SAN ANGELO, TX – As the year approaches its last quarter, LIVE! decided to see how the housing market is currently doing given the current economy. Local experts have provided statistics through the month of September 2016.
According to the Monthly Local Market Report provided by the San Angelo Association of Realtors, San Angelo appears to have decreased nearly 6.7 percent in the number of single family dwellings sold when compared to the market analysis of September 2015.
Overall, for the month of September, 111 homes were purchased in the City of San Angelo. This accounts for 10.56 percent of the total homes purchased from the beginning of the year to the end of that month.
According to the analysis, there have been 1,051 homes sold in San Angelo since January. However, again, these numbers have gone down compared to last year.
Those 111 homes represent a total dollar amount of $19,237,006, for the month of September. The year-to-date total for the 1,051 homes is at $191,893,302.
The average cost of square feet in San Angelo currently sits at $93, and there have been an additional 119 new homes listed on the market.
By contrast, the state statistics show the housing market has risen slightly. There were 26,428 homes sold across the state. This represents 11.42 percent of the 231,327 sold this year. September homes' worth represent a dollar value of $6,933,837,914.
Also, both monthly and yearly totals experienced an increase of at least 7 percent when compared to last year. The average cost per square feet slightly elevated to $114, rising 5.6 percent since September of 2015; 33,725 new homes were added to the state listings.
According local realtor Scott Alexander of Coldwell Banker Legacy, while the numbers seem to project a significant difference, the housing market could be considered to be stable. Sale prices have stayed fairly consistent throughout different quarters.
There are several factors that also contributed to a percentage decrease from last year. Alexander said the pressure added from the oil industry, and the fluctuation of people and oil prices caused the market percents to appear to have undergone a significant change.
“Real Estate markets aren’t on a continuum,” Alexander said. “Just like any market, oil, commodities and anything, they adjust.”
Based on a quarterly report presented by Coldwell Banker Legacy, and financially speaking, previous quarters have been relatively strong. The increase in the for-sale inventory and slower sales caused the months-of-supply rates to increase, which can affect the percentages for individual months.
This past quarter, the average sale price in San Angelo was approximately $173,969, varying only slightly from previous quarters.
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