EL PASO COUNTY – New numbers confirm the booming real estate market in El Paso County. The amount for the Average Sales Price of a home was up 10.3% during 2018.
Increases will probably continue in 2019, but likely at a lower rate. The number of houses sold in 2018 was down 4.6% compared to the previous year. Shields ERA Real Estate’s, Michelle Blessing has been working in the local real estate market for years. She says 2018 sales started at an extreme pace and potential buyers may have gotten weary of competing for homes. “Put in three or four offers, didn’t get the home and…, they’re done.” Some opted for a break to wait for the market to settle.
“We’re slated to be the number one market in Real Estate next year, in all of the U.S,” said Blessing. She believes the strong sellers market will continue, only at a more manageable pace. “We’re still going really fast, we’re just not going crazy fast.”
The amount of time homes stay on the market is an indicator for predicting real estate pricing. “Our inventory’s still pretty low,” said Blessing, ”A balanced market I think is considered about six months of inventory and we’re at about three. So it means inventory is still low.” That statistic is similar to 2017 and 2018 when sale prices made major jumps.