Wasilla Real Estate News, Valley Market Real Estate

Monday Morning Market Memo Feb 25, 2008 February 25th, 2008

Categories: Monday Market Memo

Wasilla Real Estate News Market Statistics for this week.  These statistics are for residential single family home sales in the Matanuska-Susitna Borough.  The vast majority of the activity is in the Wasilla and Palmer area but these numbers also include houses and cabins from Talkeetna to Sutton.

I have included the same statistics for this week in 2007.  You will notice that the DOM, (days on the market), are higher and the prices are lower for 2008.  This does show that although our market is still active, it is taking longer to sell a home on average and that selling prices need to be very competitive.

This week we broke a record that was only two weeks old for the fewest closings in a week.  We only had 12 compared to 13 a couple weeks ago.  It was a short week with President’s Day.  Most of the title companies were closed that day and we were coming off of some of the coldest weeks of the month when the contracts would have been signed.  Pendings are normal this week so it will take more time to see if it indicates a trend.

I compared the last six months to the same six months one year ago. 

• Sep 1 2007– Feb 25, 2008.  Total Sales 583, Median Price $202,371
•  
• Sep 1 2006–Feb 25, 2007.  Total Sales 710, Median Price $210,000

So we can say that fewer homes are selling for a little less money.  It appears that the Mat-Su Valley is dealing with the credit crunch by a slow down in sales and no appreciation. 

When we look at individual homes we still are finding that most houses purchased two to three years ago, sell for more today than than they did then.  I have found a couple sales where the price went down, but those are definitely in the minority. 

However, this market changes every month.  As the numbers above indicate, the pressure seems to be pushing down, not up. 

Here is what I found when I took a look at that trend for the last year.

The last 12 month sales sorted by price.

• $500,000 +   22 sales
• $400–500     41 sales
• $300–400    140 sales
• $200–300    571 sales
• $100–200    600 sales
• $100 –           80 sales

Here are the previous 12 months.

• $500,000 +   18 sales
• $400–500     37 sales
• $300–400    154 sales
• $200–300   685 sales
• $100–200   675 sales
• $100 –        104 sales

I think those are enough numbers right now…As Grace always tells me when I run a list of figures by her…”the men, they love the numbers”.

Give me a call if you would like more info on the market or any particular house.  Just call my cell 232–7900, dial the 907 area code if long distance.

Written by Marty Van Diest 1 Comment »

Monday Morning Market Memo 2-18-2008 February 18th, 2008

Categories: Monday Market Memo

The Real Estate Market Statistics for Wasilla, Palmer and the Mat-Su Borough.  This is posted every Monday, so check back to see what is happening in the Real Estate Market.  Or you can click on the Monday Market link to the right to scroll through the historical posts.

It appears after a slow week last week that the market has begun it’s spring revival.  There are more closings and pendings this week and the total inventory actually went down.  We expect a rising inventory in the spring so it’s good to see it decrease once in a while.

The amount of calls in the last week definitely was up.  I believe that we are going in to the busy spring season now.  It will increase in the next month or so, right on through May.

Written by Marty Van Diest 2 Comments »

Monday Market Memo, Feb 4-11, 2008 February 11th, 2008

Categories: Monday Market Memo

Wasilla Real Estate market statistics for Wasilla, Palmer and the whole Mat-Su Borough.  These are the numbers for the week of Feb 4–11.

The new listings more than 3 times the amount of pending and sold listing for this week.  I expect to see many new listings come on the market, but at this rate unless the pendings and solds catch up we will be well into buyers market territory in a month or less. 

The total inventory increased by 28 homes this week.  Buyers are definitely out there shopping.  I received a lot of calls on listings this week so I expect to see the pendings pick up in a week or two.

I think 13 closed listings is the lowest weekly count since I started this weekly update in January 2007.  It also appears that the days on the market are increasing as well.

All the above basically says that sellers need to be priced competitively if they want to sell their home during this spring/summer market cycle.  Price it right and it will sell.  Strive for top dollar and it will sit, it’s as simple as that.

With interest rates at historic lows, it is also a good time for buyers to shop.  There is plenty of inventory so should be easy for a buyer to find the house that meets their needs. 

If you would like more info on selling or buying in the Mat-Su Borough, give me a call.  232–7900.

Written by Marty Van Diest 1 Comment »

Monday Morning Market Memo, Jan 28-Feb 4, 2008 February 4th, 2008

Categories: Monday Market Memo

Wasilla Real Estate Statistics, Palmer Real Estate Statistics, and Mat-Su Real Estate Statistics.  These are the statistics for the whole Mat-Su Borough.  The vast majority of real estate sales occur in the Wasilla, Palmer and Big Lake areas so these make up most of the numbers.

An interesting change that I did not expect is that the total inventory actually fell for the week.  In addition, there are fewer houses on the market right now than there were last year at this time. 

The average prices are higher across the board and the amount of houses selling per week is similar.  The only thing that looks less positive is that the Days on Market, (DOM), is up significantly.  In fact, DOM is almost 40% longer than it was last year at this time.

The chart below from Alaska MLS gives a good two year overview. It shows that our market is not making any major changes.  The same seasonal fluctuations are occurring that are normal for our Alaska Market. Click on the chart to enlarge.

You will notice that in December there were actually more sales than there were new listings.  The bottom line is that it appears Alaska is not experiencing the real estate crashes that are seen in other parts of the country.  As long as the oil price stays high, I expect that this will continue. 

If you would like more detailed information about particular areas of the Mat-Su Borough, or certain types of homes, give me a call.  My cell phone is 907 232–7900

AlaskaMLS disclaimer…“This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market. “

Written by Marty Van Diest Please leave a comment.

Monday Morning Market Memo, Jan 21-28, 2008 January 28th, 2008

Categories: Monday Market Memo

Real Estate Statistics for Wasilla, Palmer, and the Matanuska-Susitna Borough.  These are residential single family home statistics are for the week of Jan 21–28, 2008.  These do include all single family homes including remote cabins in the borough. 

The vast majority of all sales are in the core area of Wasilla, Palmer.

The total active listings only increased by one this week.  I still expect it to increase substantially but the inventory has not risen much at all in January.  It will increase as spring rolls along and people plan to sell their homes to move in early summer.

We had exactly the same amount of new listings as we had pending so stayed pretty much even for the week.  This is the second week in a row of low closings.  This will increase as well as we go into spring.

The average time on the market has risen slowly over the last few months.  I actually expect that to drop this spring, at least for closed sales.  That is because there will be new listings hit the market that will be priced to really sell.  I have had several people tell me that they tried to sell their homes last year but weren’t able to.  They are going to do whatever it takes to get them sold this year.

Written by Marty Van Diest 1 Comment »