The real estate catastrophe of 2009 has given way to a bit of a hangover syndrome, with everyone from buyers and lenders to home builders dusting themselves off and looking forward to 2010 to begin posting gains.
Returning to Normalcy
The real estate market in San Antonio, including the luxury real estate market, seems to be returning to a bit of normalcy, much to the relief of sellers and home builders everywhere. The signs of recovery really took off in November, when sales jumped 52 percent from a year earlier. In fact, more than 1,500 San Antonio homes were sold in November, compared to just 1,000 in November 2008. This recent spike in sales has left the market on the same playing field as before the market began to peak.
Reasonably Priced Homes are a Hot Commodity
Although the luxury real estate market in San Antonio hasn’t fully recovered, mainly because many buyers still can’t secure jumbo loans through lenders, the market for reasonably priced homes – especially those under $250,000 – is fairing quite well. In fact, the numbers reflect quite a normal market for San Antonio. The roller coaster ride of the peak market in 2005 and 2006, as well as the subsequent crash in 2008, appears to have subsided and a steady stream of activity has taken its place. Consumer confidence is beginning to return and, along with it, real estate transactions are rising.
Luxury Real Estate still has its Challenges
Luxury real estate in San Antonio, although improving alongside more reasonably priced real estate, has its share of challenges, including the fact that homes in this price point remain on the market much longer than lower priced homes. With interest rates still very attractive, and the with the extension of the Homebuyer Tax Credit, analysts feel very confident that sales throughout the San Antonio real estate market will remain strong throughout 2010.