Tuesday, March 27, 2018

Your Spring Housing Market Update

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As we get nearer to wrapping up the first quarter, I want to give you a quick update on the market.

We’re just three months into 2018 and the housing market is already setting all kinds of records:

  • The median price of homes jumped 15% higher than last year to just above $292,000.
  • The average price is up 10%, landing at $331,000.
  • In January and February, 1,884 homes sold, which is 10% higher than last year.
  • In February alone, 994 homes sold. This is 18% more than the same month in 2017!

If you’re asking yourself about why all of these numbers are going up, here’s another stat for you: the supply of homes that is available in town has hit an all-time low. Right now in El Paso County, there are only 1,089 homes for sale. Think about that—there are probably 800,000 people living in El Paso County, and there are barely over 1,000 homes for sale. That includes condos, townhomes, and single-family homes in all price ranges and areas.

There are around 800,000 people living in El Paso County, and there are barely over 1,000 homes for sale.

As you drive around town, you’ll notice home builders are building new homes on just about every patch of dirt they can find, and yet, they still can’t build fast enough for the demand.

If you’re thinking about buying a home, don’t wait! Most experts agree that prices and interest rates are going to keep rising. Let us help you through the maze of the current market. We can find you the right house for a lower cost than you’ll get if you wait until later to buy. If you’re thinking about selling your home, I think you’ll be happy to find out what it’s worth today.

In either case, please feel free to reach out to me today. I’d love to help you.