The third quarter saw an increase in Girdwood real estate sales volume and was the most brisk of this year's three quarters, but the fourth quarter is off to a strong start and may eclipse the third quarter in terms of volume.  In fact, we may see more volume in 2009 than we saw on 2008; however, this volume will still fall short of "normal" levels.

Residential:  There were 5 homes sold during the third quarter for an average of 97% of List Price after being on the market for an average of 116 days.

Condominium:  There were 5 condominiums sold during the third quarter for an average 98% of List Price after being on the market for an average of 87 days.

Vacant Land:  There were 4 pieces of vacant land sold during the fourth quarter for an average of 89% of List Price after being on the market for an average of 194 days.  These figures are skewed by the sale of one piece of vacant land at 77% of List Price after being on the market for 692 days.  Omitting this one sale results in the remaining 4 sales at an average 96% of List Price after a very short 28 average days on the market.

The Residential segment, with exception of that over $500,000 which is experiencing significant downward pressure on prices, seems to be holding steady.  While prices may be slipping ever so slightly in the Condominium market, there is a surprising amount of demand present and Sales Prices remain close to List Prices with a decrease in marketing time.  Vacant Land is the real surprise this year and the third quarter is no different; owner financing has been a big key to the increase in volume.

Look for a report from me in January for 2009.