Thinking about buying, selling, or renting a home in San Antonio? It’s essential to stay informed about the current state of the real estate market. This blog post will break down the latest numbers from November 2021 in a clear and easy-to-understand manner. We’ll examine sales, prices, and other key trends to help you make informed decisions.
What This Report Covers
This information comes from the San Antonio Board of Realtors (SABOR) MLS report. We’ll be looking at:
- Sales: How many properties were sold
- Prices: How much properties cost (average and median)
- Days on Market (DOM): How long it took for properties to sell
We’ll cover these types of properties:
- Single-family homes (regular houses)
- Condos and townhomes
- Multifamily properties (duplexes, small apartment buildings)
- Residential lots and acreage (land for building)
- Rental properties
- Commercial properties (stores, offices)
- Commercial land
- Rural farms and ranches
Overall Market Conditions
In November 2021, the San Antonio real estate market remained active, although we observed some changes compared to the previous year. Here’s a quick look:
- Sales: Single-family home sales were down slightly, while condo/townhome sales increased.
- Prices: Prices continued to rise for most property types.
- Days on Market: Properties were still selling faster than last year, but the pace may be slowing down slightly.
Let’s get into the details for each property type.
Single-Family Homes: The Most Common Choice
Single-family homes make up the most significant part of the market, so let’s start there:
- Sales: 3,027 homes were sold in November 2021, representing a 4% decrease from the 3,154 sold in November 2020.
- Average Price: The average price was $ 359,545, up $ 17,545, or 5%, from $ 359,545 last year.
- Price Per Square Foot: The price per square foot was $ 170, up 19% from $ 170 last year.
- Days on Market: Homes were selling in an average of 32 days, much faster than the 49 days in November 2020 (a 35% decrease).
- Median Price: The median price (the middle price) was $ 307,200, up $19,200, or 6.3%, from last year’s $307,200.
- New Listings: 3,323 new homes were listed for sale.
- Active Listings: There were 5,437 homes available for sale.
- Pending Sales: 2,955 homes were under contract (an offer was accepted).
What does this mean?
Although sales were down slightly, prices were still up substantially, and homes were selling quickly. This means it was still a good time to be a seller, but buyers might have faced more competition and higher prices. The drop in sales is a possible sign that the market is starting to cool.
Condos and Townhomes: A Growing Market
Condos and townhomes are great if you want less maintenance or want to live closer to the city. Here’s how they did:
- Sales: 88 condos and townhomes were sold, a 22% increase from 72 in November 2020.
- Average Price: The average price was $ 231,236, down $ 12,236, or 5.2%, from $ 231,236 last year.
- Price Per Square Foot: The price per square foot was $ 202, down $6202, or 6% from $202,6216 last year.
- Days on Market: Condos and townhomes were selling in an average of 42 days, faster than the 49 days last year (a 14% decrease).
- Median Price: The median price was $ 176,000, up $16,000, or 9%, from $160,000.
- New Listings: 79 new condos and townhomes were added to the market.
- Active Listings: There were 208 active listings.
- Pending Sales: There were 70 sales pending.
What does this mean?
The condo and townhome market experienced an increase in sales, indicating that more people were interested in this type of property. However, the average price decreased.
Multifamily Properties: Investment Opportunities
Multifamily properties (like duplexes) are often bought by investors who rent them out. Here’s how this market looked:
- Sales: 30 multifamily properties were sold, representing a 9% decrease from the 33 sold in November 2020.
- Average Price: The average price was 454,189, a significant increase of 50% from 454,189 last year.
- Price Per Square Foot: The price per square foot was $ 142, up 13% from $131.25 last year.
- Days on Market: These properties sold in an average of 48 days, which is faster than the 54 days it took last year (an 11% decrease).
- Median Price: The median price was $ 316,700, up $2,316,700, or 2%, from $316,700 last year.
- New Listings: 35 new multifamily properties were listed.
