We finally broke the 500 mark for total inventory. So our inventory continues to climb…but very slowly. We now have about 2.5 months worth of inventory on the market. House prices are not climbing as quickly anymore. But they are not falling either.
The average price of 3 bedrooms homes sold in Palmer and Wasilla in the last two months the last two months is $438K. The same period last year saw a price of $395K. That’s a 10% increase year over year. Buyers cannot expect that for next year but I don’t expect expect to see prices fall by much if they fall at all. There is still a pent-up demand. And still a shortage…which I guess is saying the same thing isn’t it?
Sellers have become accustomed to shooting for the stars and hoping to at least hit the moon. They have been pricing homes way higher than what they expected to get and were still selling them in the last year. That has ended. Houses now need to be priced competitively to sell.
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