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. 

 El Paso March 2009 Home Sales

 

 

 

 

 

 

 

 

 

 

 

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.

 

February 2009: El Paso Real Estate Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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.

 

 

 

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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