El Paso, TX housing market

Homes in El Paso are sitting for about sixty-four days before they sell, and that slow pace is the story this month. This is not a falling market. The typical home is worth about two hundred thirty-three thousand dollars, up just under 2 percent from a year ago, so values are holding steady. The friction is in the asking prices. The median list price sits around two hundred seventy-two thousand dollars, well above what homes are actually worth, and only about 14 percent of listings have cut their price so far. Meanwhile, buyers have roughly two thousand five hundred homes to choose from, which gives them time and leverage. Put it together and the message is clear. Sellers who price at the market are getting deals done, while sellers who price to their hopes are sitting for two months and then negotiating from weakness. If you plan to sell this summer, price it right in week one, not week nine.