Wasilla Real Estate; Monday Morning Market Memo 11-12-207
These statistics include all residential listings in the Mat-Su Borough. This includes Wasilla, Palmer, and all the outlying areas between Talkeetna and Eureka.
There are several surprises this week. First, we had 35 new listings come on the market this week, 36 pendings, and 22 closed sales. Those are all healthy numbers for this time of year.
Notice the high average price for closed sales last week. That number has been hovering around $200,000 for months. Last week there were several higher end homes that closed edging the average higher.
But the record breaker was a $1,500,000 sale of a listing by Lee Mitchell at RE/MAX of Wasilla. I checked several times and we have no closed sales over one million dollars for the valley on the MLS…until this one. Congratulations Lee, maybe this will break the ice and we will see lots more million dollar sales in the Mat-Su Valley.
Interest rates are still at historic lows, just over 6% with some special loans coming in in the high 5% ranges. One of the reasons for the low value of the dollar is the low interest rates pushed by the Federal Reserve. This, along with $800+ gold and high oil prices risks inflation. If inflation kicks in, interest rates will rise very quickly. Buyers who wait for lower house prices may be shooting themselves in the foot by not locking in these low interest rates now.