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San Antonio Home Sales And Prices Expected To Keep Rising
San Antonio area home sales should continue to surge in 2017, says one Texas economist. Mark Dotzour, formerly of the Texas A&M Real Estate Center, told attendees at the San Antonio Board of Realtorâ€™s annual housing forecast Thursday that home prices should continue to rise as well, driven by a housing shortage. "With thousands of people moving to San Antonio every year, the homebuilding industry just cannot keep up,â€ť says Dotzour. Weâ€™re building a lot of apartments, but not enough single-family homes and part of that reason is itâ€™s so difficult to get subdivision lots on the ground.â€ť Dotzour says thatâ€™s due in part to local regulations. He says a balanced housing market has about 6.5 months worth of inventory. â€śWhen you get inventory levels as low as they are now in San Antonioâ€”and Iâ€™m going to guess itâ€™s about 3 months of inventory, about half of what is normalâ€”you go out to look for a house, you may be lucky if you find one thatâ€™s of interest to you,â€ť says Dotzour. â€śAnd thatâ€™s going to be of interest to a whole bunch of other people. Thatâ€™s what drives prices upâ€”that lack of selection in the market.â€ť The number of homes sold in San Antonioâ€™s metro area last year was 27,059â€”a 46 percent from 2012, according to Board of Realtorsâ€™ data. The median home sales price grew 27 percent over that period to $203,700 in 2016. â€śItâ€™s a great time to sell houses, because I think weâ€™re in the early stages of a decade-long boom in single-family housing purchases,â€ť Dotzour told a crowd of hundreds of real estate professionals. â€śI think people want to own homes again, and I think that trend is going to continue.â€ť
Tony Landaverde, Realtor with eXp Realty in San Antonio, Texas says "If you are debating whether to buy or not, you should contact your local Real Estate professional to discuss your options before market prices continue to go up."
Thank you for this great article entitled "San Antonio Home Sales And Prices Expected To Keep Rising" by Aaron Schrank.
Presented by Tony Landaverde, Realtor
San Antonio, TX Realtor with eXp Realty
A Texas Licensed RealtorÂ® License #607299
For information on careers with eXp Realty click on the link: Tony Landaverde eXp Careers