Wasilla Real Estate, Monday Market Memo for 7-30-2007
Wasilla Real Estate News
Statistics for the week of July 23-30, 2007
I’d say three weeks in a row makes a trend. After climbing steadily since February, the total active inventory has dropped for three weeks in a row. I would expect the total inventory to drop by fall, but this is a bit early.
Closing were very weak but I think that will be made up next week since many people try to schedule their closings for the end of the month. We had some very healthy pending statistics in June and those should be closing about now.
Pendings are doing OK as well. We had three of our own listings pend last week and represented the buyers in pending two other listings so it was a busy week for us. These are the three that pended, (1,2,3), in case anyone is curious.
To the right is a chart from the AlaskaMLS system. (Click on it to enlarge)
Ignore the inventory bars on the chart because they don’t make a lot of sense being based only on the last 30 day sales compared to the overall inventory.
But pay attention to the blue line. This is the total residential sales in the Mat-Su Borough since July of 2005. Notice that the total sales line is still holding fairly steady with normal seasonal fluctuations. It’s hard to say that we have a housing crash by looking at that line. I have seen people write and heard people say that the housing market in the valley is crashing like it did in the late 1980s. We can’t really have a housing crash while sales remain steady.
Notice also the bright green line on top. The total active listings in 2005 were much lower than they are now. What that line doesn’t show is that new construction was a large part of those active listings. During that time a seller could expect very fast action on their home if it was priced even close to the realistic sales price.
That is no longer true, the total inventory of homes on the market is much higher and new construction is not as significant a factor. So although our total sales remain steady, for each individual seller the market feels slower since they are competing with so many other finished homes.
If you would like some help determining how to market your home, I now offer consulting services that do not require you to list your home to receive help from an experienced Realtor. Give me a call if you would like to talk. My cell is 907 232–7900, or you can always just drop me an email.
“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. “