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Presented by Angela Shields, President/Chief Executive Officer San Antonio Board of REALTORS ®, Inc, San Antonio Regional Relocation Council February 17, 2011
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2010: NATIONAL MARKET FACTS Homebuyers took advantage of historic buying opportunities. Interest Rates – Historically Low Source: The National Association of REALTORS ®
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Housing affordability is at a generational high. Home values in many markets have returned to historically justifiable levels. Home values in many markets have returned to historically justifiable levels. Most economists expect home values to rise in upcoming years, though not at a fast pace
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A family earning a median income has 184% of the income necessary to qualify for a conventional loan. This is assuming there is a down payment of 20%. Source: The National Association of REALTORS ® Housing Affordability Index
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While San Antonio hasn’t suffered through as strong a foreclosure crisis as other areas in the country, the issue is not one to be taken lightly. Despite the challenge, a Bankrate.com survey noted that 90% of current homeowners have no regrets about buying their homes.
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Real estate, like the weather, is local. 2010 showcased San Antonio’s strengths against the national backdrop.
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Data includes single-family, townhouses, and condominiums Source: Texas A&M Real Estate Research Center
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Number of single- family home sales was down 2% from 2009 Overall sales numbers were comparable to recent years Slight dip was to be expected, considering that the extended tax credit expired in April 2010
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Average price for single-family homes in 2010 was $185,400 – 3% increase from 2009. Notable “trickle-up” effect from move-up buyers as a result of extended Homebuyer Tax Credit.
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Data includes single-family, townhouses, and condominiums Source: Texas A&M Real Estate Research Center
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In 2010, sales in the $199,999 and under price range accounted for 70.1% of market share. Properties priced between $200,000- $499,999 made up for 26.4% of market share. 3.4% of market share in 2010 was comprised of properties priced at $500,000 and above. Data includes single-family, townhouses, and condominiums Source: Texas A&M Real Estate Research Center
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Subdivision$/Sq.Ft.2008$/Sq.Ft. 2009$/Sq.Ft. 2010 The Dominion $187.87$186.83$166.00 Alamo Heights $185.32$193.68$193.51 Cordillera Ranch $201.85$187.94$168.89 Elm Creek $116.74$120.55$139.89 Deerfield $117.61$111.17$116.33
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Subdivision$/Sq.Ft. 2008$/Sq.Ft. 2009$/Sq.Ft. 2010 Inwood$99.43$107.15$106.31 Fair Oaks$123.39$121.25$123.50 San Pedro Hills$83.61$80.24$86.02 Colonies North$105.67$86.04$80.39
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Area# of Sales 2009 (Jan- Nov) # of Sales 2010 (Jan- Nov) Price/Sq Ft 2009 (Sept – Nov Only) Price/Sq Ft 2010 (Sept – Nov Only) Area 27 (Schertz/Cibolo) 1,1221,169$84.16$85.61 Area 18 (Stone Oak – includes 1801 & 1803 only) 1,2251,090$95.69$99.07 Area 1 (Near Sea World – includes 0101, 0102, & 0104 only) 526548$77.19$78.29
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In December 2010, 12% of SABOR’s MLS Sales were considered lender-owned properties (HUD, VA, and lender-owned properties are included in this percentage)
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2010 saw the following companies bring jobs to San Antonio: The San Antonio job market continues to thrive. Affiliated Computer Systems, MEI Technologies, Glazer’s Distributors, Conway Freight, Allstate, Christus Santa Rosa Health System, Kohl’s San Antonio Operations Center
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Ranked #2 in America’s fastest recovering cities in ranking of the 100 largest MSA’s ~ Forbes Ranked #1 in having the strongest metropolitan economy in the nation ~ Business Week Ranked #6 in annual metro ranking for “Economic Growth Potential” ~ Business Facilities Ranked #5 in “Largest Population Increases in Nation during 07-08” ~ U.S. Census Bureau
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“San Antonio has a strong military connection and an expanding manufacturing capacity, and it is a key locale for the growing Latino marketplace.” Texas offers pro-business policies and relatively low taxes; physical infrastructure in the cities is generally as good or better than many in East and West coast metropolitan areas.
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Real Estate Outlook for 2011 In January 2011, single-family home sales were up 11% when compared to January 2010. Hopeful about what’s to come during our peak season during the spring/summer season Continued Job Growth Maintenance of healthy market
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