by Katie Burke, San Antonio Business Journal article
The findings in the San Antonio Board of Realtors’ monthly housing reports have been so steady over the years that it has become expected the market will continue to rise. And its most recent report is no exception.
More than 2,800 homes were sold in May, a 10 percent increased compared to the activity for the same 31-day period last year. Likewise, May 2015 and May 2014 saw 9 percent and 6 percent increases in the number of homes sold, respectively.
The average selling price of a home rose 2 percent to $249,024, while the median price edged up 3 percent to $208,700, according to the SABOR report. The average prices of homes sold in May 2015 and May 2014 posted increases of 10 percent and 4 percent, respectively.
While the increases in the average and median selling prices slowed a bit, the percentage of homes sold in the higher price brackets jumped.
In April, homes priced less than $200,000 accounted for more than half of the market’s activity, and homes priced for more than $500,000 only accounted for 4.47 percent of sales. However, in May that distribution is a bit more top heavy, with nearly 48 percent of the market settling between $200,000 and $500,000, and 5.5 percent of sales were for homes priced higher than $500,000.
San Antonio’s growth eclipsed what the state posted, but the city is still one of the most affordable markets in the country. Comparatively, San Antonio’s average home price of $249,024 is far below the state’s average of $271,213.
“Our average and median sales prices continue to see some growth each month, but at a manageable pace that keeps our city affordable and stable,” SABOR Chairman Bob Jacobs said. “We expect this trend to continue throughout the summer.” And chances are pretty good those trends will maintain their heat long after the Texas temperatures start to drop.
At Alteza above the Grand Hyatt, the summer kicked off with a bang. Two contracts were signed last week, both in excess of $600,000 in San Antonio’s only downtown high-rise condominium property. The community encompasses the top 10 floors for the Grand Hyatt and boasts panoramic city views through floor-to-ceiling walls of glass. Alteza residents are pleased to see the demolition of the Henry B. Gonzalez Convention Center underway, making room for the expansion of Hemisfair park in city center. Alteza’s remaining residences start in the high $400s and one multi-level penthouse remains, priced at $2.1 million. Alteza is hosting a Wine Tasting Open House Weekend on June 25th and 26th from 12 to 5 pm. Guests are invited to tour the decorated models unaccompanied and enjoy a sampling of Hill Country’s Messina Hof wines.
To join the VIP list for the event, click here.