Wasilla Real Estate, Monday Morning Market for the week ending 9/24/2007

Here are the statistics for the Wasilla and Palmer Real Estate Market for this week.  These figures actually show the numbers for the whole borough from Mat-Su Borough. 

Our pending sales have been in the low twenties now for the last two weeks.  We normally see a small bump in real estate after the Permanent Fund Dividend checks come out.  That will happen in October.  It will be interesting to see what happens.

I notice that the pending sales this week averaged just over $200K.  The closed sales are still quite a bit higher.  With the new retail stores going in we will have more jobs in the area.  I would assume that these jobs will not raise the average household income in our area by much if any.  They affordable home for the average household remains about $200,000. Click here for an explanation of affordability in the Mat-Su Borough.

Mortgage Rates This Week

Last week the Federal Reserve dropped their interest rate…what happened?  Mortgage rates went higher!  I was quoted 5.875% on a 30 year fixed on September 14, that same loan had risen to 6.375% on Sept 21.

For a good explanation of why this happened click here.