Wasilla Real Estate, Monday Market Memo Oct 6-13-2008

Wasilla Real Estate statistics for the week of Oct 6–13, 2006.  These statistics include all residential real estate in the Matanuska Susitna Borough.  That is a large area, about the size of the state of West Virginia.  The vast majority of real estate activity takes place in the core area around Wasilla and Palmer.

 

Average Price Median Price DOM
New 42 $248,922 $222,450 .
Total Active 847 $293,464 $244,900 135
Pending 23 $228,037 $214,000 149
Closed 16 $181,863 $182,450 46

As you can see, closings were down last week but there were more new listings than I expected to see.  It actually increased our inventory slightly during a time of year when we expect the total inventory to slowly decline throughout the winter.

Notice the low average and median price for this weeks closed listings.  I thought that the low price might be influenced by foreclosed houses.  After reviewing all 16 houses I determined that only two were foreclosures.  Three of the closed houses were new construction.  That shows that we still have a vastly different market than many of the foreclosure influenced markets in the lower 48.