Monday Market Memo, March 3-9, 2009

Here are the Wasilla and Palmer real estate statistics for March 3-9, 2009. These statistics include all single family residences for the whole Matanuska-Susitna Borough.

You will notice that the volume for everything fell this week. That even includes new listings which I would expect to remain high between now and spring.

The closed sale numbers are looking at 30-45 day old data because it takes about that long for a pending sale to work its way through to a closing. The pendings and active listings are very current information.

 

Average Price Median Price DOM
New 30 $295,900 $268,500 .
Total Active 737 $285,532 $237,950 155
Pending 11 $210,664 $198,000 22
Closed 14 $209,629 $184,000 101

I checked to see how our sales so far this year have compared to last year. It appears that the volume of closed sales are down about 18% so far this year. We had 140 closed sales by this time last year and about 115 this year. That will tend to put downward pressure on prices since the same amount of sellers are competing for fewer buyers.

Three of the 14 closings were new construction. New construction has remained surprisingly strong, hanging in at about 25% of the total market. Builders have been able to adapt to the market, building homes that meet buyer’s budgets and competing with the existing homes.

A big advantage this year for first time home buyers is to get a 5 star plus energy rated home and receive a $7,500 cash rebate from Alaska Housing while also getting an $8,000 tax credit from the Federal Government. It is likely that the cash rebate will run out of money sometime this year. It is available for all purchasers of new 5 star plus homes. If you would like to find out more about his email me at marty@valleymarket.com or give me a call on my cell phone at 232-7900.

Only one of the closed sales was a foreclosure. The foreclosures are not driving our market like they are in many of the harder hit areas of the country. Still, many foreclosures are often good deals. There are currently 30 foreclosures on the market. I am not allowed by MLS rules to post them on my website, but I can add you to a list of people that automatically receive every new foreclosure the day it hits the market. Just send me your name, number, and email address at marty@valleymarket.com and I will add you to the list.

Also, if you are searching for a particular type of property, in a certain area, at a certain price, I can set up an search that will automatically send you the detailed report as soon as that property hits the market. The search can be as detailed or as general as you like. Again, just send me your name, phone number and email address.

This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market.