Are you thinking about buying or selling a home in San Antonio? Knowing what’s going on in the real estate market can help you make smart decisions. This blog post provides a straightforward breakdown of the latest numbers from October 2021, enabling you to understand what’s happening and be prepared.
What This Report Shows
The information in this post comes from the San Antonio Board of Realtors (SABOR) MLS report. It looks at important things like:
- How many homes were sold
- How much do homes cost
- How quickly homes are sold
We’ll cover different types of properties, including:
- Single-family homes (regular houses)
- Condos and townhomes
- Multifamily properties (like duplexes or small apartment buildings)
- Residential lots and acreage (land for building or farming)
- Rental properties
- Commercial properties (like stores or office buildings)
- Commercial land
- Rural farms and ranches
The Big Picture: Overall Market Trends
In general, the San Antonio real estate market in October 2021 remained strong, but we can observe some changes compared to the same month last year. Let’s take a look:
- Sales: Sales were down a little for single-family homes, but up for condos and townhomes.
- Prices: Prices continued to rise for most types of properties.
- Days on Market (DOM): Homes were still selling faster than last year.
Now, let’s get into the details for each type of property.
Single-Family Homes: The Main Story
Single-family homes are the most common type of property, so let’s start there:
- Sales: 3,317 homes were sold in October 2021. That’s a little less than the 3,483 sold in October 2020 (a -5% change).
- Average Price: The average price of a home was $356,071.That′sanincreaseof16356,071. That’s an increase of 16% from the 356,071—that’s an increase of $16,306,218— average in October 2020.
- Price Per Square Foot: The price per square foot was $ 166, up 19% from $ 166 in October 2020.
- Days on Market: Homes were selling in an average of 29 days, much faster than the 49 days in October 2020 (a -41% change).
- Median Price: The median price (the middle price) was $ 305,400, which is up $18,305,400, or 18% from last year’s $182,595,500.
- New Listings: 3,861 new homes were listed for sale.
- Active Listings: There were 5,723 homes available for sale.
- Pending Sales: 3,218 homes were under contract (meaning an offer was accepted).
What does this mean?
Although sales were down slightly, prices remained steady, and homes continued to sell quickly. This suggests that the market remained favorable for sellers, although perhaps not as hot as it had been before.
Condos and Townhomes: A Popular Choice
Condos and townhomes can be a good option for people who want less yard work or want to live closer to the city. Here’s what happened in October 2021:
- Sales: 87 condos and townhomes were sold, representing a 32% increase from the 66 sold in October 2020.
- Average Price: The average price was $ 238,324, up $ 9238,324, or 9% from $238,324, up $ 9218,311 last year.
- Price Per Square Foot: The price per square foot was $ 202, up 20% from $20168 in October 2020.
- Days on Market: Condominiums and townhomes were selling in an average of 39 days, faster than the 67 days last year (a 42% decrease).
- Median Price: The median price was $ 192,500, up $ 24,500, or 13%, from $ 192,500.
- New Listings: 103 new condos and townhomes were listed.
- Active Listings: There were 220 active listings.
- Pending Sales: There were 82 pending sales.
What does this mean?
The condo and townhome market was doing well, with more sales and higher prices. This could be because more people are looking for these types of properties.
Multifamily Properties: Investing in Real Estate
Multifamily properties (like duplexes or small apartment buildings) are often bought by investors. Here’s how this market looked:
- Sales: 47 multifamily properties were sold, a slight decrease from the 48 sold in October 2020 (-2% change).
- Average Price: The average price was $ 360,009, a 27% increase from $ 360,009 last year.
- Price Per Square Foot: The price per square foot was $ 131, up 13% from $ 116 in October 2020.
- Days on Market: These properties were selling in an average of 23 days, much faster than the 74 days last year (a -69% change).
- Median Price: The median price was $ 310,000, which is up $13,310,000, representing a 13% increase from last year’s $132,750,000.
- New Listings: 56 new multifamily properties were listed.
- Active Listings: There were 137 active listings.
- Pending Sales: There were 45 sales pending.
What does this mean?
