El Paso Market Still Down for April
June 7, 2009
There were 381 sales in April for the El Paso real estate market. While we have been in a poor market the sales for April were dismal. Besides April 2008 the last time we had this few sales in April was 1998. The number of sales was down from March. This is not a good sign. Usually as you move into summer the number of sales should be increasing. When sales move in the opposite direction its never a good sign.
On the positive side average prices were up 2 percent compared to last year. We have been seeing an increase in the number of listings for the last year. This month marked a change. The number of listings was down 18 percent compared to last year.
But with the expection of a drop in the number of listings overall the El Paso real estate market is still a buyers market.
| Year | Month | House Sales | 1 Yr Change | 2 Yr Change | Average Home Price | % Price Change | Median Home Price | % 1 Yr Change | Active Listings | % 1 Yr Change | Months of Inventory | 2007 | Jan | 492 | 142,500 | 124,800 | 2,554 | 5.191 |
| 2007 | Feb | 503 | 151,300 | 124,000 | 2,787 | 5.54 | |||||
| 2007 | Mar | 612 | 155,100 | 129,200 | 1,272 | 2.078 | |||||
| 2007 | Apr | 642 | 150,600 | 128,100 | 3,241 | 5.048 | |||||
| 2007 | May | 640 | 152,400 | 130,200 | 3,159 | 4.935 | |||||
| 2007 | Jun | 607 | 166,400 | 138,900 | 3,589 | 5.912 | |||||
| 2007 | Jul | 573 | 160,200 | 134,200 | 3,791 | 6.616 | |||||
| 2007 | Aug | 554 | 165,300 | 138,900 | 3,874 | 6.992 | |||||
| 2007 | Sep | 409 | 156,500 | 136,000 | 4,024 | 9.838 | |||||
| 2007 | Oct | 439 | 156,400 | 130,900 | 4,337 | 9.879 | |||||
| 2007 | Nov | 387 | 166,200 | 133,600 | 4,292 | 11.09 | |||||
| 2007 | Dec | 362 | 153,600 | 133,500 | 4,625 | 12.776 | |||||
| 2008 | Jan | 299 | -0.39 | 158,700 | 0.11 | 133,200 | 0.07 | 4,254 | 0.67 | 14.227 | |
| 2008 | Feb | 328 | -0.35 | 162,800 | 0.08 | 133,800 | 0.08 | 4,374 | 0.57 | 13.335 | |
| 2008 | Mar | 419 | -0.32 | 157,900 | 0.02 | 128,700 | 0 | 4,714 | 2.71 | 11.25 | |
| 2008 | Apr | 292 | -0.55 | 152,400 | 0.01 | 126,700 | -0.01 | 4,840 | 0.49 | 16.575 | |
| 2008 | May | 429 | -0.33 | 164,200 | 0.08 | 137,800 | 0.06 | 5,155 | 0.63 | 12.016 | |
| 2008 | Jun | 487 | -0.2 | 168,800 | 0.01 | 142,800 | 0.03 | 5,127 | 0.43 | 10.527 | |
| 2008 | Jul | 502 | -0.12 | 161,700 | 0.01 | 138,500 | 0.03 | 5,012 | 0.32 | 9.984 | |
| 2008 | Aug | 433 | -0.22 | 160,500 | -0.03 | 133,300 | -0.04 | 5,085 | 0.31 | 11.743 | |
| 2008 | Sep | 449 | 0.1 | 159,400 | 0.02 | 134,300 | -0.01 | 5,096 | 0.27 | 11.349 | |
| 2008 | Oct | 413 | -0.06 | 158,500 | 0.01 | 130,500 | 0 | 5,040 | 0.16 | 12.203 | |
| 2008 | Nov | 362 | -0.06 | 156,100 | -0.06 | 132,800 | -0.01 | 4,773 | 0.11 | 13.185 | |
| 2008 | Dec | 363 | 0 | 159,900 | 0.04 | 136,300 | 0.02 | 4,454 | -0.04 | 12.269 | |
| 2009 | Jan | 304 | 0.02 | -0.38 | 157,700 | -0.01 | 126,900 | -0.05 | 4,499 | 0.06 | 14.799 |
| 2009 | Feb | 326 | -0.01 | -0.35 | 152,600 | -0.06 | 130,900 | -0.02 | 4,530 | 0.04 | 13.895 |
| 2009 | Mar | 435 | 0.04 | -0.29 | 154,500 | -0.02 | 133,500 | 0.04 | 4,578 | -0.03 | 10.524 |
| 2009 | Apr | 381 | 0.3 | -0.41 | 155,500 | 0.02 | 128,100 | 0.01 | 3,982 | -0.18 | 10.451 |
| Year | Month | House Sales | 1 Yr Change | 2 Yr Change | Average Home Price | % Price Change | Median Home Price | % 1 Yr Change | Active Listings | % 1 Yr Change | Months of Inventory |
El Paso sees increase in home sales from February and March ‘08
April 24, 2009
El Paso saw 425 home sales in March 2009. This is a 1.4 percent increase from last March, and almost 100 homes over February 2009. March 2009 lost 30.6 percent of sales from March 2007. Although as a snapshot, the 425 sales seem positive, when one takes a look at three years worth of data, it is clear El Paso will still need a lot more sales to be in recovery.
The mean and median home prices are up over February 2009. The average price for March 2009, was $154,500. This was 2.2 percent lower than March 2008. The median price was $133,500, which is $2600 more than February 2009, and 3.7 percent higher than March 2008.
El Paso market holds steady
March 28, 2009
El Paso had 326 sales in February 2009. This is up from January and pretty consistent with February 2008; it is technically down .6 percent. El Paso had major losses from August 2007 to August 2008, so they may have already hit bottom. Sales are obviously down from 2007, down 35.2 percent in fact, but there is very little left to loose.
The average home price of $152,600 is $5100 less than last month and down 6.3 percent from February 2008. The median price is $130,900 was 2.2 percent less than February 2008. The mean and median prices are very close; however, there are some high price homes dragging up the average price.
December Statistics For the El Paso Real Estate Market
January 28, 2009
A look at price range distributions is not particularly positive. Only one range was positive.
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.