Wasilla Real Estate Monday Morning Market Memo 5-14-2007
Here is the Wasilla Real Estate News update for this week. We continue to add more houses to the market than we are selling. We had 30 homes close this last week which is a little more than past market memos show, but we added 55 homes to the market, increasing our inventory again.
I took a look at lot sales this week. In the Wasilla map area, (click to enlarge), there are 358 lots currently on the market. Over the last 2 months there have been only 23 sales. That is a 30 month inventory. I remember a couple years ago when we felt like there was a shortage of developed building lots. The platting department at the Mat-Su Borough tells me that there are many more new subdivisions in the pipeline.
The statistics above seem to show an incongruity that I’d like to at least partially explain. Although there is currently about an 8–9 month inventory of homes on the market, the days on market, (DOM), is only 99 days. There are two reasons for that:
- First, low priced homes are continually coming on the market and selling quickly. If you have a house in the core area on one acre in good shape priced below $150,000, you will sell in a matter of days. Even higher priced homes sell quickly if they are priced right.
- Second, and this the main reason for the discrepancy. Listings expire or are cancelled after they have been on the market for awhile. People feel that if their house has been on the market for 180 days or so then they want to either give up, or change realtors, or just cancel and relist again in a few days. That starts the “days on market clock” over.
That second point reminds me of when my wife and I sold our own home a few years ago. When Grace asked me why were weren’t getting buyers after several weeks, I joked, “I don’t know, I think we should get another Realtor !”. Actually, after we finished packing all our junk, hired a painter to paint the interior of the house, and got the lawn looking nice in front it sold easily.
If your home is staged well, and is on the MLS with nice photos, it is being exposed to the market. Over 90% of the buyers use the internet to find their homes so it isn’t being overlooked. It just has a lot of competition, you have to beat that competition with your condition and your price.
Give me a call to set up a free consultation. 907 232–7900