The housing market in San Antonio is currently at a record pace. Local home sales have continued to grow within this past year and they are exceedingly breaking the charts. Although we're seeing outstanding numbers this year, lately there has been a shortage in the supply of homes ready for sale.
Just last month, about 3,000 homes were sold in the San Antonio & New Braunfels area which is a 2.3% increase for the month of August last year. This year, total home sales stand at 20,867 which is 4.3% above the goal of September 2016. That number continues to grow each month and is expected to surpass the goal of the previous year which was 29,545 homes.
According to SABOR, the median home price in San Antonio sits at $218,400 making it the fourth highest median price ever recorded. Prices on homes have skyrocketed because there are not enough construction workers to finish building homes. In other words, the demand for homes is much higher than the supply of construction workers there is to finish the homes that need to be sold. With that being said, prices go up on the available homes and bidders start bidding. As San Antonio's population grows, so does the competition.
This year, the number of construction workers started to soar. Around 3,000 homes were under construction in the second quarter of the year, making that number 9.5% higher than the second quarter of the year 2016 and 3.6% higher than the first quarter of 2017. Although this may seem like a plethora of workers, with the growing population and houses needing to be sold, the ratio still isn't balancing out and money isn't being made.
So, does anyone want to be a construction worker??!
Read up some more and check out beautiful San Antonio homes that are listed under $300,000! http://www.mysanantonio.com/real-estate/article/San-Antonio-s-housing-market-on-record-pace-12192487.php#photo-14095543