Well, I expected to see a continued upward trend in pending sales and new listings this week, but it didn’t happen. The reason I expected it is that we have seen increased activity on our own listings with more showings and three offers over the weekend.
The only thing that went up was total listings
There were two closing over $300,000 this week but the bulk of the activity is still on the lower end. Notice that the average price for closed sales this week was under $200,000. That is because there were two very low priced FORECLOSURE that sold this week bringing the average down.
Check back on this post tonight, I will have a chart up…it’s not quite ready yet.
OK…it’s still today and I promised I’d get a chart up. This isn’t the one I was working on but it’s probably better. It’s from the Alaska MLS so that means I need to use their disclaimer at the bottom of this post.
Notice what we have been saying all along. Total sales are just about the same as they have been in past years. So demand has not dropped. But supply has risen so that now there is a higher supply than in 2005. But the supply in February of 2007 is almost identical to that of 2006. So far, it looks like Ted Jones is right…there is no bubble here.
“This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market. “