Monday Market Memo, May 12-18, 2009

Palmer and Wasilla Real Estate Statistics for the week ending May 18, 2009

Well, we surpassed 800 total listings by a bunch this week. We might be on our way to 900 total residential listings in the borough. Fifty Five new sellers came on the market this past week. The median asking price remains right at $239,900.

It’s important to note that for the second week in a row, the median and average sales price has been below $200,000.

 

Average PriceMedian PriceDOM
New55$288,632$249,000.
Total Active840$286,475$239,900137
Pending36$221,822$209,50074
Closed17$183,547$184,90091

I did a market analysis for a higher price home this past week and noted that while there are currently 47 homes on the market between $300K-$400K, only 27 sold in the last year. There is close to two years worth of inventory on the market in that price range.

A look at the lower price homes shows that there were 454 sales between $100K-$200K and there are 201 on the market currently. So there is less than 6 months worth of inventory in that price range.

Statistics can look good or bad depending on how you use them. In the Absorption Rate studies I have been doing, I have only been looking at the last months sales compared to the current inventory. When the last month has been active, the absorption rate looks pretty good. But if I had done these in the winter when things were slow, the absorption rate would have been much worse.

Either way, houses are still selling if they are presented well and price right. New construction houses are still selling well. We are documenting the construction of these houses as they go up…look at the latest videos just taken yesterday. 1651 E Pintail and Kane Drive.

Both of these house are excellent values. For first time home buyers they will get both the $8,000 tax rebate and the $7,500 energy rebate. That is hard to beat. In addition, you get a new home that is built to high energy standards that will save you money year after year….

Give me a call if you would like to find out more about these rebates or home values in the valley. 907 232-7900 cell


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.