Monday Morning Market Memo Feb 25, 2008

Wasilla Real Estate News Market Statistics for this week.  These statistics are for residential single family home sales in the Matanuska-Susitna Borough.  The vast majority of the activity is in the Wasilla and Palmer area but these numbers also include houses and cabins from Talkeetna to Sutton.

I have included the same statistics for this week in 2007.  You will notice that the DOM, (days on the market), are higher and the prices are lower for 2008.  This does show that although our market is still active, it is taking longer to sell a home on average and that selling prices need to be very competitive.

This week we broke a record that was only two weeks old for the fewest closings in a week.  We only had 12 compared to 13 a couple weeks ago.  It was a short week with President’s Day.  Most of the title companies were closed that day and we were coming off of some of the coldest weeks of the month when the contracts would have been signed.  Pendings are normal this week so it will take more time to see if it indicates a trend.

I compared the last six months to the same six months one year ago. 

• Sep 1 2007– Feb 25, 2008.  Total Sales 583, Median Price $202,371
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• Sep 1 2006–Feb 25, 2007.  Total Sales 710, Median Price $210,000

So we can say that fewer homes are selling for a little less money.  It appears that the Mat-Su Valley is dealing with the credit crunch by a slow down in sales and no appreciation. 

When we look at individual homes we still are finding that most houses purchased two to three years ago, sell for more today than than they did then.  I have found a couple sales where the price went down, but those are definitely in the minority. 

However, this market changes every month.  As the numbers above indicate, the pressure seems to be pushing down, not up. 

Here is what I found when I took a look at that trend for the last year.

The last 12 month sales sorted by price.

• $500,000 +   22 sales
• $400–500     41 sales
• $300–400    140 sales
• $200–300    571 sales
• $100–200    600 sales
• $100 –           80 sales

Here are the previous 12 months.

• $500,000 +   18 sales
• $400–500     37 sales
• $300–400    154 sales
• $200–300   685 sales
• $100–200   675 sales
• $100 –        104 sales

I think those are enough numbers right now…As Grace always tells me when I run a list of figures by her…”the men, they love the numbers”.

Give me a call if you would like more info on the market or any particular house.  Just call my cell 232–7900, dial the 907 area code if long distance.