Monday Market Memo, 4/2/2007

Spring has sprung, at least for Wasilla Real Estate and the whole Mat-Su Valley.  Even though the air was still chilly this morning, the market is heating up.    Just take a look at these two charts below.  The first is for this week and the second is for the previous week.  That’s quite a difference in just one week.   

     Average Price  DOM
 New 58 $261,691   
 Total Active 700 $300,634  104
 Pending  49 $222.261 72
 Closed  30 $236,052  84


     Average Price  DOM
 New 48 $290,665   
 Total Active  762 $299,805  108
 Pending  21 $234,048 80
 Closed  22 $201,864  78



In addition this chart from Alaska MLS shows a lower inventory, which if it keeps up will mean higher house prices in the coming months. Click on the chart to expand. The thing that could cool things down would be sharply higher interest rates.  But so far, interest are only moving upward slowly. 

So sellers are beginning to put their houses on the market, and they are selling.  They still have to be priced competitively, but when they are, the buyers are waiting.

More reading.

Previous market memos

Ted Jones on Valley real estate

Niel Fried on the valley economy

“This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market. “