San Antonio 78251
This zip code, being on the west/northwest side of town is again affect by its proximity to Lackland Air Force Base and that section of the city's fast growth. Builders flocked to this area and began building in earnest, but as things slowed, many builders were left with large developments with population growth that wasn't matching their building speed. In order to compensate, builders began slashing prices and dragging re-sale home prices down with them. Unfortunately, many people bought these homes at the height of the boom cycle and are now sitting on homes that are hard to sell or worse yet, worth less than they paid for them. As sales pick up, expect this to normalize, as long as builders don't jump the gun and begin a flurry of construction again.
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San Antonio 78250
If you look at the long term picture, 78250 has been quite stable. Although we have seen some price increases as inventory has declined, the increases have been relatively minimal. Through the course of 2009 prices in the area have floated up and down, but overall are sticking to the mid-120s. Homes here have been selling well and this price range has been hot throughout San Antonio since summer. Days on market is still hovering around 5 months and will take a few more months of quicker sales to truly balance out (law of averages). Overall, 78250 offers well priced homes and a good amount of inventory to choose from.
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San Antonio 78248
Prices have been seeing a slow and steady increase since early summer after taking a fall during the spring of 2009. At the same time however, inventory has been on the rise as well, keeping the appreciation from hitting too high too fast. With a wealth of above-average priced homes, 78248 will probably not see any drastic price increases, but continue a slow and steady growth unless inventory levels start a sharp incline. Days on market is still hovering around the 5 month mark. If you're looking to sell your home in the 78248 area, you'll need to be sure your home is in top shape in order to compete with the other homes on the market. If you're looking to buy, homes are still well priced and with the increase in inventory, your bargaining position should remain quite favorable.
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San Antonio 78245
Throwing supply and demand out the window, 78245 bucks the trends of inventory and price being inversely related and continues a steady decline in both categories. Because of it's proximity to Lackland Air Force Base, this area saw a lot of new construction growth and as the market slowed, so did the builders. With the builders looking to continue their developments in the area, they often were willing to slash prices, bringing overall values down. As well, they stopped building new homes for awhile - so as people bought the now-discounted homes, the inventory levels continued to decline. Recent signs suggest prices might be getting better, but I wouldn't say they're on the rise just yet.
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San Antonio 78231
Now that the summer buying season is over, it looks like things in 78231 have returned to their past ways. Prices have seen a slight decline as inventory levels have risen once again. Because of it's overall median price, these homes are sticking around awhile longer than other areas of the city, so it's easy to see why the summer season put a dent into the inventory, but not enough to cause a serious change in the overall market. Here in San Antonio (in general) homes above $200,000 are slower to move this year as people are being more cautious after the buying frenzy that lead up to the housing market decline we've been going through.
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