Are you thinking about buying a home, selling your house, or just curious about what’s happening in the San Antonio real estate market? It’s essential to stay informed! This blog post provides a straightforward breakdown of the events that occurred in March 2022, utilizing the latest data from the San Antonio Board of Realtors (SABOR). We’ll examine factors such as home sales, prices, and the rate at which homes are selling, so you can make informed decisions.
What This Report Includes
This information comes straight from the San Antonio Board of Realtors (SABOR) MLS report. We’ll be focusing on:
- Sales: How many properties were sold
- Prices: How much properties cost (both average and median)
- Price per Square Foot: A good way to compare the costs of different-sized homes
- Days on Market (DOM): How long it took properties to sell
- New Listings: How many new properties were listed for sale
- Active Listings: How many properties were available for purchase at the end of the month
- Pending Sales: How many sales were waiting to close (under contract)
We’ll be looking at 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
The Big Picture: Overall Market Conditions in March 2022
In March 2022, the San Antonio real estate market was still very active. Here’s a quick overview of what was happening:
- Sales: Single-family home sales were up slightly compared to last year.
- Prices: Prices continued to rise for most types of properties.
- Days on Market: Homes were selling faster than they were last year.
Let’s take a closer look at each type of property to get a better understanding.
Single-Family Homes: The Mainstay of the Market
Single-family homes are the most common type of property, so we’ll start here:
- Sales: In March 2022, 3,522 single-family homes were sold, representing a 1% increase from the 3,498 sold in March 2021.
- Average Price: The average price of a single-family home was 374,168,up19374,168, up 19% from374,168,up19314,145 last year.
- Price Per Square Foot: The average price per square foot was $ 183, up 24% from $183 last year.
- Days on Market: Homes were selling in an average of 34 days, much faster than the 45 days in March 2021 (a -24% change).
- Median Price: The median price (the middle price) was $ 326,500, up 22% from last year.
- New Listings: 3,782 new homes were listed for sale during the month.
- Active Listings: There were 4,258 homes available for sale at the end of March.
- Pending Sales: 3,432 homes were under contract, awaiting closure.
What does this mean?
The numbers indicate that the single-family home market remained strong in March 2022. Although sales were only slightly up, prices increased substantially, and homes sold much faster. This means it was still a good time to sell a home.
Condos and Townhomes: A Popular Choice for City Living
Condos and townhomes can be a great option if you want less maintenance or want to live closer to the city center. Here’s how they performed in March 2022:
- Sales: 92 condos and townhomes were sold, the same number as in March 2021 (0% change).
- Average Price: The average price was $ 231,166, down 3% from last year’s $3238,514.
- Price Per Square Foot: The average price per square foot was $ 192, down 2% from $192 last year.
- Days on Market: Condominiums and townhomes were selling in an average of 52 days, faster than the 64 days last year (a 19% decrease).
- Median Price: The median price was $ 180,000, up $26,430, or 26% from $ 180,000, which was $261,430 last year.
- New Listings: 120 new condos and townhomes were listed for sale.
- Active Listings: 180 were available for sale at the end of March.
- Pending Sales: There were 99 pending sales.
What does this mean?
The condo and townhome market showed mixed signals. Sales were flat, and average prices decreased slightly, but the median price increased substantially. Properties were also selling faster. This could indicate a shift in the types of condos and townhomes being sold.
Multifamily Properties: Investing in San Antonio
Multifamily properties (like duplexes and small apartment buildings) are often purchased by investors who rent them out. Here’s how the multifamily market looked in March 2022:
- Sales: 62 multifamily properties were sold, up 41% from 44 in March 2021.
- Average Price: The average price was $ 410,014, up $26,014, or 26% from $ 410,014, up $ 26324,761 last year.
- Price Per Square Foot: The average price per square foot was $ 152, up 25% from the previous year.
- Days on Market: These properties were selling in an average of 58 days, faster than the 63 days last year (a -16% change).
- Median Price: The median price was $344,400, up $7,321,400, or 2%, from the previous year’s $ 337,079.
- New Listings: 63 new multifamily properties were listed for sale.
