Days on the market stretch for San Antonio home sales

Homes are taking longer to sell in San Antonio.

Listed homes sat on the market for an average of 44 days in October, the San Antonio Business Journal reported, citing data from the San Antonio Board of Realtors. That marks a 57 percent increase from the 28-day average last October.

At 44 days, the San Antonio average is closer to the national average for October, 51 days.

“December is a month to really think hard about pricing,” Jason Glast, an agent with Phyllis Browning Company, told the outlet. “If a home is languishing on the market after December, the seller’s agent may need to respond with a different pricing strategy.”

Home sales in San Antonio have taken the biggest dip since the beginning of the Covid-19 pandemic as rising interest rates take a toll on the market.

The board of realtors data also found that single-family home sales fell by almost 20 percent from October 2021 to 2022, the largest year-over-year decline in home sales since May 2020.

Rising prices and near-record mortgage rates have brought the market closer to its pre-pandemic level. Over the past year and a half, sellers had the upper hand as demand and prices flew through the roof and inventory dwindled. Now, with slower sales comes more inventory, and houses are sitting on the market as sellers struggle to find buyers.

Buyers closed on 2,656 homes in San Antonio’s Bexar and surrounding counties in October. The available inventory also rose to 3.3 months from 1.7 months.

San Antonio saw 38,448 homes sold in 2020 and 37,332 in 2021. From October 2021 to 2022, 31,731 San Antonio homes have sold.

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