San Antonio-New Braunfels area home sales increased 20.2% to 12,132 single-family home sales in the third quarter, while the median price increased 9.4% to $257,000, according to the state’s quarterly housing report released by Texas Realtors.
Price-class distribution showed that 41% of homes sold across the San Antonio-New Braunfels area were in the $200,000 to $299,000 price range. That was the highest share of sales among all price-class distributions.
Inaky Strick, a broker associate with Kuper Sotheby’s International Realty in New Braunfels, said there’s plenty of demand right now, and buyers are taking advantage of low-interest rates.
“I also think that at the beginning of the pandemic, there were a lot of people that were going to buy houses, but because of the shutdown, they weren’t able to buy property. The combination of all who wanted to buy homes and weren’t able to, plus the low-interest rates, is what created this environment of a lot of people wanting to buy homes.”
Strick added that he had seen more multiple offers on properties than usual during the quarter.
“People are even offering more than the asking price,” he said. “Oftentimes, I’ve had some clients that offered more than what the seller was asking, and they do not get the house because there was a better offer on the table.”
Active listings in the area were down 30.5% compared to the same quarter last year. Homes spent an average of 96 days on the market, seven days more than the third quarter of last year.
Housing inventory in the area declined by one month to 2.3 months of inventory.
“If you’re a seller in the market, if you’re looking to sell property, you have an advantage,” Strick said.
Like other businesses, realty agents have adapted to life during a pandemic.
“We always wear masks,” he said. “We’re always using sanitizer. We’re not letting clients touch doors or windows, so everything that’s been touched has only been touched by the realtor. We wear gloves when we open doors. We’re only asking for the purchaser to come to the showing.”
Strick also said they are conducting more virtual showings of properties or using video conferencing.
The number of Texas homes sold from July to September increased by nearly 19% compared to the same time frame last year,
“The Texas real estate market’s resiliency, especially in the middle of a pandemic crisis, is nothing short of incredible, though our housing supply is still critically low,” said Cindi Bulla, chairman of Texas Realtors. “We are hard at work looking for the supply solutions necessary to keep our market healthy and make the American dream of homeownership attainable to every Texan.”
Home sales increased by 18.4%, with 119,642 homes sold in the third quarter of 2020.
Statewide, the median price increased by 8.6% to $266,000. Of all the homes sold within the third quarter, 34.1% were priced from $200,000 to $299,999, the highest share of sales among all price-class distributions.
Jim Gaines, chief economist with the Real Estate Center at Texas A&M University, said the Texas housing market experienced a strong push-through of demand from the second quarter into the third quarter.
“Active listings saw a sharp drop with many sellers hesitating to list their property in the middle of a pandemic,” Gaines said. “However, as the economy and employment numbers continue to recover, we anticipate end-of-year sales figures will be higher than 2019.”
Active listings declined 32.4% in the third quarter to 71,569 listings. Texas homes spent an average of 52 days on the market, two days more than the third quarter of 2019.
Housing inventory in Texas declined 1.3 months to 2.3 months of inventory. According to the Real Estate Center at Texas A&M University, a market balanced between supply and demand has between 6 and 6.5 months of inventory.
“Although our real estate market remains strong, the data in this report shows there are still long-term implications regarding this housing shortage that need answers, and finding those solutions will remain a major focus for Texas Realtors at the state and local levels for 2020 and beyond,” Bulla said.