Is now the time to buy a house? Is now the time to sell a house? When’s the right time?
The San Antonio housing market is one of the hottest markets in the country, and the northwestern portion of the city is no exception. According to the data from the San Antonio Board of Realtors, the average and median new listing prices for single-family residential properties increased steadily from April 2022 to June 2022, peaking at $528,275 and $475,000, respectively. However, from July 2022 to November 2022, the average and median new listing prices decreased, indicating a potential market correction.
Despite the slight decrease in new listing prices, the number of new listings increased from April 2022 to June 2022, with a high of 646 in June. However, the number of new listings decreased in the following months, reaching a low of 35 in February 2023. This trend could indicate that the housing market in the northwestern portion of San Antonio is becoming less attractive to new sellers.
On the other hand, the number of properties sold increased steadily from April 2022 to September 2022, reaching a high of 537 in September. However, the number of properties sold decreased from October 2022 to February 2023, indicating a potential shift in demand. The average and median sale prices also fluctuated during this period, with a peak in August 2022 at $525,265 and $479,900, respectively, followed by a gradual decrease.
The average days on the market also increased from April 2022 to February 2023, peaking at 84 days in February. This increase indicates that properties are taking longer to sell, potentially due to an oversupply of properties or a decrease in demand.
Overall, the data suggests that the housing market in the northwestern portion of San Antonio may be experiencing a shift in demand and a potential market correction. While the number of new listings and properties sold fluctuated during this period, the average and median new listing and sale prices decreased slightly, and the average days on the market increased. These trends could indicate that the market is becoming more balanced between buyers and sellers, but only time will tell how the market will develop in the future.
So what does this mean for the North Western portion of the San Antonio Real Estate Market? Well, simply put, interest rates have taken hold of the real estate market pushing buyers to the side while many sellers still maintain their lower interest rates from the post pandemic era causing many to sit on their properties and for some, renting them out. But as a buyer, there may be many sellers not wanting to be landlords looking to get out of their house due to relocation or other issues, so now may be the time to put in an offer. As far as predicting the future, one can only guess what tomorrow has to offer, but with the recent banking collapse and subsequent lower interest rates, if you’re looking to buy a home now may be the best time to do so.