Home sales and prices in San Antonio kept rising in March, but a slowdown caused by the coronavirus pandemic may lie ahead.
Buyers closed on 3,013 houses in the metro area last month, up 4% year-over-year, the San Antonio Board of Realtors reported.
The pace barely changed throughout the month, with 658 closings reported during the first week and 705 the last week of March.
The median price rose 6% to $240,000 as the area's stock of available homes remained at 3.2 months.Inventory is measured by the average time it takes for a home to sell if no new homes are listed. Six months typically indicates a balance between buyers and sellers.
"We know many buyers and sellers might be hesitant to get into the market amidst coronavirus concerns, but with so many virtual options available, they are still able to tour properties and meet with their Realtor to achieve their homeownership goals," said Kim Bragman, SABOR's chairman of the board.
Active listings dropped to 9,279 last month, compared with 9,766 during the same period last year. Pending sales also fell from 3,046 in March 2019 to 2,917 last month.
Real estate agents say showings are declining, and some sellers are pulling their homes off the market. But plenty of people still are buying. Any effects the outbreak could have on sales likely will start showing up in late spring.
The market still is strong, though showings have dropped, said John Barrera of Alamo Heights Portfolio Keller Williams.
"The next two, three, four weeks are really going to tell me everything," he said.
The outbreak is changing how showings are conducted. Barrera said he arrives early to open doors and wipe down handles, and asks clients to wear masks and to avoid touching anything.
Agents at Becker Properties in San Antonio also are bringing gloves, bleach wipes and hand sanitizer to showings, and handling more meetings virtually, founder and broker of record Philip Becker said.
"There's a lot of adapting," he said.
Some members of the military have decided to postpone selling while they await orders, but Becker said he expects there to be pent-up demand for homes coming out of the pandemic.
The National Association of Realtors anticipates a slowdown this spring as buyers wait to purchase and sellers pull their homes off the market. Most Realtors surveyed said they anticipate a rebound after the pandemic.
"Sales will decline this spring season because of unique economic and social consequences resulting from the coronavirus outbreak, but much of the activity looks to reappear later in the year," said Lawrence Yun, NAR's chief economist.
"Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures," he added.
