Alaska Real Estate, Market Memo.
The Market Memo is published each week by Valley Market Real Estate. We have been publishing this weekly update on valleymarket.com for years. In fact the earliest one I found is here: https://valleymarket.com/2007/02/26/wasilla-and-palmer-real-estate-statistics-for-the-week-of-feb-19-26-2007/.
This is on all Matanuska Borough single-family residential property. It includes million dollar homes in the core area of Palmer and Wasilla in addition to trappers cabins a long way from the nearest road west of the Yentna River.
The “New” row shows the amount of residential properties that came on the market in the past week. It includes the new listings even if they sold immediately. So it’s possible for the same house to be in the New listings row and the Pending row at the same time. The New row is an indication of seller activity.
The “Pending” row shows the amount of properties that went under contract in the last week. This is an indication of buyer activity. Recently we have had several weeks where more houses went pending than were listed.
The “Closed” row shows the amount of contracts that closed in the last week. This is a lagging indicator that shows the places under contract that finally closed. The period of time between pending and closed can be anywhere from 6 months for a new construction home to 30 days from a fast transaction of an existing home.
The total shows how many homes are currently on the market. A low inventory shows that more people are holding onto their homes rather than selling them. It also indicates that buyers are snatching up the homes that do come on the market. Our inventory today is lower than at anytime since I have been doing the Market Memo.