It has been a very busy market here in San Antonio for this first quarter and looks like it will continue into the 2nd quarter.
The San Antonio housing market, much like the rest of Texas, is firing on all cylinders. All you need to do is compare today’s data with information as recent as last quarter to see how well San Antonio is handling the recovery. Over the course of just four months, year-over-year appreciation rates nearly doubled to 8 percent. Home values have increased and are now averaging $185,500.
The San Antonio real estate market is receiving strong support from the local economy. In fact, the job sector has only strengthened since ending last year on a hot note. Since then, the unemployment rate dropped 1.3 percent, and now sits at an encouraging 3.8 percent on the year. In other words, San Antonio’s unemployment rate is well below the national average and only getting better. Where things really start to look good is the 1-year job growth rate. Over the last 12 months, the job growth rate topped 3 percent. That means that all the new jobs that are being created are being filled. The job sector is doing very will in maintaining the area’s supply and demand.
San Antonio real estate investing has also seen encouraging signals. According to RealtyTrac, San Antonio has about 1,961 homes that have entered into some form of foreclosure: default, auction or bank owned. As recently as last month, the number of properties that received a foreclosure filing in San Antonio, TX was 50 percent higher than the previous month and 43 percent higher than the same time last year. Those looking to get into San Antonio real estate investing will also take comfort int he fact that those distressed properties are being offered at a median price of $82,000. While that price is up from last year, it still represents a nice savings that can help spreads.
Of those foreclosures that San Antonio real estate investors may be interested in, nearly 80 percent are going to be placed up for auction. The number of today’s auction foreclosures is actually 70.2 percent higher than they were at this time last year. Opportunities are certainly to be had. The remaining 20 percent of foreclosures are bank-owned, representing an 11.4 percent decrease from last year.
Again, San Antonio real estate investing will benefit immensely from the amount of foreclosures on the market. However, that is not to say that there is any sign of a slowdown in the area. San Antonio is one of the hottest markets in the country, and should continue to be so for the foreseeable future.
Please give us a call today to discuss the market and to speak to one of our Realtors.
Scott Myers, GRI
Century 21 Scott Myers, Realtors
11830 Wurzbach Rd. (The Elms)
San Antonio, Tx. 78230
Phone # 210-479-1222
Fax # 210-479-1981
Toll free Phone # 1-888-868-1222 Scott.Myers@Century21.com
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