Wasilla Real Estate News, Monday Morning Market Memo June 25, 2007
Here are the real estate statistics for the week. These cover the entire Mat-Su Borough. There are some localised markets in this Borough. I would say that Talkeetna is pretty much it’s own market, as is Big Lake. But I am taking a look at the whole thing. Most of the action goes on in the core area of Wasilla, Palmer, Knik-Goose Bay Road and Meadow Lakes.
For the first time in ages, we had more pending sales than new listings. One week doesn’t mean much, but we’ll keep an eye on it.
If you look at the chart to the right, (click to expand), you will notice that we are still selling just about as many houses as we did last year, and not a lot less than the really hot year of 2005. This chart is provided by AlaskaMLS, note their disclaimer below.
One big difference doesn’t show on this chart. That is the fact that there are significantly fewer new construction houses on the market. The majority of the homes are existing homes owned by private sellers, not builders. Builders are motivated sellers. Once they are finished with a house, they want it sold. They are usually not willing to sit around for months on end waiting for just the right buyer that will pay their price. If it doesn’t sell, they will lower the price until it does.
Home owners that are living in their house tend to be more patient. Some really only will sell if they get top dollar. Others really do want to sell but are willing to forestall a planned move if they do not get their price. There are a lot of those homes on the market right now. These homes will leave the market between August and October and the ones left will be the real motivated sellers. These are the people who really need to sell for one reason or another.
The market drivers are the builders and seriously motivated sellers. Their homes are selling too, as you can see from the chart above. Because of the size of the inventory, buyers have to sort through a lot of homes to pick out the motivated sellers from the rest of the homes.
“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. “