Wasilla Real Estate News, Monday Market Memo, 9/3/2007

The inventory for Wasilla Real Estate is beginning to ease.  I would expect to see a reduction in inventory as winter approaches. 

Fifty closed listings is a record for the summer.  It was a classic end of the summer surge.

Below are the statistics for this week:

Average Price DOM
New 40 $281,972
Total Active 976
Pending 30 $200.981 64
Closed 50 $238,675 67

It’s still interesting to note that the average days on the market is much lower for the houses that have sold or are pending than the total inventory.  Although I can’t show it yet using the AlaskaMLS data, the average days on the market for the total inventory is about 100 days, but the 50 closed properties this week only averaged 67 days on the market.

Someone asked me about how duplexes are selling so I checked it out today.

There are 31 duplexes on the market in the Palmer, Wasilla, Big Lake and Houston areas.  The average price is about $265,000 and the average time on the market for these duplexes is 141 days. Think about that while digesting the fact that only 3 duplexes have closed since May 1, (Mat-Su MLS shows 4 closed). 

It can still make sense to buy a duplex, but only under certain circumstances.  I’ll talk about those circumstances in the next article.

 If you have any questions about the current market…give me a call on my cell.  907 232–7900