As a prospective buyer or new homeowner at Arcadia Ridge, keeping track of the ever-changing market in San Antonio is a must. Metrostudy, a company dedicated to researched facts and figures of the city’s growth, recently published a San Antonio-focused report covering the economic state of the city during the first quarter of 2015. The results are promising: San Antonio’s market continues to flourish, and analysts expect it will continue to thrive in the future. Here are some highlighted facts drawn from the report itself:
- Job growth is increasing at a steady pace. The Texas Workforce Commission published a report citing a 3.4% (32,000) job growth rate in the San Antonio MSA (Metropolitan Statistical Area).
- Certain industries are seeing stellar growth as compared to last year’s numbers. These industries include Construction (+3,100 to +5,100), Financial Activities (+4,300 to +5,300), and Manufacturing (-600 to +300).
- The rate of unemployment is decreasing in San Antonio. The rate for March 2015, according to Metrostudy, is 3.7%, down from the 4.9% rate from a year ago.
New Home Market
- More people are closing on new homes. Research indicates that there were 2,236 home closings in San Antonio this past quarter. This is a 13.3% increase from the first quarter of 2014, which came in at 1,974 units.
- The housing inventory (the number of houses listed for sale) remains low as of the first quarter of 2015 with only 3.7 months of available inventory. Compare this to the first quarter of 2014, at 4.4 months (6 months is typically considered equilibrium).
- Less vacant lots are available for new homes compared to last year. Metrostudy cites that there are now 684 fewer vacant developed lots available than last year.
Conclusions and Expectations
From all of the data gathered, Metrostudy has arrived at the following conclusions:
- Job growth is currently generating its best numbers since 2005 and is expected to continue growth.
- The production of new lots and housing slowed somewhat due to the significant rainfall activity during the first quarter of this year (2015). However, it is expected for new home construction activity is expected to greatly increase in the second quarter to satisfy the high housing demand and low inventory levels.
- Overall, the “San Antonio economy had a good first quarter” this year. “In 2015, we expect a better year than last”.
The time for purchasing a new home is better than ever. Arcadia Ridge is here to help you make smart, informed decisions during every step of the process. For more questions or to learn more about how you can purchase your new home contact us at Arcadia Ridge.