Even though sales were slightly down, the significant price increase and faster selling times indicate that the multifamily market remained strong for sellers.
Residential Lots and Acreage: Building Your Dreams
Want to build your own home or have some land? Here’s what was happening with residential lots and acreage:
- Sales: 369 lots and acreage properties were sold, less than the 475 sold in October 2020 (-22% change).
- Average Price: The average price was $ 135,099, an 11% increase from $ 135,099 last year.
- Days on Market: These properties were selling in an average of 76 days, faster than the 147 days last year (a -48% change).
- Median Price: The median price was $ 103,800, up $24,300, or 24%, from last year’s $103,800.
- New Listings: 585 new lots and acreage properties were added to the market.
- Active Listings: There were 2,194 active listings.
- Pending Sales: There were 324 pending sales.
What does this mean?
Sales were down, but prices were up, and properties were selling faster. This suggests that there’s still interest in land, but maybe fewer people are buying compared to last year.
Residential Rentals: Finding a Place to Rent
If you’re looking to rent a place in San Antonio, here’s what the market looked like in October 2021:
- Sales: 1,121 residential rental properties were rented, which is slightly less than the 1,169 rented in October 2020 (-4% change).
- Average Price: The average rent was $ 1,691, a 10% increase from $ 1,544 last year.
- Price per 100 Square Feet: The cost per 100 square feet was $1,198, up 11% from $1,089 in October 2020.
- Days on Market: Rental properties were being rented in an average of 31 days, faster than the 38 days last year (-18% change).
- New Listings: 1,232 new rental properties were added to the market.
- Active Listings: There were 1,030 active listings.
- Pending Sales: 998 rentals were pending.
What does this mean?
Fewer rentals were being sold, but the rent has gone up. This could be because of higher demand.
Commercial, Land, and Farms
Here’s a quick look at some other types of real estate:
- Commercial: Sales were down 33%, but prices were up 37%.
- Commercial Land: Sales decreased by 20%, but prices rose by 9%.
- Rural Farms & Ranches: Sales were down 8%, but prices were up 35%.
Year-to-Date Numbers: The Big Picture Over Time
Examining the year-to-date (YTD) numbers provides a clearer understanding of the overall trend for the entire year. Here’s a quick summary:
- Single-Family Homes: Sales up 6%, average price up 16%.
- Condos and Townhomes: Sales up 36%, average price up 27%.
- Multifamily Properties: Sales up 17%, average price up 11%.
- Residential Lots & Acreage: Sales up 29%, average price up 32%.
- Residential Rentals: Sales down 15%, average price up 8%.
- Commercial: Sales up 62%, average price up 27%.
- Commercial Land: Sales up 58%, average price up 74%.
- Rural Farms & Ranches: Sales up 43%, average price up 40%.
What does this mean?
The year-to-date numbers show that the San Antonio real estate market has been strong overall in 2021. Sales and prices are up for most types of properties compared to the same period last year.
Sales by Area: Where are Homes Selling?
The report also breaks down sales by different areas of San Antonio. This can be helpful if you’re interested in a specific neighborhood. (Note: The full report has detailed numbers for each area, but this blog post provides a general overview.)
Generally, most areas saw an increase in average sales price compared to October 2020. Some areas saw bigger jumps than others. For more specific information, refer to the provided charts.
What This Means for You: Buyers and Sellers
So, what does all this mean if you’re thinking about buying or selling in San Antonio?
- For Buyers: Be ready to act fast! Homes are still selling faster than last year. Get pre-approved for a loan and work with a real estate agent who knows the market.
- For Sellers: It’s still a good time to sell, but perhaps not as hot as it was before. Prices are up, but sales are down a bit in some areas. Work with a real estate agent to price your home right.
Conclusion: Stay Informed to Make Smart Choices
The San Antonio real estate market is constantly changing. By staying up-to-date with the latest trends, you can make informed choices whether you’re buying, selling, or investing. Check these numbers regularly and consult a real estate professional for personalized advice tailored to your specific situation.
Disclaimer: This is a summary of the October 2021 San Antonio Board of Realtors MLS report. Market conditions can change. Consult with a qualified real estate professional for personalized guidance.