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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