Monday Morning Market Memo, 1/22/07

Monday Mornings Market Memo for the week of 1/15/07–1/22/07.

This is looking at all the Mat-Su Borough as a whole, not just  Palmer, and Wasilla Real Estate. Using the MLS system here are the statistics for the last week.

     Average Price  DOM
 New 62 $281,163   
 Total Active  702 $261,843  137
 Pending  33 $216,615 124
 Closed  19 $252,485  113

There are currently 702 houses on the market, almost exactly the same as last week.  That doesn’t seem to make sense considering the 62 new listings this week.  That is because I am not showing the listings that were cancelled or expired.  

We pended 33 homes and closed 19. Both of these numbers are up from last week. Now that we have two weeks of statistics I will begin a graph starting next week.

An interesting note about the 62 new listings is that exactly 1/2 of them, (31), show built dates of 2006 or newer.  These are apparently brand new homes.  Many of these are “to be builts”, meaning the builder is advertising a home before he begins to build it in hopes of finding a buyer.  Many of these “to be builts” will never be built if a buyer does not come along. 

Another good sized portion of these brand new homes are existing structures that were listed last year and then either expired or were cancelled and then re-entered as new listings.  That is another reason why we had almost twice as many new listings as we had last week with the total active listings staying the same.