December Statistics For the El Paso Real Estate Market

January 28, 2009

The second positive one year change occurred in December 2008 for El Paso. There was a .28 percent increase in sales over December 2007.

There was a 20.78 percent average monthly drop in 2008. The two-year drop was even worse with an average drop of 31.73 percent from 2006. El Paso experienced over 19 percent drops in comparative two year sales every month in 2008. There was a 34.59 percent decrease in December 2008 from homesales in December 2006.
The average and median home prices rose from November, and from December 2007. The average price rose 4.1 percent to $159,900 over December 2007, which had an average price of $153,600. The median price increased to $136,300 from $133,500, or 2.1 percent.

A look at price range distributions is not particularly positive. Only one range was positive.

Homes above $500,000 had sales increase by 8.71 percent; however, in nominal figures this is a difference of less than five homes. Home priced between $100,000 and $160,000, a range including the average and mean home prices, dropped by 15.63 percent. This range accounts for 41.6 percent of 2008 sales, but only 40.2 percent in 2007; however, the number of sales was so low this year, the real numbers dropped.

 

 

 

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The El Paso Real Estate Market Slows in November

January 7, 2009

 

Year Month

Sales

 % 1 Year Change % 2 Year Change Average Price % 1 Year Change2 Median Price % 1 Year Change Total Listings

