Friday, May 18, 2007

Home Values up 8.1%

Home values for sales reported to Alaska MLS, Inc. through April 30 show the average sales price is 8.1% higher than the sales during the same period last year. This is a comforting contrast to news of housing issues in parts of the Lower 48.

The number of homes sold is off 6.6% and inventory stands at 1014. This is about twice as many homes as were for sale during the last five years of a housing shortage, but still short of the more normal market of the 1990 decade.

Market times are longer, and now more normal, 71 days. Last year it was 48 days for homes sold in the first four months of the year.

The gap between "last-listed" and selling prices is also back to normal: 2.1% as opposed to 0.6% last year.

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