Mat-Su Valley Real Estate Update: June 24 – July 1, 2024

This past week has been very dynamic in the Mat-Su Valley real estate market. The market is experiencing some notable trends and shifts we would like to discuss.

Updates for the Mat-Su Valley Real Estate Market

Between June 24 and July 1, 2024, there were 70 new listings, and 56 went under contract. The average price for these pending properties was $392,000, slightly lower than the general market average. This indicates a cooling trend in the prices for new contracts. In contrast, 54 properties closed this week, a noticeable uptick in closings. The average closing price for those sales was $450,000.

When discussing the market dynamics, it is important to understand whether we are in a buyer’s or seller’s market. A simple method to gauge this is by looking at the number of weeks properties stay on the market. If the inventory lasts less than five months, it signifies a buyer’s market. That is especially true for properties priced under $300,000. Multiple offers are almost guaranteed unless the property is overpriced. Conversely, the high-end market (properties over $1 million) showed slower activity. It only had four sales in the past year against 12 current listings, translating to three years of inventory.

The real estate landscape becomes more challenging as property prices increase. For those in the higher price ranges, patience is the key due to the reduced pool of buyers. On the other hand, properties under $400,000, if reasonably priced, should attract substantial interest. Tiny adjustments in pricing, often around $10,000, can significantly impact the marketability of these homes.

Valley Market Real Estate is ready to assist with all your real estate needs. Our team, which includes new members Morgan Rouser and Josh Ric, is dedicated to providing top-notch service. For more information, you can get in touch with our agents. You may also visit The Valley Market website and check out our team page to learn more.

Stay tuned for next week’s update. Understanding these market trends can help you make more informed decisions whether you are buying or selling.

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