San antonio tx real estate
San Antonio is a thriving city with a population of over 1,250,000 and visited by nearly 20,000,000 tourists every year. The metropolitan area has a population of nearly 2,000,000. It is the county seat of Bexar County in South Texas and is the second largest city in the state. Spanish explorers first came to the spot in 1691 on the feast day of Saint Anthony of Padua June 13th and named the place after him. Since then this historically and economically significant city has grown into the seventh largest in the U. S. A. San Antonio is serviced by many highways and this makes the area very attractive for commercial and residential prospects. They include Interstate 10, Interstate 35, Interstate 37, Interstate 410, U.S. Highway 90, U.S. Highway 281, State Highway 151, and State Highway Loop 1604.
San Antonio Real Estate Trends
Overall real estate trends in San Antonia are not very clear for this specific period. This is mainly due to the fact that some unusual transactions have taken place, which do not reflect a true position. A better picture can be seen when statistics for a slightly longer period are studied.
Approximate figures are 8,680 units listed at an average of $165,000. About 2,950 of these were new homes. There were about 4,852 real estate advertisements at an average of nearly $175,000.
The number of foreclosures stood over 3,150 at an average rate of about $72,000. The high number of foreclosures in San Antonio follows the present national trend in real estate conditions.
Current mortgage rates in San Antonio are as follows: 1) 5.784% for 15 year fixed category, up 0.192% 2) 6.130% for 30 year fixed category, up 5.999% 3) 5.434% for 1 year adjustable rate mortgage, up 0.629% 4) 5.469% for 3/1 year adjustable rate mortgage, up 0.568% and 5) 5.566% for 5/1 year adjustable rate mortgage, up 0.412%.
Listing prices for homes in San Antonio remain fairly constant, at an average rate of about $95,000 to $300,000. Average rates and weekly variations for different units are approximately $96,000 for one bedroom up 2.5%, $143,000 for two bedrooms down 0.8%, $188,000 for three bedrooms down 0.4%, and $300,000 for four bedrooms down 0.3%. Average for all types is $260,000 down 0.2%.
The number of units sold in San Antonio has risen from an unusual 32 this time last year to about 125. Average sales prices and change over the year were approximately $40,000 for 2 bed up nearly 14 %, $75,000 for 3 beds up 0.1%, $85,000 for 4 bed. The average for all units was about $75,000 down nearly 4%.
The average rate per square foot and weekly variations are $40 for 2 bed up 8 %, $47 for 3 bed down 8%, and $40 for 4 bed. Average square foot rate for all types is $44 down 6%.
Conclusion
Long term prospects for real estate in San Antonio are definitely good, but caution is advisable at the moment.
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