The latest stats from the San Antonio Board of Realtors (SABOR) show there’s a silver lining for sellers and buyers. The most recent SABOR data is from June 2023. On the seller side, the average price for a home is $395,534, which is reflects no change from June 2022. Also, sellers are averaging 95% of original listing price, which is quite strong.
Patience Please
It’s taking about 64 days to sell, which is a 121% increase over last June. However, this just reflects a normalization of the market to pre-pandemic days. I would not be surprised if time on the market increases a little before stabilizing. Also, total sales dipped nine percent over last June, but not a surprising number. Higher interest rates are having some effect. Some buyers and sellers are waiting it out until interest rates dip a bit.
Better for Buyers
Life happens, and there are still plenty of buyers out there. The good news is that the median price is now $320,950, which is six percent lower compared to June 2022. Also, there are more choices for buyers. There are almost 50% more active listings than this time this year. Plus, there’s 3.7 months of housing inventory.
The combined effect of longer inventory and more listings means more choices for buyers. In our current market, it’s my experience that once a home passes the 45-day mark, sellers are more willing to negotiate. This can include accepting a lower price or agreeing to help pay for closing costs, buying down an interest rate or with updates to a home, such as paint, flooring and more.
S.A. Strong
Low unemployment and population growth help keep San Antonio a strong real estate market. Most sellers are getting close to their original list price. And, buyers can find value, if they have a real estate agent that knows how to negotiate for their client. Contact me anytime with questions about buying or selling a home.
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