Monday Market Memo for Dec 30, 2008 through Jan 5, 2009
These statistics are for residential single family homes in the whole Matansuska-Susitna Borough. These include cabins in remote areas of the borough all the way up to million dollar homes. The vast majority of the real estate activity takes place in the Palmer, Wasilla, Big Lake, and Houston areas. More than 80% of the action is in those areas.
|Average Price||Median Price||DOM|
As expected, our inventory dropped significantly over the end of the year. I predicted a drop of 50 and was off by only 5, there are 45 fewer listings this week than last.
There were only 3 pendings again this week. We had only 3 pendings the second week in December as well. That is an amazingly low number considering the fact that there are 236 real estate licensees in the Mat-Su Borough.
I do expect things to pick up over the next couple months. That is the normal way of things. The record-breaking low interest rates will help. People that have been considering a house purchase should look into locking in these low rates. Most people are locking in 30 year fixed rates in the mid 4% range.
If you have a higher interest rate, now is a good time to consider re-financing.
Better go now, the winds blowing again and I have to batten down the hatches.