Wanna buy a house in San Antonio? Stand in line.1200 WOAI news reports the San Antonio Board of Realtors reports 98% of the 2770 homes sold in the nine county metro in March sold for the asking price, or even above, as the housing market continues to boom.
“With the tight supply, we counsel home buyers to be ready to make a quick decision,” said SABOR Chair Lorena Pena. “We need to bring a strong offer to the table.”
And that offer needs to be even stronger. The average home price in the metro was up 4% over March of 2017 on the strength of the strong sales, to just under $255,000. And the median price, which the point where half the homes are more expensive and half are less expensive, discounting the ability of one million dollar sale to skew the average, was up a sharp 8% to $219,000, showing strength at all price levels.
But SABOR’s Gilbert Gonzalez says San Antonio remains a relative bargain. The average home price statewide of $284,000 remains above the San Antonio average, and most metros, especially Austin with its tight housing market, are reporting prices higher than San Antonio.
In fact, the rising cost of housing has begun to concern city government, which has begun to look into ‘impact fees,’ and other city policies which may help accelerate housing prices.
One Council member even said ‘stealth buyers’ have begun knocking on doors in her district, asking about the availability of homes that aren’t even for sale.