Monday Market Memo…for August 11-August 25 | Wasilla Real Estate News, Valley Market Real Estate

Monday Market Memo…for August 11-August 25 August 26th, 2008

Categories: Monday Market Memo, Wasilla Real Estate News

Well, I missed last week, so here are two weeks in one.

Below are the numbers for last week. The week of August 11–18. Notice the high number of new listings for the third week in a row. I think that is the largest surge of the year so far.

Pendings, and Closings were healthy, in fact they were significantly higher than the average for the year..

		Average Price	DOM
New	77	$258,699	.
Total Active	922	$281,887	130
Pending	32	$265,000	79
Closed	36	$213,963	67

This past week saw the numbers for everything except the total inventory drop. The change for new listings, closings, and pendings was not significant.

But the total active listings is now at the highest level since I have been keeping these statistics and it appears to be still climbing. The increasing inventory indicates a reduction in demand.

Below are the statistics for the week of Aug 18–25, 2008.

		Average Price	DOM
New	50	$251,164	.
Total Active	934	$282,467	129
Pending	28	$218,417	93
Closed	32	$223,049	60

In fact the inventory has increased by 12% since May of this year. If the inventory continues to increase, it will push the Days On Market, (DOM), numbers out even further. That will create pressure for people to lower their prices to get their homes sold.

Written by Marty Van Diest Please leave a comment.

This entry was posted on Tuesday, August 26th, 2008 at 11:55 am and is filed under Monday Market Memo, Wasilla Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.