The first quarter of 2009 comes to a close today and with this comes an opportunity to take the pulse of the Girdwood real estate market.  There were eight sales during the first quarter and they consisted of one Residential sale, four Condominium sales, and three Vacant Land sales.

The one Residential property sold during the first quarter was on the market for 466 days and sold for 90% of List Price.  With just one Residential sale, it is difficult to draw any conclusions.

Condominiums sold during the first quarter were on the market an average of 106 days (an improvement over 2008 of 15 days) and sold for an average of 96% of List Price (no change over 2008).

Vacant Land sold during the first quarter was on the market an average of 118 days (a dramatic improvement over 2008 of 124 days) and sold for an average of 96% of List Price (a slide of 2% over 2008).

Currently, there are four Residential properties Pending.  Two of these four Pending Residential properties are contingent upon the sale of another property owned by the Buyers.

We continue to be busy working with motivated Buyers and answering many inquiries.  In fact, activity on our website (84% of Buyers begin their search online) has remained unchanged since late last summer.

I think we'll see a fairly dramatic change during the second quarter of 2009 in the Girdwood real estate inventory.  There are a number of the properties "on the market", but not necessarily "in the market" and they either need to have their prices reduced to a point where they will sell or just come off the market.