Based upon a recent news release by the Texas A & M Real Estate Center Report, our Texas economy gained 320,400 non-agricultural jobs from March 2014 to March 2015, which was an annual growth rate of 2.8 percent compared to 2.3 percent for the rest of the United States. Plus, the state’s non-government sector added 304,300 jobs, an annual growth rate of 3.2 percent compared to 2.6 percent from the rest of the nation’s private sector.
Texas’ seasonally adjusted unemployment rate fell to 4.2 percent in March 2015 from 5.3 percent from March 2014. The nation’s rate decreased from 6.6 to 5.5 percent.
All Texas industries had more jobs in March 2015 than a year ago. The state’s construction industry ranked first in job creation followed by transportation, warehousing and utilities industry, leisure and hospitality industry, education and health services, and mining and logging.
All Texas metro areas except El Paso, and Wichita Falls had more jobs. Midland rank first in job creation, followed by Odessa, Beaumont-Port Arthur, Longview, Dallas-Plano-Irving, and San Antonio-New Braunfels. In that 4.2 unemployment rate, Midland had the lowest unemployment rate followed by Amarillo, Austin-Round Rock, College Station-Bryan, and Lubbock.
So how does job growth in Texas affect the housing real estate industry? The vast increase in jobs have a huge demand on the need for more housing in the state. Both new home construction sales, and pre-existing homes sales are up all over the state.
In our local San Antonio, Texas market this past March 2015 showed a total sales of 2202 homes sold, which was a 17 percent increase from last year. The average price was up to $227,121, and the median price was at $l185,600. Both were 7 percent increase from 2014.
The inventory in March was also at 3.6 months of available homes for sale. In fact, the inventory has stayed below six months since 2012, and dipped below four months back in November 2014. We are definitely in a Seller’s Market with 99.9 percent of the homes selling for list price.
Average days on the market were 72 days, which was a 5 percent decrease from last year. Since January, sales have been up 12% from a year ago, and a total of 5,327 homes sold in the first quarter. Here is a price breakdown of the homes sold.
Homes priced below $200,000 made up 54.59% of sales in March 2015.
Homes priced between $200,000 and $500,000 accounted for 40.83% of sales.
Homes priced over $500,000 made up 4.54% of sales.
Many factors contribute to the incredible sales gains that we have been seeing, but two most important have been steady job growth and population growth. San Antonio is expected to add one million more people by the year 2040, and the whole state of Texas is expected to double its population by the year 2050.
With all the continued job and population growth in San Antonio, all the school districts are tasked with keeping up with the education demands for more schools and facilities. The Northside Independent School District is rapidly growing in the Northwest San Antonio to keep up with all the education demands caused by the increased housing sales. See the
Now would be a great time to get your home on the market while we’re still in a Seller’s Market. So, if you want to know “How Much Your Home is Worth” in today’s market? Call Jerry at 210-789-4216 for an appointment, and let’s get your home SOLD!
If you’re thinking or planning to buy a home in the San Antonio Market Area, search for “Homes For Sale in San Antonio” on my website while interest rates are still low, but are beginning to climb. Remember, that beginning August 1, 2015, the Consumer Financial Protection Bureau(CFPB) will be requiring longer processing and closing times on all loans.