Wasilla Real Estate News, Valley Market Real Estate

Monday Market Memo for June 2-8, 2009 June 8th, 2009

Categories: Monday Market Memo

<h2Wasilla, Palmer and Mat-Su Real Estate Statistics for the week of June 2-8, 2009</h2

This week is almost identical to last week. We had about the same amount of new listings, pendings, and closings. Closings were down a little this week compared to last but that’s to be expected because the end of a month always has more closings than the beginning of the next month.

Total inventory went up as well, we are almost over 900. That’s a lot of houses for sale. especially when you realize that Anchorage, with more than 3 times the population, only has 1,102 houses on the market. Put another way, in Anchorage you have 272 people for each house for sale while in the Mat-Su there are only 78 people per house for sale. Obviously, our buyers need to come from somewhere else, and a lot of them come from Anchorage.

When gas prices increase, a lot of those Anchorage buyers decide to rent or buy a condo rather than a home on some land in the Mat-Su. That’s important to think about if you are a seller.

Something else these statistics tell us is that there are actually two markets out there. One is a pretty active market while the other is stagnant.

All you need to do is look at the DOM, (days on market), for the pending and closed listings compared to the total inventory. Then check out the median price of the closed sales compared to the houses on the market…no question…there are two markets.

Based on information from AK MLS, Inc. for the period but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.

Written by Marty Van Diest Please leave a comment.

Wasilla and Palmer Monday Market Memo for May 19-25, 2009 May 27th, 2009

Categories: Monday Market Memo, Wasilla Real Estate News

Well, once again the Monday memo on Wednesday. Suffice it to say, I’ve been busy lately.

This week is almost identical to last week. Pendings are up but closings are down. Most of the pendings will turn into closings within a few weeks so that column should rise.

Total listings continues to rise. The median price for the inventory on the market went up this week by $100. It’s been hanging steadily around $240,000. That is important because the median sales price for the year so far is exactly $200,000.

Obviously, a lot of those houses that are on the market are just not going to sell anytime soon. Houses priced in those higher price ranges have to be VERY competitive because they have to beat out a lot of competition to attract the buyers.

It’s also instructive that there have been 341 sales of single family homes so far this year. Last year there were 442 sales in the same time frame and the year before that there were 548.

Although prices haven’t dropped much, it’s still more of a buyers market than a sellers market because buyers have more to choose from and can shop until they find exactly what they need rather than grabbing something before someone else does.

It’s not a screaming buyers market however. In the $200,000 price range the houses are still selling fairly quickly. Its when you get above $300,000 or $400,000 that the activity drops dramatically.

We sold several houses in the high $300K range lately. They were all priced very competitively and in great condition. They had to beat out many other competitors to find a buyer so the sellers did what it takes. It takes a good price, but it also takes good staging. A house has to look good when a buyer drives up, and it has to look good when a buyer walks in. Within 30 seconds after a buyer walks into a house you can tell if they are interested or not.

So sellers, make your presentation a good one! Call me for some further ideas on this 907 232-7900.

Written by Marty Van Diest Please leave a comment.

Monday Market Memo, May 12-18, 2009 May 19th, 2009

Categories: Monday Market Memo

Palmer and Wasilla Real Estate Statistics for the week ending May 18, 2009

Well, we surpassed 800 total listings by a bunch this week. We might be on our way to 900 total residential listings in the borough. Fifty Five new sellers came on the market this past week. The median asking price remains right at $239,900.

It’s important to note that for the second week in a row, the median and average sales price has been below $200,000.

I did a market analysis for a higher price home this past week and noted that while there are currently 47 homes on the market between $300K-$400K, only 27 sold in the last year. There is close to two years worth of inventory on the market in that price range.

A look at the lower price homes shows that there were 454 sales between $100K-$200K and there are 201 on the market currently. So there is less than 6 months worth of inventory in that price range.

Statistics can look good or bad depending on how you use them. In the Absorption Rate studies I have been doing, I have only been looking at the last months sales compared to the current inventory. When the last month has been active, the absorption rate looks pretty good. But if I had done these in the winter when things were slow, the absorption rate would have been much worse.

Either way, houses are still selling if they are presented well and price right. New construction houses are still selling well. We are documenting the construction of these houses as they go up…look at the latest videos just taken yesterday. 1651 E Pintail and Kane Drive.

Both of these house are excellent values. For first time home buyers they will get both the $8,000 tax rebate and the $7,500 energy rebate. That is hard to beat. In addition, you get a new home that is built to high energy standards that will save you money year after year….

Give me a call if you would like to find out more about these rebates or home values in the valley. 907 232-7900 cell


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 Market Memo for May 5-11, 2009 May 11th, 2009

Categories: Monday Market Memo

Here are the Palmer and Wasilla real estate statistics for the week. These numbers include all single family residences, (including cabins, mobile homes, and condos), for the the whole Mat-Su Borough.

The numbers remain relatively healthy. Closed sales are down a little from last week, but still much better than the winter. Notice that the pending and closed sales are much lower in price than the new listings or the total market. The action is in the lower price ranges.

Interest rates remain at historic lows but I have been reading more this week about inflation in our future. Of course, that is always being written. But some of this is from people who do not normally talk about inflation:

Here is an example from the The Weekly Market In Review that I get from Alice Roe of US Bank:

However, low rates are not a given considering the escalating inflation fears that reemerged recently. Oil prices rose most of last week and Fed Chairman Bernanke expressed concerns about “how to wind down the federal balance sheet” and “avoid inflation.” When a Fed official mentions inflation it is generally not positive for bonds. Inflation, real or perceived, erodes the value of bonds causing bond prices to fall and rates to rise. The last thing the economy needs now is rising mortgage interest rates. If inflation emerges that very well may happen despite the continued Fed efforts to keep rates low. With so much uncertainty, a cautious approach to float lock decisions, especially heading into the inflation data this week, would be wise.

Another article I got off www.realclearmarkets.com is also in part about inflation: Is America About To Go Broke?

Inflation will drive up interest rates along with all other prices. IF inflation comes, the buyers who locked in low interest rates will be happy campers…or home owners.

Written by Marty Van Diest Please leave a comment.

Wasilla Real Estate Monday Morning Market Memo May 4th, 2009

Categories: Monday Market Memo

Wasilla and Palmer and the Mat-Su Valley Real Estate Statistics.

Here are the real estate statistics for the week of April 28-May 4, 2009. These are for single-family homes in the whole Matanuska-Susitna Borough.

Last week I predicted that the total inventory would remain above 800 for the summer. It’s 795 today. That shows how my crystal ball is working.

The market is much more active than it was a couple months ago.

Interest rates, rebates, and a relatively health economy, (so far), in Alaska is keeping houses moving. It’s about an even market between sellers and buyers. The higher price ranges are more of a buyers market while the lower price ranges still often see multiple offers. I was in a multiple offer situation just last week on a house in the $190K price range.

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.