What is the market like right now in El Paso? I'm puzzled because I see listing prices for ~ 2k sq/ft

Angel
Home Buyer
El Paso, TX

homes on the east side mostly from 160s to low 200k range. But a search of recently sold homes shows east side sales prices for homes around 2k sq/ft sold since January in a range from about 83k to 137k.

And with >4k homes for sale in EP, only 138 are shown as recently sold since September.

The large disparity between listing/selling prices and homes for sale/actually sold would seem to indicate a very soft market. But monitoring on this site, and Realtor.com, over the last few months doesn't seem to show much listing price cutting occurring.

Are a lot of sellers not really motivated and just putting it out there to see if they can get their price, and if not, just hang on to it till the market improves? Conversely, are sellers that really have to sell making big price cuts to get them to move? Something else I'm not considering?

Thanks for any insight.

Answers (2)
Angel
Home Buyer
El Paso, TX

Inaccurate information would fall under the "something else" category; pretty much clears things up for me. Thank you for the excellent answer.

Wed Jun 17 2009, 15:25
Rick Snow
Agent
El Paso, TX
FIRST ANSWER

The beauty of the internet is that it allows you to do all kinds of research. The drawback is the data is not always accurate. We have closed about 2000 homes so far this year in El Paso since January. We are averaging about 350 homes a month. As for prices for 2000 sq ft homes on the east side, my data indicates there have been 75 homes sold between 1900 and 2100 sq ft with a low of $55/sq ft up to $106/sq ft. Sales prices are averaging out to just over 96% of list price. Of course this is MLS data and would not include bank owned, FSBO, repos, etc not listed through the MLS.

Sellers that are realistic in their pricing are selling their homes. Buyers are still getting good deals and homes with value.

Let me know if I can provide any more info or clarification.

Web Reference: http://viewelpaso.com
Wed Jun 17 2009, 09:13

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