The frenzied pace of home sales in San Antonio last year drove the number of properties sold to an all-time high, eclipsing the previous record set in 2006 before the U.S. housing market collapsed and set off a global economic crisis.
San Antonio residential sales surged 9.4 percent last year with 27,154 homes sold as prices reached new heights and inventory dipped to a record low, according to San Antonio Board of Realtors. That was an increase from 24,812 homes sold in 2014.
Condo inventory downtown continues to dwindle as the City’s leading luxury high rise, Alteza Residences above the Grand Hyatt, announced reaching 80% sold in December.
Signs pointed to a record year early in 2015. Housing supply — measured by the amount of time it takes for the inventory of homes on the market to be sold if no new homes are listed — fell to 3.6 months in January and February, the lowest level since the Texas A&M Real Estate Center began tabulating housing data in 1990.Realtors attribute the sales total to job growth, low mortgage rates and stable home appreciation.
“In general, we’ve heard about everyone who’s moving from various parts of the country toward Texas, and San Antonio has its fair share of that increase in population,” SABOR Chairman Bob Jacobs said. “In the San Antonio area, we have a very diverse job market and job growth that is fueling the need for housing.”
“Downtown is attracting many young entrepreneurs, business owners and professionals from the medical industry,” says Dustin David, Sales Manager at The Alteza. “We’re also popular with retirees and empty nesters are choosing the low maintenance, high entertainment lifestyle we love in Downtown. Hemisfair park, the Majestic and Tobin theatres, great dining and night life, museums – you name it and they can walk to everything.“
The San Antonio area added 35,000 jobs last year, a 3.6 percent increase from 2014, Keith Phillips, assistant vice president and senior economist of the Federal Reserve Bank of Dallas branch in San Antonio, said Tuesday.
The number of people relocating to San Antonio also has outpaced the number of homes being built, Texas economist Mark Dotzour told SABOR members at a recent housing forecast event.
At SABOR’s housing forecast, Dotzour said he expects job growth, mortgage rates and home value appreciation to remain steady and, therefore, for sales to remain high.
Edited from original article by Benjamin Olivo, San Antonio Express News.