June 2020 | Market Trends
How has COVID-19 impacted real estate?
In an industry built on face-to-face transactions, the COVID-19 pandemic has forced an unforeseen adaptation in real estate to online transactions, minimal contact with buyers and sellers, as well as a substantial increase in virtual open houses. Although this economic slowdown has affected the entire country, the housing market has actually seen modest growth during this period. Regarding the million-dollar market in San Antonio, the market has sustained strength, even during this unprecedented time. The million dollar market is still very active and has held strong. In April, listings $1,000,000 and up accounted for .4% of all market listings, down only .1% from last April despite COVID 19. Furthermore, the change from March to April this year was nearly identical to the change last year, with 2019 numbers changing from 0.7% to 0.5% and 2020 numbers changing from 0.7% to 0.4%. We are confident in our company’s ability to serve our clients in this active market.
Is the San Antonio market growing?
The market in San Antonio and its surrounding areas, such as New Braunfels and Boerne, has been growing steadily over the years and has continued to do so. This is due to many factors such as affordable housing, business and lifestyle costs, strong military market, high employment rates, investment opportunities and population growth. San Antonio and New Braunfels are among the fastest-growing cities in the U.S., according to the U.S. Census. Within the last decade, New Braunfels saw a 56.4% population increase, while San Antonio saw a 16.7% increase, ranking as the seventh largest city in the United States.
How is the real estate market growing in San Antonio and nearby areas?
Due to its growing population, the San Antonio real estate market is seeing property valuations skyrocket because of the challenge of meeting the demand of everyone moving here for work or new opportunities. With agents all over the city, Phyllis Browning Company is equipped to meet the demand for housing and help clients reach their home-ownership goals. In comparison, New Braunfels is a balanced market – supply and demand are about the same. Due to its location between San Antonio and Austin, affordable cost of living, notable gas prices, valuable homes and quality schools, the city is growing at a rapid pace.
What else is Phyllis Browning Company doing to support this growth?
To accommodate the booming population growth in New Braunfels, Phyllis Browning Company is expanding into a new office and is looking to hire more agents in the area. We are so excited to expand even further into the New Braunfels market to efficiently help our clients with their buying and selling needs!