Monday Morning Market Memo for April 28, 2008

Wasilla Real Estate News Statistics for this week show a little life in the real estate market.  I have been waiting all spring for our normal jump and it started to show up this week.

Most of us have been experiencing more calls, more showings, and generally more activity in the market for more than a month but this has not been showing up in the statistics.  Just because people were looking, there wasn’t an increase in pendings and closings. 

This week both of those categories are up more than 30% over last week and over most of the previous 6 weeks.  If this new level of activity continues we will have a pretty healthy market.

 

Average Price DOM
New 46 $261,018 .
Total Active 795 282,473 134
Pending 42 $210,037 89
Closed 33 209,686 103

I expected to see the total inventory top 800 this week, but with fewer new listings, and and increase in pendings the inventory actually dropped…a little. 

Foreclosure activity does not appear to be driving the market.  I just sent out my new Motivated Sellers list to the subscribers and was surprised at the small amount of foreclosures.  There are only 18  this week out of the 795 total listings.  But those foreclosures are selling.  The lenders are experiencing pain in some outside markets and they don’t want to hold on to foreclosures.