Monday Market Memo, November 10-17,2008

Wasilla Real Estate News statistics for the week of November 10–17, 2008

These statistics include all residential sales on the Alaska MLS system for the Mat-Su Borough.  They do not include vacant land sales or commercial and multi-family sales.

I included the statistics for the same week in 2007, the week before Thanksgiving.  You will notice that I include more details in the report now than I did then   I have added them as a response to my readers.  If you would like different details, let me know and I will add them if possible.

 

Average Price Median Price DOM
New 29 $223,736 $186,900 .
Total Active 780 $288,644 $237,500 146
Pending 22 $240,043 $199,900 142
Closed 22 $194,248 $181,250 113
Average Price DOM
New 32 $234,244 .
Total Active 866 . .
Pending 21 $221,676 115
Closed 27 $210,089 80

This week is on the left and 2007 is on the right.

Notice that the statistics are very similar except for total inventory. The inventory is down by about 10% compared to last year. I would expect the inventory to continue to drop as we go through the Thanksgiving and Christmas Holidays. The inventory is lower because people generally don’t want to make a move from their house during the holiday season. After the first of the year, people will begin to put their homes back on the market and it will slowly grow.

The other noticeable difference is Days on Market.  Marketing time is up by a significant amount.  It takes much longer this year to sell a home than it did last year.  Sellers should be aware of this and prepare for it.  Still, the homes that are competitively priced tend to sell quickly.  Here is a quote from last years post…”although the new listings usually show a significant decline during that time of the year, buyers do not stop looking.  If a good house hits the market buyers will be all over it.  This is actually a good time to put a well priced, clean home on the market.  You will have less competition…”

If you would like some help to determine a competitive price for your property, give me a call at 373–0999 or email [email protected]