San Antonio Real Estate 78248 – Market Update

By rerockstar • June 26th, 2010

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San Antonio 78248 Housing Market – Week ending June 18, 2010

Median prices in San Antonio 78248 is on the rise since earlier this year and I chalk it up to two things occurring. One, inventory levels were growing and growing leading into this year and two, prices finally became realistic. While looking at homes in this area with a client, we saw many home owners hanging onto prices that were too high at the time for homes that had lingering on the market for much too long. In real estate, the days on market (DOM) can speak volumes about a home (although these days, I feel it carries less weight) and greatly affect a buyer’s perception of pricing. As sellers brought their prices in line with the market, the homes began to sell (see the dip in inventory starting around September 2009). As inventories started to get lower and more buyers began to get back into the market in order to take advantage of the first time home buyer tax credit, prices began to rise once again (supply and demand).

As an established area of San Antonio, 78245 should continue to perform relatively well in our markets. With its mix of home prices and styles, there is a lot to offer in the neighborhoods of the area. The downward dip recently in inventory is a bit concerning though, as we may have reached critical mass with sales in 78245, which would lead inventory upward and median prices downward. We’ll have to keep an eye on the summer months to see what buyers are willing to do.