San Antonio: $1M home sales heating upSan Antonio: $1M home sales heating uphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=19932015-01-15T12:50:00Z2015-01-13T00:00:00Z

SAN ANTONIO - The sale of $1 million homes was up 26 percent in San Antonio in the first ten months of 2014 compared with the same period a year ago, according to a study released by the Texas Association of Realtors.

"Some of that is the offset of San Antonio feeling some of the effects of the Eagle Ford Shale — some of the riches — some of the people who made money down in the oil field,” said Jim Gaines, research economist at The Real Estate Center at Texas A&M University, which compiled the report’s data.

However, the 107 luxury homes sold from January through October 2014 was still a small slice — 0.4 percent — of the 24,400 total homes sold. In October, million-dollar homes accounted for 3.1 percent of active listings, or 264 out of 8,409.

Other major Texas cities saw slower luxury home growth the first ten months of 2014 compared with 2013, but total sales still outdid San Antonio’s 107.

In Houston, 1,194 homes were sold during the same period, a 13 percent boost. In the Dallas-Fort Worth market, 926 luxury homes were sold, a 15 percent increase. In Austin, 479 homes were sold, a 9 percent increase.

Nevertheless, high-end homes are still tough to sell. They spent an average of 450 days on the market, compared to 63 days for an average home.

Click here for the full Texas Luxury Home Sales Report.

San Antonio Express-News
San Antonio-New Braunfels
http://www.expressnews.com/real-estate/article/San-Antonio-1M-home-sales-heating-up-5995713.phpRead more at {Source}

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