Your biggest investment has never been worth more.
1200 WOAI news reports the average price of a home sold in Bexar County in May was a record $225,114, that is up 18% since May of 2011.
The San Antonio Board of Realtors says that is despite a 6% drop in homes sold in May compared with May of 2013. That drop is believed to be based more on fewer homes being for sale than a lack of interest by potential buyers.
SABOR Chairman Missy Stagers says the price per square foot has already reached a record $102, and inventory on the market remains low at 4.7. months.
By comparison, real estate experts say an inventory of 6.5 months is considered a 'strong' housing market.
"Our total sales year to date have remained considerably higher this year than in previous years," said Angela Shields, SABOR's President and CEO. "We credit the strength of the housing market to San Antonio's continued job growth, affordability, and low interest rates."
A recent report shows that Texas has a higher percentage of homeowners with equity than any other state n the union, 96.7%. That means the value of their home exceeds the amount the homeowner owes on it.
This news is also good for school districts and local governments, because higher property values mean higher property taxes.