- Active Listings: At the end of the month, 84 properties were available for purchase.
- Pending Sales: 47 sales were pending.
What does this mean?
The multifamily market was robust, characterized by increased sales, higher prices, and shorter selling times. This indicates a healthy interest from investors in the San Antonio area.
Residential Lots and Acreage: Building Your Dream Home
If you’re looking to build your own home or just want some land, here’s what’s happening with residential lots and acreage:
- Sales: 515 lots and acreage properties were sold, down 7% from 556 in March 2021.
- Average Price: The average price was $ 166,042, up 35% from $ 166,042 last year.
- Days on Market: These properties were selling in an average of 81 days, much faster than the 198 days last year (a -59% change).
- Median Price: The median price was $ 127,200, up $ 56,200, or 56%, from $ 127,200 last year.
- New Listings: 627 new lots and acreage properties were listed for sale.
- Active Listings: 1,942 properties were available for sale at the end of the month.
- Pending Sales: There were 421 sales pending.
What does this mean?
Even though sales were down slightly, the prices for lots and acreage increased significantly, and they sold much faster. This indicates that people remain highly interested in purchasing land in the San Antonio area.
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 March 2022:
- Sales (Rentals): 1,236 residential rental properties were rented, representing a 10% increase from 1,126 in March 2021.
- Average Price (Rent): The average rent was $ 1,778, up $ 131,778, or 13% from $ 1,778 last year.
- Price per 100 Square Feet: The cost per 100 square feet was $101, up 9% from $92 last year.
- Days on Market: Rental properties were rented in an average of 38 days, faster than the 40 days reported last year (a 5% decrease).
- New Listings: 1,408 new rental properties were added to the market.
- Active Listings: 1,316 rental properties were available.
- Pending Sales: 1,233 rentals were pending.
What does this mean?
The rental market was also strong, with more rentals being leased and higher average rents. This suggests that demand for rental properties in San Antonio remains high.
Commercial, Land, and Farms & Ranches
Here’s a quick look at some other types of real estate:
- Commercial: Sales increased by 18%, and the average price rose by 25%.
- Commercial Land: Sales increased by 69%, and the average price rose by 9%.
- Rural Farms & Ranches: Sales were down 20%, but the average price was up 50%.
Year-to-Date Numbers: A Look at the First Three Months
Examining the year-to-date (YTD) numbers provides a clearer understanding of how the market has performed over the first three months of 2022. Here’s a summary:
- Single-Family Homes: Sales up 2%, average price up 17%.
- Condos and Townhomes: Sales up 4%, average price down 9%.
- Multifamily Properties: Sales up 29%, average price up 22%.
- Residential Lots & Acreage: Sales down 2%, average price up 31%.
- Residential Rentals: Sales up 8%, average price up 12%.
- Commercial: Sales up 23%, average price up 28%.
- Commercial Land: Sales up 48%, average price up 77%.
- Rural Farms & Ranches: Sales down 16%, average price up 116%.
What does this mean?
The year-to-date numbers confirm that the San Antonio real estate market has been strong overall in 2022, with sales and prices increasing for most property types compared to the same period last year. Rural farms and ranches have increased significantly.
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).
Here are a few highlights from the sales by area data:
- Areas with High Average Sales Prices: Areas 5, 6, 10, 18, and 25 generally have the highest average sales prices.
- Areas with the Most Sales: Areas 1, 17, and 26 tend to have a high number of sales.
- Significant Price Growth: Many areas have experienced substantial price increases. Check the provided data chart.
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 is still competitive. Be prepared to act quickly, get pre-approved for a loan, and work with an experienced real estate agent.
- For Sellers: It’s a great time to sell! Prices are up, and homes are selling fast. Work with a real estate agent to price your home accurately and prepare it for showings.
Conclusion: Stay Informed for Success in Real Estate
The San Antonio real estate market is constantly evolving. By staying informed about the latest trends and working with qualified professionals, you can make smart decisions whether you’re buying, selling, or renting.
Disclaimer: This is a summary of the March 2022 San Antonio Board of Realtors MLS report. Market conditions can change. Consult with a qualified real estate professional for personalized advice.