Monday Morning Market Memo…4-30-2007
Wasilla real estate is starting to move. The numbers in the chart below show that both the pending and closed listings are climbing again this week. In addition, the days on market is dropping significantly.
The statistics are for the whole Mat-Su Valley for the week of 4/23–4/30. The average sales times are dropping dramatically. If you were to peruse some of the previous Market Memos you will see quite a shift.
Even though other parts of the country are watching real estate markets plunge. The local market is still pretty healthy. That is because the Mat-Su Valley is still the “go to” place in Alaska for anyone wanting a nice lifestyle with some land and good neighborhoods.
Places like Las Vegas, parts of Florida and California where real estate speculation was rampant are seeing foreclosures pop up like spring dandelions. While this could have a general impact on the whole economy, including Alaska, we have so far been sheltered from many of the direct impacts of collapse of the real estate bubble.
The chart to the right, (click to expand), shows detailed figures from the Alaska MLS. This data is 30 days old, (AKmls always looks back 30 days), but still shows interesting information. It shows that in overall, prices are up by 4%. There are certain areas where prices are down.
I believe without actual data to back me up, that we have more foreclosures on the market in our area as well. I know several Realtors that specialize in listing foreclosures and they have more listings than in past years. But this is still a minuscule area of the market.