The San Antonio Board of REALTORS®’ MLS Summary Report for November 2023 offers a comprehensive look at the local real estate market, providing insights into trends that could shape the landscape for both buyers and sellers in the near future. Let’s explore some of the key findings and what they could mean for the San Antonio real estate market.
Market Trends and Observations
1. Closed Listings and Dollar Volume: The report indicates a slight decline in closed listings by 4% year-over-year, with a total of 2,207 properties sold in November 2023. Despite this dip in listings, the total dollar volume saw a minor decrease of 2%, suggesting that while fewer homes were sold, the value of the homes sold remained relatively high. This could signal a market where demand remains strong, keeping property values stable even if sales volumes have slightly decreased.
2. Property Types and Price Changes: Significant insights can be gained by examining changes in various property types:
- Single Family Homes: Saw a significant median price increase of 17% year-over-year, indicating continued demand in this segment.
- Condominiums and Townhomes: Experienced a 22% drop in closed listings but only a minor adjustment in average price, suggesting a tighter market for these property types.
- Multifamily and Residential Lots & Acreage: These segments saw increases in both closed listings and dollar volume, with multifamily properties in particular seeing an 8% increase in listings and a slight improvement in dollar volume.
3. Market Conditions by Area: The report breaks down market conditions by area, providing a localized view of real estate trends across San Antonio. Notably, areas like 01 and 21 experienced a decrease in closed listings but saw increases in median prices, indicating a potentially competitive market for buyers but favorable conditions for sellers in those areas.
4. Price Per Square Foot and Days on Market (DOM): The price per square foot remained stable across most property types, with single-family homes seeing a notable increase of 21%. The DOM saw an increase across the board, with all new and existing properties taking longer to sell compared to the previous year. This could suggest a market that is becoming more balanced, giving buyers more negotiation power.
5. New, Pending, and Active Listings: New listings saw a significant increase of 16%, while pending listings decreased by 6%, and active listings increased by 22%. This rise in active and new listings could provide more options for buyers, potentially easing the competitive pressure seen in previous months.
Implications for Buyers and Sellers
For Sellers:
- The increase in median prices, especially for single-family homes, suggests that sellers are in a strong position to capitalize on their investments.
- The longer DOM provides an opportunity to properly market their properties to attract the right buyers.
For Buyers:
- The increase in active listings offers more choices, potentially reducing the competition for individual properties.
- Buyers might find negotiation leverage with the increased DOM, potentially securing more favorable purchase terms.
Conclusion
The San Antonio real estate market shows signs of a nuanced shift, with stabilized prices despite a slight decrease in sales volume. Both buyers and sellers have opportunities in this market, with sellers benefiting from higher median prices and buyers enjoying a wider selection of available properties. As always, navigating the market successfully will require a keen understanding of local trends and conditions, making the insights from the San Antonio Board of REALTORS®’ MLS Summary Report invaluable for making informed decisions.