- Active Listings: There were 121 active listings.
- Pending Sales: There were 28 pending sales.
What does this mean?
Although sales were down slightly, the average price increased substantially, and properties were selling faster. This suggests that the multifamily market was still strong, with investors willing to pay more.
Residential Lots and Acreage: Building Your Dream Home
If you want to build your own home or have some land, here’s what’s happening with residential lots and acreage:
- Sales: 332 lots and acreage properties were sold, a 14% decrease from 386 in November 2020.
- Average Price: The average price was $ 140,546, a 36% increase from $ 140,546 last year.
- Days on Market: These properties sold in an average of 108 days, significantly faster than the 159 days it took last year (a 32% decrease).
- Median Price: The median price was $ 101,800, a 34% increase from $ 101,800 last year.
- New Listings: 440 new lots and acreage properties were added to the market.
- Active Listings: There were 2,110 active listings.
- Pending Sales: There were 292 pending sales.
What does this mean?
Sales were down, but the prices were up, and the time it took to sell decreased. This suggests that, while there may be fewer transactions, the demand for land remains strong, and sellers are receiving more for their properties.
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 November 2021:
- Sales: 950 residential rental properties were rented, a 3% decrease from 984 in November 2020.
- Average Price: The average rent was $ 1,670, an 8% increase from $ 1,553 last year.
- Price per 100 Square Feet: The cost per 100 square feet was $1,098, up 10% from $1,089 last year.
- Days on Market: Rental properties were being rented in an average of 32 days, faster than the 39 days last year (an 18% decrease).
- New Listings: 1,108 new rental properties were added to the market.
- Active Listings: There were 1,138 active listings.
- Pending Sales: 883 rentals were pending.
What does this mean?
Fewer rentals were being sold, but the rent increased.
Commercial, Land, and Farms & Ranches
Here’s a quick look at some other types of real estate:
- Commercial: Sales decreased by 13%, and the average price also decreased by 13%.
- Commercial Land: Sales increased by 30%, and the average price rose substantially.
- Rural Farms & Ranches: Sales remained steady, but the average price increased substantially.
Year-to-Date Numbers: A Look at the Whole Year
Examining the year-to-date (YTD) numbers provides a broader view of the market’s performance throughout 2021. Here’s a summary:
- Single-Family Homes: Sales up 5%, average price up 16%.
- Condos and Townhomes: Sales up 34%, average price up 21%.
- Multifamily Properties: Sales up 15%, average price up 14%.
- Residential Lots & Acreage: Sales up 25%, average price up 32%.
- Residential Rentals: Sales down 15%, average price up 8%.
- Commercial: Sales up 52%, average price up 19%.
- Commercial Land: Sales up 54%, average price up 87%.
- Rural Farms & Ranches: Sales up 38%, average price up 42%.
What does this mean?
The year-to-date numbers show that the San Antonio real estate market was generally strong in 2021, with sales and prices up for most property types compared to the previous 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 part of town. (Note: The full report has detailed numbers for each area).
In most areas, the average sales price increased compared to November 2020. Some areas experienced more significant growth than others. Refer to the tables provided in the attached document for specific details on each location.
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: The market remains competitive, although there is slightly more inventory available than previously. Get pre-approved for a loan, work with a good real estate agent, and be prepared to act quickly when you find a property you like.
- For Sellers: It’s still a good time to sell, but it’s essential to price your home correctly. Work with a real estate agent to determine the optimal price for your property, taking into account current market conditions.
Conclusion: Stay Informed and Get Expert Advice
The San Antonio real estate market is constantly changing. By staying informed about the latest trends, you can make intelligent decisions. Whether you’re buying, selling, or renting, be sure to consult with a qualified real estate professional for personalized advice.
Disclaimer: This is a summary of the November 2021 San Antonio Board of Realtors MLS report. Market conditions can change. Consult with a qualified real estate professional for personalized advice.