Tuesday, September 20, 2016

Interesting Trends - San Antonio Area Million Dollar & Up Market

San Antonio luxury home sales have been on a yearly upward trend for at least the last 10 years. This is true again so far in 2016 but only in number of sales. The average San Antonio area million dollar homes sale price has declined slightly for the first time in many years. As we head toward the presidential election, it will be interesting to track these numbers.

Year over year, the number of San Antonio area home sales at or above $1 million has increased 10.5%.

The average San Antonio high end home sale over one million dollars this year was $1,425,402. That average home sale price is down 2% from 2015.

Interestingly, though there have been more million dollar and higher homes selling so far this year, a lower percentage of them have sold at or above $2 million than in 2015.

11010 Anaqua Springs in Boerne, Tx, Offered at $1,699,000

These statistics come directly from the San Antonio Board of Realtors Multiple Listing Service (MLS) numbers. It includes sales from January 1 - September 20, 2015 and January 1, 2016-September 20, 2016.

These include sales in Bexar, Kendall and Comal counties including Boerne, Alamo Heights, Terrell Hills, Olmos Park, Hill Country Village, New Braunsfels, Shavano Park and San Antonio.

For each year, I excluded properties that were clearly land sales, farm & ranch, lakefront or coastal properties. For the purpose of analyzing high end San Antonio area homes, I don't want luxury home sales in Port Aransas, Applehead Island, Horseshoe Bay, Lake Travis and more confusing the numbers.

Each year there are a few San Antonio million dollar homes that sell privately. They don't go through MLS. As Texas is the rare state that doesn't require home sales price disclosure, that information remains confidential. My experience is that the number of luxury homes that sell privately is not large. It's not an insignificant amount but it might be 5% of the upscale homes. Usually, the number each year remains consistent with the MLS market.

Here are the numbers:

Number of Sales at or Above $1 million:
Jan. 1, 2015 - Sept. 20, 2015: 76
Jan. 1, 2016 - Sept. 20, 2016: 84

Average Sale Price at or Above $1 million:
Jan. 1, 2015 - Sept. 20, 2015: $1,456,019
Jan. 1, 2016 - Sept. 20, 2016: $1,425,402

Cumulative Days on Market:
Jan. 1, 2015 - Sept. 20, 2015: 297
Jan. 1, 2016 - Sept. 20, 2016: 295

Sales at or above $2 million:
Jan. 1, 2015 - Sept. 20, 2015: 9 (11.8% of the market)
Jan. 1, 2016 - Sept. 20, 2016: 8 (9.5% of the market)

I'll update this at the start of 2017 to see if the 4th quarter numbers made any difference.

Questions? Contact me at (210) 386-1833, Jason@JasonGlast.com or go to my website at www.JasonGlast.com

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