Are you thinking about buying a house, selling your home, or want to know what’s going on in the San Antonio real estate market? It’s essential to stay informed! This report breaks down key information from October 2023, allowing you to understand the latest trends.
We’ll cover:
- How many homes were sold
- How much do homes cost in different parts of town
- How quickly homes are selling
- What does this mean for buyers and sellers
The information is provided by the San Antonio Board of REALTORS® and analyzed by experts at the Real Estate Center at Texas A&M University. Let’s get started!
Key Things to Know About October 2023
- Home sales are down slightly compared to last year. Fewer houses were sold in October 2023 than in October 2022.
- Home prices are staying pretty steady. Prices aren’t changing a lot.
- There are more homes available for sale. Buyers have more choices than they did before.
- New homes are selling better than older homes. People often prefer new construction.
Let’s examine the numbers to gain a clearer understanding of what’s happening.
How Many Homes Were Sold? (Closed Listings)
“Closed listings” refer to the number of homes that have been sold, and the deal is complete. Here’s a breakdown:
- Total Homes (New and Existing): 2,378 (down 9% from last year)
- This means that fewer homes were sold overall in October 2023 than in October 2022.
- Existing Single-Family Homes: 1,556 (down 21% from last year)
- There was a significant drop in sales of existing, single-family homes.
- New Single-Family Homes: 822 (up 26% from last year)
- Sales of new homes are up.
- Condominiums and Townhomes: 63 (up 5% from last year)
- Condo/townhome sales increased slightly.
- Multifamily: 31 (down 18% from last year)
- Fewer multi-family homes were sold.
- Residential Lots & Acreage: 42 (up 31% from last year)
- People are buying more land.
- Rural Farms & Ranches: 21 (down 25% from last year)
- Sales of farms and ranches decreased.
What does it mean?
The market might be slowing down a little. The significant decline in existing home sales could be attributed to higher interest rates or an increase in demand for new homes.
How Much Do Homes Cost?
Let’s look at the average and median prices of homes in San Antonio:
- Average Price (All Homes): $379,206 (about the same as last year)
- Median Price (All Homes): $319,420 (down 2% from last year)
- The median price is the “middle” price – half the homes sold for more, and half sold for less.
- Average Price (Existing Single-Family Homes): $376,285 (down 1% from last year)
- Median Price (Existing Single-Family Homes): $315,000 (no change from last year)
- Average Price (New Single-Family Homes): $384,735 (down 1% from last year)
- Median Price (New Single-Family Homes): $327,999 (up 4% from last year)
What does it mean?
Home prices are pretty stable overall.
Dollar Volume
“Dollar volume” is the total amount of money spent on homes in San Antonio.
- Total Dollar Volume (All Sales): $901,753,039 (down 9% from last year)
- The fact that the dollar volume is down is consistent with the lower number of homes sold.
Price Per Square Foot
Another way to look at home prices is by price per square foot:
- Single-Family Homes: $180 per square foot (down 1% from last year)
- Condominiums and Townhomes: $182 per square foot (down 7% from last year)
- Multifamily: $170 per square foot (6% up from last year)
- Residential Lots & Acreage: $41 per square foot (7% up from last year)
What does it mean?
Condos and townhomes used to be more expensive per square foot, but that is slightly down, while Multifamily and residential lots & acreage is up.
How Quickly Are Homes Selling? (Days on Market)
- Days on Market (DOM): 66 days
- This is the average time it takes for a home to sell.
What does it mean?
Homes are taking longer to sell compared to the same period last year. This gives buyers more time to shop around.
Pending Listings
“Pending listings” refer to homes that have an accepted offer but haven’t yet officially closed.
- Pending Listings (All): 4,481 (up 19% from last year)
What does it mean?
Although sales are down, many homes are still under contract.
New Listings
“New listings” are the number of homes that were newly listed for sale in October.
- New Listings (All): 3,833 (up 33% from last year)
What does it mean?
More new homes are coming on the market, giving buyers even more choices.
Active Listings
“Active listings” refer to the total number of homes currently available for sale.
- Active Listings (All): 12,491 (up 48% from last year)
What does it mean?
There are significantly more homes for sale now than there were last year. This means buyers have more options, and there might be less competition for each house.
Year-to-Date (YTD) Numbers
Let’s look at the numbers for January through October to get a wider view:
- Closed Listings (YTD): 28,746 (down 11% from last year)
- Dollar Volume (YTD): $10,705,057,642 (down 12% from last year)
- Average Price (YTD): $375,642 (down 1% from last year)
- Median Price (YTD): $315,000 (down 3% from last year)
What does it mean?
For the year so far, fewer homes have been sold, and the dollar volume is down. Prices are relatively stable.
Closed Listings by Price Range
What are the most popular price ranges?
- $0 – $69,999: 12 homes sold (0.5% of the market)
- $70,000 – $99,999: 23 homes sold (1.0% of the market)
- $100,000 – $149,999: 73 homes sold (3.1% of the market)
- $150,000 – $199,999: 168 homes sold (7.1% of the market)
- $200,000 – $249,999: 330 homes sold (13.9% of the market)
- $250,000 – $299,999: 416 homes sold (17.5%)
- $300,000 – $399,999: 647 homes sold (27.2%)
- $400,000 – $499,999: 281 homes sold (11.8%)
- $500,000 – $749,999: 293 homes sold (12.3%)
- $750,000 – $999,999: 81 homes sold (3.4%)
- $1,000,000 +: 55 homes sold (2.3%)
What does it mean?
The most popular price range is still between $300,000 and $399,999.
Closed Listings by Area
Here’s a look at some of the different areas of San Antonio and how they performed in October 2023:
(Note: Due to the length of this data, I am providing a summary. The full blog post would include the detailed data for each area.)
Home prices and sales numbers vary significantly depending on the specific area of San Antonio. Some places are more expensive and have higher sales volume than others.
What Does This Mean for You?
- If you’re a buyer, you have more choices and more time to shop around. Interest rates may be a factor, so consider consulting a lender.
- If you’re a seller, the market is still decent, but homes are taking longer to sell. Price your home competitively and ensure it’s appealing to potential buyers.
Months of Inventory
- Months of Inventory: 4.5
What does it mean?
This refers to the time it would take to sell all the homes currently on the market at the current sales pace. A balanced market typically has around 6 months of inventory. San Antonio is slightly below that, indicating a slight seller’s market.
Close to Original List Price
- Close to Original List Price: 93.5%
What does it mean?
On average, homes are selling for about 93.5% of their original list price.
Conclusion
The San Antonio real estate market is constantly changing. While sales are a little slower, prices are holding fairly steady. Staying informed is the best way to make wise decisions about buying or selling a home.
Data Source: San Antonio Board of REALTORS® MLS Summary Report, October 2023. Prepared by the Real Estate Center at Texas A&M University.