Looking Up in Late 2011
Posted by Admin SATXProperty on Friday, October 21st, 2011 at 1:02pm.
San Antonio Real Estate Looking Up in Late 2011
by Kala Bell
With the fall months dragging on, the San Antonio real estate market has seen some steady times recently. With the summer months ending, area numbers for September were pretty encouraging. The sales volume for the area was to be expected because of the economic situation of the country; however the San Antonio area boasts a different outlook than many of the markets across the nation.
San Antonio has a great job market, at least in comparison to the rest of the nation. The unemployment rate in San Antonio right now is 7.3 percent, as the national unemployment rate hovers around 9.1 percent. In fact, San Antonio was tied with the Columbus, OH market and the Pittsburgh, PA market for having the 11th best unemployment rate in the nation in August at 7.8 percent. With the percentage dropping to 7.3, the San Antonio area would possibly rank in the top five.
With the oil and agricultural industry have supported the area recently, the area has been a haven for jobs. Also, San Antonio is home to an excellent stable of military, science, medical and financial opportunities. With the numbers looking good for September, combined with a steady employment market, San Antonio looks primed to start strong in 2012. September was fruitful overall for the area as housing sales were up from 2010 and San Antonio apartments also saw an increase in sales and rentals.
For sellers, a decreased inventory is a good sign as the area is down about 2,000 homes in comparison to October 2010. The sale price in the area has been pretty steady, sitting near $188,000 for the past year. While this isn't necessarily a good sign for sellers or buyers, it does show that the San Antonio market hasn't really crashed as other areas have in the past year.
For San Antonio home buyers in the area, houses are staying on the market longer, which is a good sign. Even though inventory is down for buyers, they have an extended amount of time to commit to buying and make sure that a house is right for them. Interest rates are hitting national lows and the San Antonio area is no exception. The low interest rates are another factor that could drive potential home buyers back into the market in late 2011 or early 2012.
While the area isn't exactly primed for a total resurgence, the numbers from the first nine months of the year are telling. An eight percent increase in total sales for September could help to kick start an often tough winter for the San Antonio realty market. With benefits for both buyers and sellers, the market could please both groups in late 2011.
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