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Total home sales continued to climb in February with an eight percent year-over-year increase totaling 2,382 sales according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. The average price of a home sold also rose eight percent to $276,273 while the median increased six percent to $238,000. Months of inventory remained low with 3.2 months available, and February ended with 2,823 sales still pending.

In February, nearly 32 percent of the homes sold were priced under $199,000 while another 62 percent were those priced between $200,000 and $499,000. The remaining 6.6 percent of homes sold were priced over $500,000.

“With low inventory and high demand for homes, a reported 97.5 percent of sellers in February sold their homes for list price,” said Kim Bragman, SABOR’s 2020 Chairman of the Board. “However, there is still good news for buyers as we see a steady flow of houses come on the market. In fact, February reported that nearly 3,600 new listings came on the market and there were a total of over 9,000 active listings for the month.”

Prices in Bexar County continue to remain more affordable than those in other major Texas markets, with the county reporting a median sold price of $225,000 in February. For comparison, the median price of a home sold in Harris County was $234,150, the median in Dallas County was $250,000 and in Travis County it was $389,500.

In Bexar County, home sales increased 7.8 percent year-over-year for a total of 1,747, which is 243 more than last month. Months of inventory remained low at 2.7 months available and the price per square foot increased 6.7 percent to $122.

Overall, Texas home sales went up 8.9 percent in February for a total of 23,046 homes sold. The average price for a home sold in Texas rose 8.3 percent to $295,951 and the median increased 6.5 percent to $245,000.

While none of us know what the future will bring, thanks in large parts to COVID-19, there are some bright spots in the San Antonio market that military homebuyers should take note of.  In a continuing trend in the area, time on market maintains remarkable lows compared to this time last year. First time homebuyers are in good company, as 32 percent of sales went to those that have never owned before.  While inventory remains low in the area, reports show that the number of homes coming on market is beginning to climb, just in time for PCS season.