Home Prices in the El Paso County area have remained strong and have been increasing over the past year. As of March 2024, home prices are up 3% from March of 2023. The Median days to sale is currently 23 days for 2024. and was 24 days in 2023. As we are coming into the prime selling months, expect sales volume to increase and days on market to decrease. For example: the median days on market to sale last year was a low in June of 7 days. Prices also peaked in June of 2023 at a median price of $495,000.
What is seasonality? Seasonality is a term that effects all markets and applies to markets in the entire country. It is essentially the winter months where home transactions decrease due to holidays, school in session etc. It ends in the spring and sales volume increases through spring and into the summer months.
Why do we use Median instead of Average? In Real Estate, you will often data that reflects the Median prices, days on market, sales etc. We use median because it is a better indicator of the averages because it gets rid of the outliers, and therefore is a more accurate indicator than averages.