Monday Market Memo Feb 3-Feb 9, 2009

This is the new market memo for the week of Feb 3-Feb 9, 2009. These include all the single family homes listed with the Alaska MLS system this week.

The total inventory increased by 18 this week. It will likely continue to increase as we go into spring and early summer at which time it should level off if this is a typical year.

There were 39 new listings this week. To view the new listings for the week just click on the link at the bottom of this post. This will be a new feature of the Monday Market Memo. I will also include a link to the foreclosed homes on the MLS every week.

 

Average Price Median Price DOM
New 39 $252,264 $227,950 .
Total Active 663 $284,555 $234,000 161
Pending 16 $201,536 $192,500 85
Closed 14 $211,936 $199,900 108

The real estate market in Alaska remains relatively healthy in spite of all the doom and gloom coming down from Washington DC. They will say anything to get another trillion dollars to spend.

The truth is that Alaska is an oil enonomy and we are dependent on the income that our state and the oil workers in our state bring in. Without oil, we would be a much smaller state in population. The price of oil is around $40 a barrel. That is not a high enough price to make anyone feel confident.

While other states have a real problem in foreclosures our area hasn’t seen the same level of foreclosures yet. Currently there are only 25 foreclosed homes on the market in our MLS system.
If you would like to see any of these new listings just give Jay or I a call at 907 373-0999.