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San Antonio Home Girl Report

Real Estate News You Can Use

By Stephanie Kelley | Agent in San Antonio, TX

February 2011 San Antonio Realty Market Report

"Oh, the times, they are a-changing," - Bob Dylan

Across the nation last year, the business of home buying and selling ran an interestingly changing course. Burdened with excessive foreclosures, rigid mortgage lending requirements, lackluster job markets, sluggish home sales and rapidly falling home values, is it any wonder that home buyers and sellers, not to mention their Realtors®, grew tired of the trials and tribulations of the great recession.

Let's face it. In 2010, were it not for the brief changes brought about by the extension of the Federal Government's Home Buyer Tax Credit Program, the nation's realty market would have likely stayed in deep trouble.

But, not so in San Antonio! The Alamo City closed 2010 having one of the nation's healthiest large metropolitan area realty markets.

Granted, San Antonio's 2010 housing market was pinched a bit by the national economic downturn. Alamo City foreclosures went up and average home values went down in some neighborhoods. Now, in the second month of 2011, signs are favorable for reversing those trends.

Experts say San Antonio real estate sales should remain stable in 2011. All economic factors indicate the area's immediate future is highly favorable for strong economic growth, low unemployment, and the continuing strong infusion of the money and human resources needed to build an even more economically vibrant city. That's great news for home buyers and sellers.

That doesn't mean there might not be some trials and tribulations ahead for San Antonio real estate. Of particular concern, in this second week of February, is the fact that mortgage lending is getting more expensive and tighter. The trend is likely to continue into the summer. Consequently, if you are a prospective home buyer or a home owner thinking of selling your home, it's time to get off the fence and act now before mortgage lending trends disrupt your plans.

If you are a stats lover, here are the relevant market indicators for San Antonio single-family detached homes as of 16 February 2011.

There were 11419 active listings compared to 11324 last year. The inventory is increasing slowly. A plentiful inventory is a good sign for buyers.
The average list price for homes on the market was $252,607 compared to $268,597 last year. The drop in average list price reflects a lowering of seller expectations in the face of economic realities. It indicates a market adjustment favoring buyers over sellers.
The average cumulative days-on-the-market (CDOM) was 186 compared to 170 last year. This is another positive sign for buyers.

Industry analysts agree that these data reflect a market strongly favoring buyers over sellers.

That's all for our February 2011 San Antonio real estate market report.

We're Stephanie and Randy Kelley and Missy McBee, Realtors® , sanantoniohomequest.com at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat, please call us at (210) 863-2661 for Randy, or (210) 867-8763 for Stephanie, or (210) 288-9810 (se habla español) for Missy, or E-mail us at swkrealtor@aol.com, or kelleybus@aol.com, or missymcbee@kw.com (se habla español).

Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs

Comments

By Steve Taylor,  Sat Mar 5 2011, 22:50
I have been told that Wells Fargo has lowered their home loan qualifications from a min 640 credit rating to under 600. Is this true??
By Stephanie Kelley,  Tue Mar 8 2011, 09:25
Hi Steve, I found a little info about the Wells Fargo question and you can read more about it here:

http://homebuying.about.com/b/2011/02/23/wells-fargo-lowers-fico-score-requirements-for-fha-loans.htm I also spoke with Cyrena Adams Durkee at WR Starkey Mortgage who mostly agrees with Andy's comments in that thread. She says" Most people with scores under a 580 are either maxed out on credit cards or don't pay them and probably don't have the money to go down anyway unless they "saved" it from not paying their bills :-) go figure. It may prove to be a good marketing gimmick, but we suspect that only 1 out of 20 580 or lower scores would make it through." You can reach Cyrena through her website http://@www.loansbycyrena.com

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