San Antonio Housing Market: A Detailed Analysis for November 2024
The San Antonio, TX metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 1.6% year-over-year, settling at $299,992.50. Similarly, the Median List Price has seen a decline of 1.3%, now at $313,090.00. Despite these decreases, the median Price Per Square Foot has increased by 1.5%, reaching $164.93, indicating a nuanced shift in pricing dynamics.
In terms of sales activity, the market has experienced a notable increase. The number of Homes Sold has risen by 8.8% year-over-year, totaling 2,518 units. Pending Sales have also seen a growth of 6.1%, with 2,734 transactions in the pipeline. However, New Listings have dropped significantly by 16.9%, with only 2,722 new properties entering the market. This decline in New Listings, coupled with a slight decrease in inventory by 1.0% to 11,865 units, suggests a tightening supply.
The Months of Supply, a critical indicator of market balance, has dramatically decreased by 50.0% year-over-year, now standing at 4.70 months. This sharp reduction points to a more competitive market environment, despite the increase in sales activity. The Median Days on Market have increased by 13.0%, now averaging 67 days, which may reflect buyer caution or a more deliberate purchasing process.
The average sale to list ratio has improved by 1.3%, reaching 97.3%, indicating that homes are selling closer to their asking prices. However, the percentage of Homes Sold above list price has decreased by 3.4%, now at 10.1%. This suggests a moderation in bidding wars or aggressive offers. Price Drops have increased by 4.7%, affecting 33.4% of listings, which may be a strategy to stimulate buyer interest in a competitive market.
Finally, the percentage of homes going off the market within two weeks has decreased by 5.6%, now at 12.5%. This decline could indicate a slower pace of transactions or a more discerning buyer base. Overall, the San Antonio housing market in November 2024 reflects a blend of increased sales activity and competitive pricing, amidst a backdrop of reduced supply and longer market times.
