The latest numbers from our El Paso County real estate market.
What happened in our April 2022 El Paso County real estate market? I want to break down all of the numbers for you today.
The median sales price jumped up almost $10,000 since March, and we’ve seen similar jumps every month since the start of the year. The median sales price is $484,450, and the average sales price is just over $561,000.
“We don’t know how the sharp rise in interest rates will affect the market yet.”
In April, we sold 1,489 homes, which is about 100 more than we sold in March. The average days on market also went down from 14 days to 12 days in April. However, most of homes under $500,00 are staying on the market for only a few days before going under contract. It’s still a crazy market.
Sellers are getting 103.9% of their asking price, meaning they’re getting more than their list price. That said, many savvy Realtors are also pricing homes a bit lower in the hope of getting competing offers that drive up the price. The sales-to-list-price ratio doesn’t just reflect price inflation; it’s also about what strategies Realtors are using.
We don’t know how the sharp rise in interest rates will affect the market yet. Buyers’ offers will be more conservative, and demand may slow. An increase in home prices is much less impactful than an increase in rates, and interest rates have almost doubled since the start of the year. That has knocked a lot of people out of the buying pool until they can figure out how to make their purchases more affordable.
If you have any questions or would like to get into today’s market, feel free to call or email us. We would love to help.
