Monday Morning Market Memo 11-5-07
The total inventory dropped significantly this week. That’s because many homes were listed only through the end of October and the owners chose to not relist them during th holidays.
We did get thirty new listings. Of these 30 listings, six of them are foreclosed homes. That is 20% of the new listings for the week. Hopefully this is just an anomaly that will not be a continuing trend.
This week both the pendings and closings averaged in the mid $200s. Quite a few higher end homes sold this week to bring the average up.
Below to the left is the Alaska MLS chart for the valley up through Oct. The chart to the right is for comparison and includes all the listings on the MLS system. This includes the Valley, Kenai, and Anchorage. It is interesting to note that the outstanding inventory in the Valley is actually lower than it is for the whole MLS.