Monday Market Memo for June 16-23, 2008

For the first time in a LONG time I missed the Monday Memo, so here it is three days late.  I was in Kasilof catching red salmon until Tuesday night, yesterday was spent catching up with real estate and taking care of 40 fish.

These statistics are for the week of the 16th–23rd of June for the whole Mat-Su Borough.

We actually had a pretty good week.  Pendings and closings are both up.  New listings were up as well which put out inventory up to 917.  Notice that the total days on market for all the inventory is at 127 but the closed and pendings are much lower. 

Obviously, the houses that are sellable sell at a fairly reasonable marketing period while the marketing time for all the inventory continues to grow.

 

Average PriceDOM
New60$252,876.
Total Active917284,900127
Pending36$227,37973
Closed28$213,32084

Looking through the 38 pendings for the week a couple of things stand out that tend to define sellable houses.

First, most of the them are in top condition.  In fact many of them are new construction at surprisingly attractive prices. 

Second, they were priced to attract attention.  Most had prices that were noticeably under the competition.  Here is an example, a brand new victorian style home with a view on more than 2 acres for only $119 per square foot.  Granted, it’s a large home so the total price was still much higher than the average sales price for the valley, but the price compared to the other homes brought in a buyer.

Third, many of them had something else.  They had a view,  unique location, unusual style or something else to set them apart.