Monday Market Memo for Nov 3-10, 2008

Here are the real estate statistics for the week.  These include Wasilla, Palmer and the rest of the Mat-Su Borough.  These are statistics for residential single family homes and do not include statistics for commercial property, multi-family units, or vacant land.

The Mat-Su Borough real estate market is primarily a place for single family homes so these statistics are the best indicator of our market.

All the numbers are down this week except for closed sales.  Twenty five closed sales for the week is still are relatively healthy number.  We went below 800 in total inventory for the first time since April, 28.  We will likely see a similar trajectory this year.

 

Average PriceMedian PriceDOM
New24$222,344$215,000.
Total Active798$289,688$237,750143
Pending15$183,537$160,610107
Closed25$203,686$207,000107

Last year at this time we had 887 homes on the market.  So we are going into winter with a smaller inventory than we had last year.  New listings will likely drop significantly from now until the second week in January 2009.    That means that any new listing to hit the market will receive a significant amount of attention even though there are fewer buyers.

This past week we wrote an offer for a young couple on a brand new 3 bedroom, two bath home with a two car garage on one acre for $174,000.  If you would like help in getting into a new home, give a call at 907 373–0999.

Give me a call if you would like