Antonio’s rent and real estate prices on the rise – mySA

The San Antonio Board of Realtors, or SABOR, released its monthly report on real estate trends in the Alamo City and its surrounding area on Thursday, January 19, and tracked increasing prices and decreasing sales in December, capping off 2022’s inflationary gut punch to wallets everywhere. The scant good news is really just for those selling their homes.

SABOR said just shy of 94% of homes sold for their listing price, while average and median prices each rose 6% year-over-year for December sales.

The average price rose to $379,869 in December 2022 from $358,994 in 2021, a 12% jump, and $316,513 in 2020. That translates to a 20% increase since December 2020.

The median price rose to $324,000 in December 2022 from $305,000 a year earlier, a 2% increase, and $260,000 in December 2020. Those figures translate to just shy of 20% in two years.

Renters didn’t fair much better, with residential rental rates rising 8% year-over-year in December to $1,810.

Meanwhile, the number of monthly sales nosedived year-over-year after staying level from December 2020 to December 2021 at 3,539 sales and 3,528 sales, respectively. In December 2022, there were just 2,473 homes sold, representing a roughly 30% slide. Of those, SABOR reported 787 were new builds and the other 1,685 were existing homes.

While the increased prices in the face of higher interest rates are a win for sellers, it’s not all rainbows and butterflies. Sara Briseño Gerrish, SABOR’s 2023 chairman of the board, said in a news release that homes spent far more time on the market, 59 days, which is a 74% increase year-over-year from December 2021.

“For the ninth consecutive month in 2022, homes sales saw a decrease, this time of 30%,” Briseño Gerrish said. “This is the biggest year-over-year decline we’ve seen in the last couple of years.”

Inventory at the end of 2022 stood at 3.2 months. There were 1,697 pending listings heading into 2023, which was a 39% fall from the start of 2022. Year-to-date sales in December 2022 clocked in at 36,477 for the San Antonio area, which was down 10% from 2021.

December saw 2,317 new listings, a decrease of 17% from the same time period a year earlier, and there were 9,681 active listings, a 101% spike.

In the broader Bexar County context beyond San Antonio, December’s closed sales numbered 1,704, which was a decline of 32.3% from a year earlier. The price per square-foot rose 4.9% to $169. The average home price reached $354,965 after rising 4.9% year-over-year and the median price went to $305,000, rising 4.5% during the same time period.

Across the state, 23,398 homes were sold, representing a drop of 29.7% from December 2021. The statewide average and median home prices increased 2.5% and 3.2%, respectively. The average time on the market was 57 days and inventory stood at 2.7 months.

Median home prices also rose in Dallas, Travis, and Harris counties to $533,370, $314,400, and $335,000, respectively.

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