(PRWEB) May 14, 2012
The latest weekly real estate report from Homes.org details current activity and trends in the El Paso real estate market during Q1 2012. Using the most recent sales figures, the Homes.org report outlines what’s driving the market and what buyers and sellers can expect in the months to come.
According to data provided by the Greater El Paso Association of REALTORS®, the El Paso real estate market prices have come close to bottoming out especially now that inventory is decreasing. Below are some key findings:
- Total Sales Q1 2012 are 4.4% higher than Q1 2011
- Median Sales Price is $130,000 down .3% from Q1 2011
- Average Sales Price is $147,853 down 1.3%% from Q1 2011
- Q1 2012 Pending Sales were 25.3% higher than Q1 2011 at 1,598
- Q1 2012 inventory levels are at 3,299, 5.4% lower than March 2011
- Even though New Listings were down considerably compared to Q1 2011, the Month’s Supply of Homes for Sale was down in March
Both average and median sales prices are slightly down across the entire El Paso area. However, the change was nominal, and might be a sign that prices are stabilizing. This is especially true when considering that the inventory levels are much lower as is the months supply of homes for sale.
Home affordability, which rose by 8.2% in Q1 2012 in the city of El Paso, appears to be driving interest in the area. This is evident by the fact that as prices fell the total number of homes sold rose. Time will tell if this trend will hold even when prices stabilize and begin to inch back upward.
El Paso Real Estate Market Latest Information and Statistics
County: El Paso
Zip Codes in the City: 79900-79999
Population (Metro): 800,647
Total Households (2006-2010): 206,428
Median Value Owner Occupied Housing (2006-2010): $ 108,400
Q1 2012 Total Home Sales in El Paso area: 1,100
Q1 2012 Median Sale Price in El Paso area: $130,000
Q1 2012 Average Sale Price in El Paso area: $147,853
Renters vs. Owners (2006-2010): 38.7% vs. 61.3%
Type of Home:
84% Single Family
Popular El Paso Neighborhoods Seeing Improvement in Sales
- Alburn Park
- East Side
- Zach White
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.