The San Antonio Board of Realtors are predicting a good housing market for the city this year, based on last year's trends.
According to the December 2012 Multiple Listing Service report by SABOR, the San Antonio housing market finished the year strong with a total of 19,940 homes sold in 2012, which puts the number of homes sold last year at a 10 percent increase over 2011.
"Our average sales price last year was an increase of 5 percent from the year before. We were up a little over $194,000 on the average sales price, and then our median sales price was also up 5 percent at about $160,100," said Steven Gragg, SABOR Chairman of the Board.
SABOR is accrediting this increase to a large population and job growth factor in San Antonio's economy, and are predicting that this trend will continue throughout 2013.
"Living here in San Antonio, you know how good our job growth is right now and what the Eagle Ford Shale has done for San Antonio. So, we look at expected continued job growth again in 2013 to help our home sales," said Gragg.
According to the National Association of Realtors, mortgage applications for the purchase of homes have severely increased over the past few months, which is being viewed by real estate experts as a good indicator for future home sale increases in 2013.
"San Antonio and the other large metropolitan areas are all doing pretty equal, as far as having increased sales in 2012 over 2011. They had price appreciation in the other metro areas also, but Texas has done so much better than the rest of the nation," said Gragg.
SABOR said the report indicates that a breakdown in prices put the majority of sold homes (64.6 percent) in the low range of $199,000 and below, while just under 32 percent sold in the mid range of $200,000 to $499,000, and a little over 3 percent sold in the high range of $500,000 and up.
Reported By: Marissa A. Wagner
Monday, January 21, 2013