Despite the cooler autumn weather, home buyers still continued to purchase homes in record numbersin October, with 2,573 homes sold during the month, a two percent year-over-year increase according to the MultipleListing Service Report from the San Antonio Board of REALTORS® (SABOR), which reports on all areas contained within the MLS. Average and median prices also experienced an increase over 2017, with a seven percent rise in the average price to $257,855 and an eight percent increase in the median to $223,800. The month ended with 2,197 sales still pending.
Homes in October spent just 54 days on the market, two days less than this month last year, and inventory remained low with just 3.6 months available. The price per square foot rose seven percent year-over-year to $123 and 97.3 percent of homes sold for list price.
“As the weather cools and families settle into the school year, it is not uncommon to see a slower pace in sales. However, the fact that more homes continue to be sold this year from previous years underscores the strength of our local economy and demonstrates that buyers are still able to find something even in such a tight market,” said SABOR 2018 Chairman of the Board Lorena Peña.
To date, a total of 27,377 homes have been sold in the San Antonio and surrounding area this year, a five percent year-over-year increase.
The breakdown of sales per price range in October saw little change from the previous month. In October, approximately 40 percent of homes sold were those priced under $200,000, while the majority of home sales, 54.49 percent, were those priced between $200,000 and $500,000. The remaining 5.4 percent were those homes priced over $500,000.
Bexar County experienced a 1.8 percent increase in sales from last year, with 1,914 homes sold in October. The average price of a home sold in the county increased 6.1 percent to $245,311 and the median rose 8.5 percent to $212,700.
Overall, Texas home sales rose 1.5 percent in October to 25,636. The average price for a home sold in Texas went up 4.7 percent to $281,717 and the median rose 4.8 percent to $230,500. (Source: SABOR Monthly Report)
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