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San Antonio Market is Hot

Posted by VIP Realty on Wednesday, May 28th, 2014 at 10:33am.

San Antonio is second only to Houston as the fastest-growing city in Texas. It’s really no surprise why. CNN Money recently ranked San Antonio number five on its list of the top 10 fastest growing cities in the nation. The Alamo City is fast becoming Texas’ technology hub, where innovative tech companies are popping up and employing more people. The city’s biotech industry is growing quickly enough to rival that of Princeton, New Jersey. And the renovations and expansions of once-derelict buildings and industrial sections of town are turning San Antonio into one of the hottest markets in the Southwest.

According to a March report by the San Antonio Board of Realtors (SABOR), that month’s average home sales price was increased 10 percent form the previous March, settling at $211,247In the same comparison, the median price rose eight percent, to $172,400. The total number of sales climbed a full percent, topping off at 1,879 total sales

Missy Stagers, SABOR’s 2014 Chairman of the Board, said that the city’s strongest price range ‒‒ homes priced under $200,000 ‒‒ stayed strong. “In March, we had 61 percent of homes in this range,” Stagers said. Another 35 percent were in the $200,000 and $500,000, and four percent were priced over $500,000.”

As of March, the average home price in San Antonio rose six percent over those from 2013, to $203,905. The median price increased seven percent to $168,100, and the total number of sales as of March 2014 was 4,709 ‒‒ a four percent increase over last year.

This activity flies in the face of what has happened in most other parts of the country, where harsh winter conditions scotched home sales in most markets in the first quarter of 2014, and where existing home sales are just now showing signs of progress as summer nears.

Availability, however, remains a little low in San Antonio. “Our housing inventory has remained under six months for over a year, with March reporting just 4.3 months,” said Angela Shields, SABOR’s President and CEO.  In other words, now is the time to look into an Antoni. Just be prepared for some healthy competition for that dream home.

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