Monday Morning Market Memo Oct 12-22, 2007
Wasilla Real Estate News, Real Estate Statistics for Wasilla, Palmer and the rest of the Mat-Su Borough
The inventory dropped a little this week. Not because we sold more houses but because fewer new listings came on the market. People are reluctant to sell during the months of November and December. We will probably not see the amount of new listings pick up significantly until January or February.
It is interesting to note that there are several new construction houses in this recent list of closed sales. People are still buying new homes and builders are still building. The days of building any old house and they will come, however, is gone. A builder needs to do his homework before beginning a project on speculation.
I note that of the twenty three closed sales this week, eleven sold in less than 40 days and for full price. Most of the others took some major price reductions to sell. A couple of them were new construction houses that were on the market for a long time.
Typically, a spec house, (this is a house built by a builder on speculation), will be marketed from the time he clears the lot, sometimes before that. But it usually actually sells about the time it is all finished, or close to finished, so they are on the market a long time. Those tend to drive up the average days on the market.