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March started out strong for the San Antonio real estate market, but the impact of coronavirus caused activity to slow down toward the end of the month, particularly as shelter-in-place orders went into effect. However, now that real estate has been designated as an essential service by Gov. Abbott’s executive order, we’ve seen interest from buyers and sellers start to pick back up gradually.
March Market Snapshot
New listings in March. Although there was a drop in listings added the last two weeks of the month, the total number of homes put on the market was down just -4% compared to March 2019.
The median percentage of a home’s original list price that it ended up selling for. This suggests that sellers haven’t had to make big price cuts in order to get their home sold. In San Antonio, this typically ranges from 97-98%.
Decrease in homes that went under contract this March vs. last year. While many buyers and sellers have decided to hold off right now, there were still nearly 2,400 homes that went under contract last month.
“While there’s no doubt that the coronavirus and its impact on our daily lives has affected the real estate market, our team has been busy. We’re still meeting with buyers and sellers every day and we put 26 San Antonio listings under contract in March.”
— Rachel Bennett, Orchard Home Advisor
Received an offer in less than 1 week at the full asking price
Have questions on buying or selling right now?
We’ll be updating this post in real-time with new information about how we’re working with customers in each of our markets and answering your questions about the real estate market.