Monday Morning Market Memo Oct 12-22, 2007 | Wasilla Real Estate News, Valley Market Real Estate

Monday Morning Market Memo Oct 12-22, 2007 October 22nd, 2007

Wasilla Real Estate News, Real Estate Statistics for Wasilla, Palmer and the rest of the Mat-Su Borough

The inventory dropped a little this week. Not because we sold more houses but because fewer new listings came on the market. People are reluctant to sell during the months of November and December. We will probably not see the amount of new listings pick up significantly until January or February.

		Average Price	DOM
New	29	$287,820
Total Active	915
Pending	24	$217,847	90
Closed	23	$210,591	87

It is interesting to note that there are several new construction houses in this recent list of closed sales. People are still buying new homes and builders are still building. The days of building any old house and they will come, however, is gone. A builder needs to do his homework before beginning a project on speculation.

I note that of the twenty three closed sales this week, eleven sold in less than 40 days and for full price. Most of the others took some major price reductions to sell. A couple of them were new construction houses that were on the market for a long time.

Typically, a spec house, (this is a house built by a builder on speculation), will be marketed from the time he clears the lot, sometimes before that. But it usually actually sells about the time it is all finished, or close to finished, so they are on the market a long time. Those tend to drive up the average days on the market.

Written by Marty Van Diest Please leave a comment.

This entry was posted on Monday, October 22nd, 2007 at 8:36 am and is filed under Monday Market Memo. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.