Monday Market Memo for June 2-8, 2009

<h2Wasilla, Palmer and Mat-Su Real Estate Statistics for the week of June 2-8, 2009</h2

This week is almost identical to last week. We had about the same amount of new listings, pendings, and closings. Closings were down a little this week compared to last but that’s to be expected because the end of a month always has more closings than the beginning of the next month.

Total inventory went up as well, we are almost over 900. That’s a lot of houses for sale. especially when you realize that Anchorage, with more than 3 times the population, only has 1,102 houses on the market. Put another way, in Anchorage you have 272 people for each house for sale while in the Mat-Su there are only 78 people per house for sale. Obviously, our buyers need to come from somewhere else, and a lot of them come from Anchorage.

 

Average Price Median Price DOM
New 66 $225,380 $196,000 .
Total Active 894 $289,125 $239,900 132
Pending 35 $195,351 $197,000 56
Closed 20 $206,928 $212,150 65

When gas prices increase, a lot of those Anchorage buyers decide to rent or buy a condo rather than a home on some land in the Mat-Su. That’s important to think about if you are a seller.

Something else these statistics tell us is that there are actually two markets out there. One is a pretty active market while the other is stagnant.

All you need to do is look at the DOM, (days on market), for the pending and closed listings compared to the total inventory. Then check out the median price of the closed sales compared to the houses on the market…no question…there are two markets.

Based on information from AK MLS, Inc. for the period but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.