Real estate market booming in El Paso despite pandemic

EL PASO, Texas -- The pandemic has changed almost every aspect of everyday life in 2020, mostly negatively, but it seems to be changing the real estate market for the better.

According to President of the Greater El Paso Real Estate Association (GEPAR) Conrad Pickett, now is a good time to buy and sell.

Picket told ABC-7 that since people have been mostly quarantined during the pandemic, they aren't out spending money.

"It's very unfortunate that we are going through these times, but you have to look at the other side of the coin," Pickett said. "People are realizing, 'well I don't need to be spending this money, I can be saving this money and have cash in my savings account to put a down payment on a home.'"

Last month, Pickett said the realtors in GEPAR sold 899 homes. That's about 30 houses per day, meaning 30 new home owners.

To put it into perspective, in October GEPAR's sales volume was more than $186.8 million, that's up over $50 million from last year.

Picket also says interest rates are going down, the median sales price is going up, days on the market are dropping and people have a 99.6 percent chance of selling their home at the listed price.