78209 Magazine September Edition Real Estate Market Report
For this month’s 78209 Real Estate Market Report, we’ll examine trends over the summer housing sales season, comparing data from May 2024 to July 2024. The statistics over this three-month period indicate that the 78209 market experienced some cooling. There were fewer sales, longer time on the market, and more inventory. Prices for sold homes showed mixed trends, with the average price rising and the median price falling. July is traditionally a strong sales month, with many buyers anxious to close before the start of the school year in August.
Key Statistics Overview
Closed Listings: Closings dropped from May to July by 15.1%, with 53 in May and 45 in July, suggesting potential buyer hesitation during this period.
Average Price: Home prices increased over this three-month selling period. In May 2024, the average price was $595,528. By July, it had risen by 2.6% to $610,936. While fewer homes closed, those that did were higher in value.
Median Price: In contrast to the average price, the median price decreased from $475,000 in May to $463,750 in July, a 2.4% drop. While some high-value properties were sold, more mid-range properties may have closed overall.
Price per Square Foot: This metric saw a significant decrease from $269 in May to $238 in July, an 11.5% drop. Causes for this could be more homes available for sale, or the sale of larger homes at lower prices per square foot.
Percentage of Closed Price to Original List Price: Sellers adjusted their expectations to secure contracts in July. The ratio of closed price to original list price dipped slightly from 91.9% in May to 90.4% in July. Out of 31 geographic areas monitored by the San Antonio Board of Realtors, 78209 ranked seventh lowest in this category for July 2024.
New Listings: This decreased by 18.5%, from 108 in May to 88 in July. Despite the dip, there were still more new listings this past July compared to 63 in July 2023.
Active Listings: The number of active listings increased from 238 in May to 272 in July, a 14.3% rise. As you’ll see next, homes in 78209 are staying on the market longer, leading to more unsold properties.
Days on Market: Homes stayed on the market longer in July, with an average of 59 days compared to 46 days in May, marking a 28.3% increase. Interest rates may have influenced this data point, along with rising inventory levels and a slower pace of sales.
Months of Inventory: This metric, which measures the time it would take to sell all current listings at the current sales pace, increased to 7.0 months in July compared to 5.8 months in May. This indicates a shift towards a more balanced or potentially buyer-favored market.
Increased inventory and longer days on the market could offer more options and better negotiating power for buyers. Sellers, on the other hand, may need to be more strategic in pricing and marketing their homes to stand out in a more competitive market. Understanding these trends is crucial for making informed decisions in the current 78209 real estate environment.
On August 17, 2024, significant changes went into effect regarding how broker commissions may be shared or negotiated within the real estate industry. New disclosures included in agreements between brokers and consumers are designed to provide more transparency in the process. I’ll provide more details on the changes and what it means for consumers in the October 78209 Real Estate Market Report.
