Fair Oaks Ranch Housing Report: August 2024

**Fair Oaks Ranch Housing Statistics for July 2024**

Introduction

This report is for the Fair Oaks Ranch housing market with data from July, 2024. It provides current real estate market metrics to provide valuable insights for both buyers and sellers. Included in this month’s report is information for the entire Boerne Independent School District (ISD) market, as Fair Oaks Ranch is an integral part of that market. Also included are quarterly statistics for the entire San Antonio/New Braunfels metropolitan area.

Available Inventory

Starting with the Months Supply of Inventory, which stands at 5.53, we can see that there is a balanced market with a slight advantage towards sellers. This means that there is a good supply of homes available for buyers to choose from. In theory, sellers still have the upper hand in negotiations. However, in reality, the trend towards increasing inventory shows that we may soon be in a buyer’s market. This would translate into lower list prices and/or increasing seller’s concessions.

This is further evidenced by the 12-Month Change in Months of Inventory which has increased by +26.54%, indicating a trend towards more inventory becoming available. This supports my contention of a more competitive market for sellers, and they may need to adjust their pricing strategies accordingly.

July 2024 Home Sale Statistics

The Median Days Homes are On the Market is 34, showing that properties are selling relatively quickly in this market. However, this too is trending longer. Sellers should begin to expect an increasingly longer selling cycle.

The List to Sold Price Percentage is 98%, suggesting that homes are typically selling very close to their listing price. This indicates a strong market where sellers are able to command prices that are close to their asking price.

Lastly, the Median Sold Price is $641,750, giving buyers and sellers a benchmark for the current market value of homes in the area. This can help both parties make informed decisions when buying or selling a property.

Boerne Independent School District

Fair Oaks Ranch may be considered a subset of the overall Boerne ISD market. This is particularly true for families moving to the area with young children. For many, the first choice is to be in the Boerne school system, the second choice is then a specific area. Therefore, particularly if you are looking to sell your home, it is important for you to consider the overall Boerne ISD inventory of homes for sale; these are your true competition.

From the above chart we see that the overall median price is lower than Fair Oaks Ranch, and further, prices are declining at a faster pace. For budget conscious homeowners, this may affect the viability of you being able to sell your home in this market. Also note that active listings and months of inventory are trending higher. This is good for buyers but means sellers can expect their homes to be on the market longer and will likely need to offer concessions.

The “sweet spot” right now is for homes selling between $500K and $750K. Additionally, larger and newer homes are more attractive to home buyers. Home builders offering incentives to buyers is likely affecting these numbers. With current high interest rates, and builders offering lower interest rates, new builds are very tough to compete against.

San Antonio / New Braunfels Metropolitan Area Historical Housing Statistics

Quarterly San Antonio / New Braunfels Metro Statistics

The data depicted in the above chart is for the entire San Antonio / New Braunfels metropolitan area and includes data all the way from 1992. Unfortunately, I cannot parse this data to make it more local, with the exception of being able to do so for the past couple of years. If you would like to see how your home compares to others in your neighborhood, I can perform an analysis for you. The Realtor Code of Ethics prevents me from doing so if you are under contract with a real estate agent.

What this data is showing is that halfway into 2024, the market is already in better shape than for all of last year. If the Fed holds true and indeed lowers interest rates in October, we could see an end-of-year burst of activity. I believe this graph also indicates that we are beginning to see a slow recovery from last year’s doldrums.

Because of the large area encompassed by the data in this chart, I do not believe it depicts the overall long term prospects for the Fair Oaks Ranch housing market. I highlight, for example, the construction work being done on the I-10 / 1604 interchange. While it may be a nuisance now, it portends future growth along the I-10 corridor to Comfort and beyond. Fair Oaks Ranch, with its nice neighborhoods, low crime, Boerne schools and easy access to shopping, the airport and downtown San Antonio, will make it an increasingly attractive place to live. If you are in the market to buy, it is likely going to be a good long-term investment.

Taking a Peek into the Housing Market Crystal Ball

Bill’s “Crystal Ball”

The following is my opinion and not fact. It is the end result of a lot of reading and analyzing. You may agree with it or not. I may be right and I may be wrong.

I believe that if Donald Trump wins the election in November, the real estate market will be reignited. I believe that as an end result of reducing regulations on oil and gas operations, the price of gasoline will drop and this will have a corresponding effect of lowering prices overall.

Further, I believe it will put an end to any notion of a recession and the economy will begin to grow. This will have a very positive effect on interest rates and I believe they will begin to drop quicker than what the Fed now plans.

If my crystal ball is correct and Donald Trump wins, we will see a healthy rebound in the real estate market in the Spring of 2025. Therefore, if you’ve been holding off on selling your home, if Trump wins in November, start preparing your house for sale. And if you want individualized advice on what you should do to prepare your home, get in touch with me.

In Conclusion

Consider your Fair Oaks home as being in competition with the entire Boerne ISD. The real estate market is beginning a slow but steady recovery. However, we are trending from a seller’s market to a buyer’s market. Depending upon the election in November, the real estate market may indeed reignite next Spring.

Hill Country Homesteads Group is brokered by Texas Providence Real Estate. We differentiate ourselves from virtually every other real estate group in Texas by virtue of our direct relationship to over 1100 California real estate agents. Between 2018 and 2023, more than 3.5M left California with the greatest number of them moving to Texas.

Many people moving from California to Texas are able to purchase your home outright, in case. This leads to faster transactions and interest rates are a non-issues. Homeowners that list their homes with the Hill Country Homesteads group will have their homes presented directly to those 1100+ California real estate agents. They not only know who are moving here, they know who has enough cash to buy your home.

Interested in learning more? Call or email me at 408.827.8484 of Bill@HillCountryHomesteads.com.