2006

 Jan

388

     $ 136,800   $ 112,500   -

2006

 Feb

448

     $ 141,000   $ 120,400   -

2006

 Mar

637

     $ 147,000   $ 125,900   -

2006

 Apr

518

     $ 141,200   $ 120,400   -

2006

 May

607

     $ 158,000   $ 128,600   -

2006

 Jun

659

     $ 153,400   $ 129,900  

1,769

2006

 Jul

620

     $ 153,200   $ 129,600  

2,178

2006

 Aug

774

     $ 151,900   $ 129,500  

2,300

2006

 Sep

646

     $ 153,700   $ 127,000  

2,578

2006

 Oct

557

     $ 157,700   $ 131,000  

2,548

2006

 Nov

556

     $ 154,400   $ 131,400  

2,711

2006

 Dec

555

     $ 159,000   $ 133,800  

2,554

2007

 Jan

492

26.8%

   $ 142,500

4.2%

 $ 124,800

10.9%

2,554

2007

 Feb

503

12.3%

   $ 151,300

7.3%

 $ 124,000

3.0%

2,787

2007

 Mar

612

-3.9%

   $ 155,100

5.5%

 $ 129,200

2.6%

1,272

2007

 Apr

642

23.9%

   $ 150,600

6.7%

 $ 128,100

6.4%

3,241

2007

 May

640

5.4%

   $ 152,400

-3.5%

 $ 130,200

1.2%

3,159

2007

 Jun

607

-7.9%

   $ 166,400

8.5%

 $ 138,900

6.9%

3,589

2007

 Jul

573

-7.6%

   $ 160,200

4.6%

 $ 134,200

3.5%

3,791

2007

 Aug

554

-28.4%

   $ 165,300

8.8%

 $ 138,900

7.3%

3,874

2007

 Sep

409

-36.7%

   $ 156,500

1.8%

 $ 136,000

7.1%

4,024

2007

 Oct

439

-21.2%

   $ 156,400

-0.8%

 $ 130,900

-0.1%

4,337

2007

 Nov

387

-30.4%

   $ 166,200

7.6%

 $ 133,600

1.7%

4,292

2007

 Dec

362

-34.8%

   $ 153,600

-3.4%

 $ 133,500

-0.2%

4,625

2008

 Jan

299

-39.2%

-22.94%

 $ 158,700

11.4%

 $ 133,200

6.7%

4,254

2008

 Feb

328

-34.8%

-26.79%

 $ 162,800

7.6%

 $ 133,800

7.9%

4,374

2008

 Mar

419

-31.5%

-34.22%

 $ 157,900

1.8%

 $ 128,700

-0.4%

4,714

2008

 Apr

292

-54.5%

-43.63%

 $ 152,400

1.2%

 $ 126,700

-1.1%

4,840

2008

 May

429

-33.0%

-29.32%

 $ 164,200

7.7%

 $ 137,800

5.8%

5,155

2008

 Jun

487

-19.8%

-26.10%

 $ 168,800

1.4%

 $ 142,800

2.8%

5,127

2008

 Jul

502

-12.4%

-19.03%

 $ 161,700

0.9%

 $ 138,500

3.2%

5,012

2008

 Aug

433

-21.8%

-44.06%

 $ 160,500

-2.9%

 $ 133,300

-4.0%

5,085

2008

 Sep

449

9.8%

-30.50%

 $ 159,400

1.9%

 $ 134,300

-1.3%

5,096

2008

 Oct

413

-5.9%

-25.85%

 $ 158,500

1.3%

 $ 130,500

-0.3%

5,040

2008

 Nov

362

-6.5%

-34.89%

 $ 156,100

-6.1%

 $ 132,800

-0.6%

4,773

El Paso home sales dropped from 2007 for every month but September. The city experienced huge drops in the first half of 2008. The two year numbers are just as bad. There is a double digit drop off for each month. The largest occurred between April 2006 and April 2008, with a 43.6 percent decrease in sales. In fact, July had the smallest decline, and it was still 19 percent under where it was in 2007.

The average price for a home has also dropped in the previous year. In November 2007, the average price was $166,200, but by November 2008, it was 6.1 percent lower at $156,100. November 2007 did post the highest average for 2007, while November 2008 was the second lowest monthly average for 2008.

The median price faired a little better, as it only dropped .6 percent from November 2007 to November 2008; however, 2008 saw an overall drop in median price.

Price Range

Percent Distribution

# of Sales

  
 

2007

 2008e

2007

2008

 Change
$29,999 or less

0.8

0.1

46.864

4.413

-90.58%
30,000 - 39,999

0.4

0.3

23.432

13.239

-43.50%
40,000 - 49,999

0.8

0.6

46.864

26.478

-43.50%
50,000 - 59,999

1.2

1.2

70.296

52.956

-24.67%
60,000 - 69,999

2.2

1.7

128.876

75.021

-41.79%
70,000 - 79,999

4

4.2

234.32

185.346

-20.90%
80,000 - 89,999

8.2

6.9

480.356

304.497

-36.61%
90,000 - 99,999

7.7

8.3

451.066

366.279

-18.80%
Under 100k

25.3

23.3

1482.074

1028.229

-30.62%
100,000 - 119,999

16

15.7

937.28

692.841

-26.08%
120,000 - 139,999

14.8

15.5

866.984

684.015

-21.10%
140,000 - 159,999

9.4

10.1

550.652

445.713

-19.06%
100k - 160k

40.2

41.3

2354.916

1822.569

-22.61%
160,000 - 179,999

9.1

8.7

533.078

383.931

-27.98%
180,000 - 199,999

6

5.7

351.48

251.541

-28.43%
200,000 - 249,999

7.4

9

433.492

397.17

-8.38%
250,000 - 299,999

5.1

5.2

298.758

229.476

-23.19%
300,000 - 399,999

4.7

4.4

275.326

194.172

-29.48%
400,000 - 499,999

1.4

1.4

82.012

61.782

-24.67%
500,000 and more

0.9

1.2

52.722

52.956

0.44%

Every price category in El Paso lost sales, except homes priced above $500,000, which increased by .44 percent. These make up 1.2 percent of sales. The largest number of lost sales came with homes priced under $29,999 at 90.58 percent. In 2008, these made up .1 percent of sales. The largest percentage of sales, 15.7 percent occurs with homes priced between $100,000 and $119,999. These dropped by 26.08 percent.

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