Sitterle Homes Shares 5 New Home Buyers Stats Prospective Buyers Need to Know
The San Antonio real estate market continues to remain healthy and one of the top markets in the United States for new home buyers and investors. And while the steady growth in the job market and overall population has helped maintain a shortage in inventory as more and more homebuyers move into the area, there is plenty of good news for buyers looking for new homes in San Antonio. Leading San Antonio home builder Sitterle Homes shares the top five stats prospective buyers need to know about the current San Antonio real estate market.
Growing economy - Much of the stability and growth can be attributed to the growing economy, including the strength of the local job market and the overall low unemployment rate of 3.7 percent (1.3 percent below the national average).
Homes continue to appreciate - New homes in the San Antonio area have appreciated as much as 5.8 percent in the last year, just slightly lower than the national average (0.3 percent less), and their three-year appreciation rate is as much as 24.8 percent.
Inventory and construction on the rise - The inventory of available homes on the market was up 3.5 percent between July 2015 and July 2016. Construction is 12.5 percent above the long-term average, with single-family housing permits increasing 2.1 percent over the course of a year, which suggests local inventory levels are stabilizing and helps to keep prices from driving up exponentially.
High demand for new homes in sought-after areas - New homes in popular neighborhoods, including the Dominion, Willis Ranch, Fronterra at Westpointe, Stone Oak and more, are going under contract very quickly with the average number of days on the market around 55.
Job growth remains strong - In July 2016, San Antonio led all four major Texas metropolitan areas as well as the state and nation in employment growth at 2.15 percent. The one-year job growth rate of 2.8 percent indicates that employment will continue to remain strong, helping to increase both the demand and supply of new homes to the San Antonio area.
The key indicators all point to San Antonio real estate as a solid investment for new home buyers looking to build their dream home in the most sought-after neighborhoods around the city. Contact Sitterle Homes today to learn more about our elegant estate homes and luxury garden home floor plans available in a number of upscale communities in and around San Antonio.