Monday Morning Market Memo… Oct 20-27, 2008

Wasilla, Palmer, and Matanuska-Susitna Borough real estate statistics for the week of Oct 20–27, 2008. 

This week I noticed that 6 of the 15 closings were new construction.  Although the new construction market is down along with the rest of the real estate market, it is still holding it’s own.  Obviously 1/3 or more of the buyers are finding better value with new construction than with existing homes.

Only 5 of the homes that closed this week were built before 1990.  That is consistent with the total inventory where 28% of all the homes on the market are pre-1990.

 

Average Price Median Price DOM
New 25 $257,729 $200,000 .
Total Active 822 $294,104 $240,000 142
Pending 20 $242,114 $219,075 46
Closed 15 $259,313 $225,000 87

That indicates a shift in our market.  For a long time we were concentrating on homes that were built during the early 80s real estate boom.  Now those are obviously a minority of the homes sold.  Homes built during that era need to be aggressively priced because they are competing with the very energy efficient homes being built today.

We closed on this home in Hart Lake Estates this week.  DSCN0760Everyone who saw it commented on how nice it turned out.  The appraiser, the buyers and their Realtor were all pleased with the results.  The builder, Petr Rytikov is going to begin another home very similar to this one near Lucille Street in Wasilla soon.  If you are interested in finding out about it, give me a call at 907 232–7900 or email me marty@valleymarket.com  .