If you told me six months ago that our real estate market would be doing right now I wouldn’t have believed you. Hi, I’m Jay Acker with Real Estate By Design Group at Keller Williams Realty, and here’s your fourth quarter real estate market update. There are currently 9,600 homes in the San Antonio MLS. That’s an increase last year of 12%. Our average sales price over the last 12 months has risen by 7% at $257,000. We actually have seen the number of sales from last fourth quarter until this fourth quarter of 2018 up 2%. Our days on market has stayed static. It hasn’t dropped, hasn’t been any lower than it was last year. These are total days on market for the average listing.
The part that really got our attention was the fact that our inventory’s going up while our days on market is staying static. What this means is we’re starting to see a market correction and we’ve been starting to see this since about July or August. For the last four or five years in the San Antonio market, our values have been rising. We’ve actually started to level off a bit and in certain markets come down in price, depending on the price point.
What does this mean to you if you’re in the market to buy a home? Right now’s a great time. We’ve gotten more aged inventory on the market and there are some deals to be had. Some listings are actually in more of a position to want to negotiate on their price. That coupled with the fact that we’ve seen rate increases through 2018 and we’re expecting to see more in 2019.
What does it mean if you’re in the market to sell a home or you’ve actually got your home on the market? Right now, traditionally in the cold months, we call it, is a great time to be on the market. Why? Because buyers out there are serious about looking at homes are not generally doing it for fun. We’re starting to see price be more of a concern. Right now, again, our average days on market is about 54 days. So if you’ve been on the market for 45, 50, 60 days, really pay attention to the price of your home and really look at the other homes that are your competition right now and see where you fall in comparison to them.
A lot of sellers will have the idea that they’re going to wait until the spring. Sometimes that’s a valid point but what we generally see more of is as soon as people say, “I want to wait until March or April,” to list their home, there’s a whole flood of inventory that hits the market at the same time because a lot of people have the same idea. So you’ve got a whole lot more competition when you actually come on the market.
So either way, if you’re buying a home right now, if you’re selling a home right now, the winter months are a great time to do it here in the San Antonio area. We’d love to discuss any of these stats with you. Give you an idea of a value on your home or talk to you about buying a home anytime. We’d love to hear from you can reach us at rebdsanantonio.com or give us a call at 210-876-5180. We hope you have a wonderful Thanksgiving and Happy Holidays!