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Hot! Hot! Hot! in San Antonio – Mid-Year Market Update 2017

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It’s not just the weather that’s got us burning up – the local market is also hot as ever! The housing market in San Antonio hit record sales in 2016 with almost 30k homes sold, an 8.2 percent increase. So how are things looking now?

It’s no surprise we’re still seeing a lot of New York and California plates all over town. San Antonio also leapt into the top 20 “markets to watch,” according to Urban Land Institute.

With the continued low cost of doing business as well as the low cost of living, especially compared to other metropolitan cities, San Antonio is holding strong as a highly appealing place to live. The prediction is San Antonio will continue to rise to the top. Median home prices in San Antonio are $198,000, compared to the national average of $231,000.

Just last month, 2,981 homes were sold in the San Antonio-New Braunfels metro area, according to our own San Antonio Express-News. This is a 5.6 percent increase from the previous year.

Home sales are in line with national averages, but the good news for San Antonio dwellers looking to buy, appreciation rates are not as high as other cities, making it more affordable to buy or build a new home.

We’ve also seen fixed mortgage rates in the entire U.S. hitting a new low in 2017. According to Freddie Mac News, 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.5 point for the week ending June 29, 2017. However, as the market is always fluctuating, you should do your own research to determine the best time to invest in a new home.

At Stone Creek Custom Homes, we are extremely proud to live and work in one of the best cities in the United States. We work closely with all of our customers to make sure they’re always getting the most bang for their buck, from the light fixtures to the foundation.

If you’re looking to build a custom home in this strong-as-ever market, give us a call at 210-494-5400 for a free consultation. You can also fill out our online form to request more information.

 

Mid-Year Market Update

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Nationwide, the housing market is still very strong, with new home and existing home sales being consistently steady all year. Now that we’re hitting the mid-way point, we thought we’d check in and see just where we’re at, both nationwide and in San Antonio. Here are some highlights:

-          U.S. existing home sales just hit a 9-year high, according to CNBC. Chief economist, Mark Fleming, says the property market is close to its full potential.

-          Unfortunately, new home sales dropped 6% in May, but we’re thankfully not seeing those same numbers in San Antonio.

-          The National Association of Realtors just released that the median national home price across America just hit $239,700 for homes sold in May, which is the highest since they began tracking it in 1968. The state of the housing market indicates that while the market is recovering nicely, the biggest hurdle is housing affordability. Those in the Midwest are seeing more affordable housing markets due to supply, but not surprisingly, housing costs in areas like Orange County are rising faster than a runaway bull. We are also seeing markets across Texas exceeding peaks from 2006. Can you guess which ones? As suspected, it’s Dallas and Austin, and that’s because in Texas we didn’t see home prices fall as far during the crash.

-          According to the San Antonio Board of Realtors, we are still one of the nation’s most affordable large metropolitan area home sales markets. Chairman Bob Jacobs recently said, “Our average and median sales prices continue to see some growth each month, but at a manageable pace that keeps our city affordable and stable.  We expect this trend to continue throughout the summer.”

-          Good news for home buyers! The average sales price data indicates a slight slowing down in the dramatic price increases chalked up in 2015 (10%) and 2014 (4%).  If the trend continues until July, end of the home sales high season, it might be an indicator that San Antonio’s long seller’s market may be ebbing.

We’re incredibly grateful to live and work in the San Antonio area! If you don’t and would like to, consider a custom home designed specifically for you and your family. Our focus is on providing impeccable customer service and quality. We care about bringing your dreams to life! Call us at 210-494-5400 for a consultation. If you wish to be added to our private email list for our newsletter, please sign up here.

 

San Antonio Real Estate Market Update

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According to Home Buying Institute, 2015 was a strong year for the U.S. housing market, and the hope is that next year will be equally prolific. The belief is that home prices will rise more slowly in 2016 as a result of a supply and demand imbalance.

In terms of mortgage rates, the 30-year average has held steadfast at around 4% all year, although there are indications it’s on the rise and could be at 5% by end of 2016. This is good news for those who are selling before investing in a brand new custom home. However, if you’re looking to lock in a new mortgage at the lowest rate possible, it’s evident that you should do so quickly. Early bird catches the worm, as they say!

According to our esteemed SA Business Journal, “Home sales in San Antonio continue to blast through previously set milestones.” How long this will last is anyone’s guess. The SA Board of Realtor’s third quarter housing report revealed that this summer was one of the most active seasons in recorded history with the market experiencing an increase in sales price as well as volume.

Although the city of San Antonio is enjoying a moderate 5% growth, neighborhoods including Boerne, Terrell Hills, Leon Valley and Helotes increased 50% year-over-year. Kendall County, for example, reported a 44% increase in sales. We’re not surprised by this. Our Texas Hill Country clients love their new homes and are happy being away from all the city traffic and hubbub, while still being close enough to come into town for events and such.

Overall, home sales in San Antonio increased 11 percent compared to last year. We wouldn’t presume to make any predictions for the upcoming year, but our guess is San Antonio will continue to be an ideal place to live and build a home for this and a hundred more reasons!

If you’d like to explore your options, please give us a call at 210-494-5400. To be added to our private email list to receive the newsletter, please sign up here.

 

San Antonio Real Estate Market Update – Summer 2015

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It’s hard to believe we’re midway through the year! Here’s a look at where San Antonio stands in terms of the current real estate and economic market:

Even with the significant rainfall slowing construction of new homes and commercial buildings, everywhere you go it’s easy to see the growth that’s taking place in the city, particularly downtown, with condos, apartments and hotels sprouting up faster than weeds.

According to the San Antonio Business Journal, the West side of SA is also seeing a lot of growth with mixed-use developments becoming the “new frontier.” Just last month, KFW Engineers & Surveying, a local civil engineering firm, announced they will be building a multimillion-dollar headquarters off of Loop 1604.

According to Zillow, the median home value in San Antonio is now $153,600, which means our home values have gone up 8.7% over the past year and predictions indicate they will rise another 2.8% within the next year. Already the median price of homes currently listed is $189,900.

Some may view this growth as a negative, particularly if you’re wanting to buy and miss the cheap rates of just a few years ago. However, you can also look at it as San Antonio is finally rising to its potential.

Bexar County added almost 5,000 new jobs last year with another 4,000 likely to be added by the end of this year. Forecasters are claiming the city’s “new energy economy” is responsible for this significant growth.

In particular, CPS Energy’s New Energy Economy Initiative has been a primary catalyst – they’ve brought in seven new companies into the Alamo city, which translates into 1,000 new jobs and an estimated income of more than $40 million.

If this kind of growth in the tech / energy industries continues, San Antonio will be put on the map for more than just the Spurs and River Walk. At Stone Creek Custom Homes, we’re excited to see the bar being raised and are more than ready to meet the challenge!

We believe there’s no better time to consider building a custom home than right now. For more information, please call us today at 210-494-5400.