Monday Market Memo for Dec 2-8, 2008
Wasilla Real Estate News market statistics for the week of Dec 2–8, 2008. These are the residential single family statistics that include all of the Matanuska-Susitna Borough. This includes the larger cities of Wasilla and Palmer but also includes all the rest of the borough.
There were 29 new listings this week, but 14 of them were “to be builts” listed by one contractor. These are homes that don’t even have a foundation in the ground. The builder is advertising these homes in hopes that someone will want him to build it. Most of them will not be built unless a buyer steps forward.
The total inventory dropped again this week by a substantial amount. It will likely go below 700 by the end of the year.
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Twenty one new pendings is still a healthy number. I notice that a good portion of them are new construction which proves that builders are still able to compete with the current inventory of homes on the market. This is in contrast to much of the country where prices have dropped so much that homes are selling for much less than the construction costs.
However $35 dollar oil prices do not look good. A short term dip in oil prices will not have too much of an effect on the Alaska economy, but if the prices stay low for a year or so, we will see major problems.