Monday Market Stats
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.
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.