For years, the housing market was a market in recovery. Across the country, people watched and waited for their home values to rise and sales to pick up. In 2015, San Antonio got the boom year it had been waiting for. Homes were placed on the market, only to be sold in a matter of moments. In some cases, the "For Sale" signs never even made it in front of the house before the property had been marked pending. Yes, 2015 was a good year to dive into the San Antonio housing market.
The San Antonio Housing Market Year in Review: 2015
In many aspects, 2015 was a record-breaking year for the San Antonio housing market. In fact, the number of homes sold in the region reached an all-time high, breaking a record that was set in 2006. According to statistics published by the San Antonio Board of REALTORS® (SABOR), a total of 27,154 homes were sold in 2015 and the average sales price of a home was $231,976 — a six percent increase from the previous year. In addition to the soaring prices and sales, homes also were not sitting on the market for very long. On average, a home spent just 60 days on the market. There's no sign of things slowing down, as more people look to get into this vibrant and active real estate market.
Bob Jacobs, SABOR’s 2016 Chairman of the Board acknowledged that “while the majority of homes sold are still below $200,000, we have seen a gradual shift in more homes being sold in the range between $200,000 and $500,000.” as shared during the 2016 Housing Forecast hosted by SABOR.
How Did the Local Market Rank in 2015?
It wasn't only local real estate experts who were impressed with the market in San Antonio. In fact, 2015 was the year where the entire country was watching this magnificent city blossom to life. Here's just a few times San Antonio was listed as a top-ranked community:
- MarketWatch — America's Most Business-Friendly Cities: San Antonio was ranked as the 15th most business-friendly city in the country, proving that our thriving economy has helped to fuel the housing market.
- Huffington Post — 5 Secretly Cool Cities Where You Can Still Get in on the Ground Floor: San Antonio was listed at number 3, citing the recent population explosion as a reason why this city is bursting with energy.
- Forbes — The Best Cities for Jobs in 2015: San Antonio came in 10th place on this impressive list, again highlighting the strong economy in the area.
- The 2015 Milken Institute Best-Performing Cities: San Antonio achieved the 12th ranking on this prestigious list, which notes cities that have enjoyed impressive job, economic, wage and technology growth.
Looking Ahead: Expect More Excitement in 2016
San Antonio is in a position to have another stellar year, not only as far as the economy is concerned but also for the housing market. As a business-friendly city, large corporations and small, local businesses are attracted to San Antonio. By bringing more jobs, this in turn brings in more residents, which drives up demand for houses in the region.
Local real estate experts and Texas economist, Dr. Mark Dotzour, believe that the ever-expanding economy and the increased demand for housing in the area will create a lively housing market where prices continue to increase and values continue to soar.
Dotzour: More job growth, low interest rates, and increasing home prices suggest San Antonio housing is in good shape for 2016. #HF16— Liz Petroff (@RealLizPetroff) January 7, 2016
Dotzour doesn't envision mortgage rates going up much if at all in 2016 despite action by the Fed, and reminded us that mortgage rates are based on the 10-year U.S. Treasury rate, which rises on the expectation that inflation and global economic weakness is ahead.
Perhaps you thought about putting your house on the market in 2015, but you never gathered up the courage to make the leap. Maybe you feel like you missed out on the opportunity to find your dream home in this metropolitan area. Don't worry, you didn't miss out on a premium market just because you didn't take advantage of the opportunities in 2015. In fact, 2016 is going to be your year!
Let Liz Petroff provide you with expert information about the current market conditions in San Antonio, and help you make the most out of your real estate investments. Liz works with both buyers and sellers at all stages of life. Whether you are down-sizing, purchasing your first home or searching for the place that is perfect for your growing family, Liz can help! Contact Liz today for more information.
December 2015 San Antonio Market Statistics, San Antonio Board of REALTORS®