San Antonio Housing Market Analysis - August 2024
The San Antonio, TX metro area housing market in August 2024 presents a complex landscape with several key indicators showing declines, while others suggest potential opportunities for buyers and sellers alike.
The Median Sales Price for homes in the San Antonio metro area stands at $304,999, reflecting a year-over-year (YoY) decrease of 4.7%. Similarly, the Median List Price has dropped to $309,999, down by 3.1% YoY. This downward trend is also evident in the median Price Per Square Foot, which is now $166.35, a 3.0% decline from the previous year. The Median List Price per square foot has seen a marginal decrease of 0.4%, now at $172.79.
In terms of sales activity, the number of Homes Sold has decreased by 5.2% YoY, totaling 2,918 units. However, Pending Sales have increased by 3.5%, reaching 3,359 units, indicating a potential uptick in future sales. New Listings have seen a significant drop of 10.1% YoY, with 3,590 new properties entering the market. Inventory levels have risen by 13.3%, now at 12,224 units, suggesting a more competitive market for sellers.
The Months of Supply, a critical indicator of market balance, has surged by 70.0% YoY to 4.20 months. This increase suggests a shift towards a buyer's market, where the supply of homes exceeds current demand. The Median Days on Market have also increased by 12.0%, now averaging 57 days, further indicating a slower market pace.
The average sale to list ratio has seen a slight improvement, now at 97.7%, up by 0.4% YoY. However, the percentage of Homes Sold above list price has decreased by 5.8%, now at 12.0%. Price Drops have become more common, with 45.6% of listings experiencing reductions, a 4.9% increase YoY. Additionally, the percentage of homes going off the market within two weeks has declined by 7.3%, now at 16.9%.
Overall, the San Antonio housing market in August 2024 is characterized by declining prices and slower sales activity, coupled with increased inventory and longer market times. These trends suggest a more favorable environment for buyers, while sellers may need to adjust their expectations and strategies to navigate the current market conditions effectively.
