Attended the San Antonio Board of Realtors annual Housing Forecast this week. We had speakers who gave us their perspective on the national, state, and local housing markets. Our San Antonio Mayor Julian Castro also spoke about what’s happening for the City of San Antonio in 2011. The “big picture” take-away? Texas in general and San Antonio in particular are in good shape and 2011 looks to continue that trend.
Texas is becoming a “magnet state” for business and families looking to relocate. Here’s a statistic that impressed me–48% of all job growth in the entire United States took place in Texas in 2010! All 4 major cities in Texas are in the Top 10 growth cities in the country–more than any other state! (Dallas, Houston, Austin, San Antonio). Bottom line? We got it goin’ on around here!
2011 should see the beginning of a recovery in the San Antonio housing market. It promises to be a good year, but not spectacular. Rates are still low, altho they’re on the rise. Housing inventory is still higher than we would like, but heading in the right direction. We expect fewer sales overall in 2011 since we are not expecting additional federal stimulus. Yes, we have some foreclosure properties to deal with, but nothing like what some markets are experiencing. In San Antonio, foreclosures are about 10% of our market, as compared with almost 50% in some parts of the country.
Builders, too, are looking for some slight improvement in 2011. Their big challenge is lot inventory and financing.
All in all, 2011 promises to be a continuation of San Antonio’s slow but steady housing market. We are entering a new decade that promises growth and great things for San Antonio! If you’re not here, get here! If you’re already here, congratulations! And when you’re ready to buy or sell a home, please call me!