Monday Morning Market Memo…Wasilla, Palmer, Matsu 4/23/07
Below are the Wasilla Real Estate News statistics for this past week. It shows pretty much the same thing that we have been seeing for the last few months. The closed sales remain in the twenties but the pendings are starting to grow.
There is still a huge gap between the average sales price and the average asking price. That is why there is also a huge difference in days on the market for the inventory as a whole compared to the closed listings. The houses that are in the lower price ranges sell fairly quickly. Higher priced homes are on the market much longer.
Interestingly, the new listings are not growing significantly. In fact, the total inventory is down as the chart below shows. Sales are climbing at a healthy rate while we are not getting a surge of new houses on the market. I believe that is because builders are not building on speculation as much as they did in the past few years.
The next two charts, (click to expand), show that although we are selling as many and actually a few more houses that we have in previous years, the average sales price is actually down slightly. I think we have reached a plateau that will remain until local incomes increase.