Real Estate Recap for 2020, forecast for 2021 featured topics of January Chamber of Commerce luncheon

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SAN ANGELO, Texas – The San Angelo Chamber of Commerce held their January luncheon at Bentwood Country Club on January 19, 2020. Real estate and housing were the featured topics.

 “We’ve sold more houses this year in the COVID year than last year prior to COVID hitting so many people would say that 2020 is a banner year for real estate in San Angelo,” Jim Slaughter, President of the San Angelo Association of Realtors said.

Slaughter spoke on a variety of topics regarding real estate.

“Getting affordable housing is certainly a challenge,” Slaughter said.

When it comes to rental homes, he says that most rentals are not listed on MLS but out of the more than 50 that are, only a dozen had a rent of less than $1,000 a month. When it comes to building houses or homes for sale, Kristen Oliver, the Executive Officer for the Home Builders Association says, there are several factors that drive the cost up.

“There are several reasons that contribute to that. For one our transportation costs to get materials to San Angelo is a lot higher, our skilled labor, we do not have enough skilled labor. Time is money and if you’re waiting on people, the costs increase and also land availability. The cost of land and to develop it in San Angelo is very high,” Oliver said.

Both speakers told those in attendance that the next year looks to be much like 2020.

“Forecast for 21 still looks very, very good. There is a huge demand for housing. As soon as they are built, they are sold,” Oliver said.

“Statistically, if you’ve got a six-month inventory, you’re in a good market. As of December, we had a 1.1 month inventory. So really our big problem is inventory,” Slaughter said.

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