Wasilla Real Estate News, Monday Market Memo, Dec 9-15, 2008

Wasilla Real Estate News Market Statistics for the Matanuska-Susitna Borough for the week of Dec 9–15, 2008.

This weeks numbers of closed sales, pending sales and new listings are the lowest I have recorded since starting these statistics about 3 years ago.

Only 3 pending sales for the whole Mat-Su Borough is pretty sobering.  Of course, this is the week before Christmas, the slowest time of the year, but only THREE PENDINGS?  And notice the median price of those three pending sales, only $133,000.

 

Average Price Median Price DOM
New 13 $335,565 $224,900 .
Total Active 714 $283,362 $229,000 157
Pending 3 $176,267 $133,900 83
Closed 9 $282,311 $220,000 38

Another trend that I have been noticing lately is that the median asking price has been steadily dropping while the average Days on Market, (DOM), has been steadily rising.  This either indicates that the prices are dropping or at least that there is downward pressure on prices.

In order to actually prove that prices are rising or falling you need to used matched pairs.  That is, you need to have the same house, or almost the same house sell a year or two ago and then sell again today.  With several matched pairs you can show that prices are rising or falling.

I did this study last summer and found about a dozen matched pairs.  All but one sold for more this year than its previous sale of two years earlier.  I hope to find the time to do that again in the next week or so.

Feel free to call with any questions about the Mat-Su Real Estate market.  You can call 907 232–7900 or email me at [email protected]