%.
- Condos and Townhomes: Sales up 49%, average price up 39%!
- Multifamily Properties: Sales up 14%, average price up 2%.
- Residential Lots & Acreage: Sales up 81%, average price up 39%.
- Residential Rentals: Leases signed down 12%, while average rent increased by 8%.
- Commercial Properties: Sales up 97%, average price up 5%.
- Commercial Land: Sales up 69%, average price up 5%.
- Rural Farms & Ranches: Sales up 121%, average price up 29%.
These numbers paint a picture of a very strong real estate market overall in San Antonio, with substantial growth in sales and prices across most property types.
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 identify which neighborhoods were the most active in May.
(Note: Because there’s a lot of information, we’ll highlight some key takeaways. You can find all the details in the full SABOR report.)
Key Observations:
- Price Increases: Most areas saw significant increases in home prices compared to May 2020.
- Areas with High Activity: Areas 1, 18, 26, and 27 consistently showed substantial sales volume and price appreciation.
- DOM Varied by Location: The time it took to sell a home varied by location.
Examples:
- Area 1: Sales increased from 392 to 477, and the average sales price went up from 269,726 to 317,973.
- Area 18: Sales increased from 236 to 301, and the average sales price went up from 382,547to382,547 to382,547to457,917.
- Area 26: Sales increased from 232 to 295, and the average sales price went up from 362,425to362,425 to362,425to479,021.
- Area 27: Sales increased from 256 to 312, and the average sales price went up from 261,987to261,987 to261,987to304,394.
Check the full SABOR report to get the specific details for the areas you’re most interested in!
What This Means for You: Advice for Buyers, Sellers, and Renters
So, how does all of this information impact you? Here’s some practical advice based on the May 2021 market:
For Buyers:
- Get Pre-Approved for a Mortgage: This is absolutely crucial in a competitive market.
- Be Ready to Act Fast: Homes are selling quickly, so don’t hesitate if you find the right one.
- Work with an Experienced Real Estate Agent: A good agent can help you navigate the market and find the best options.
- Consider a Range of Neighborhoods: Be open to exploring different areas to find the right fit.
- Be Prepared to Compete: You may need to make a firm offer to stand out.
For Sellers:
- Price Your Home Strategically: Work with your agent to determine the optimal price.
- Make Your Home Show-Ready: Ensure your home is clean, well-maintained, and visually appealing.
- Be Prepared for Multiple Offers: You may receive multiple offers, so review them carefully.
- 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.
- Be Prepared to Apply Quickly: Have all your application materials ready.
- Know Your Budget: Determine how much rent you can comfortably afford.
- Consider Different Locations: Be open to renting in various neighborhoods to find the best value.
Conclusion: A Robust Market Continues
The San Antonio real estate market remained strong in May 2021, with rising 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.
Disclaimer: This blog post is based on data from the San Antonio Board of Realtors MLS report for May 2021. Market conditions can change, so it’s essential to stay updated.