I hope you had a fine Thanksgiving and my goodness, now we are rushing to Christmas and the new year! Remember home seller's "if the price isn't compelling, it isn't selling" especially in our present market with more inventory than normal.
Check out my November 2017 market analysis for the residential real estate marketplace in the "core area" of the Mat-Su Valley. I am comparing active listings (supply) and pending listings (demand) for 2016 and 2017 through mid-November. Also, I compare the ratio between the active and pending sales. So, with a ratio of 40%, for every 10 active listings there would be 4 pending sales.
Regarding the "overall" price range the big difference continues to be in active listings (supply) compared to last year with 115 more homes on the market. Demand (pending sales) has remained about the same though which is surprising. The pending/active ratio has gone from about 48% to 36.44% but that is mostly due to the increased supply. The average sales price is up $14,121 or about 4% from 2016 again, a bit surprising. Total sales YTD are down 137 from 2016 or about 10% which is significant. Average "days on market" for active listings is 119 and for pending listings, 66.3 with sold homes averaging 68.2 days on market.
Looking at the $200-300,000 price range the story is about the same with more supply and pending sales staying close. The 2016 ratio was 52.48% versus 42.24% in 2017. The average sales price is $275,215 and I would expect that to start going down.
The problem area is the $300-400,000 price range. The pending/active ratio dropped from 47.62% to 28.30% which is about double the change in the overall market.
Below are the graphs if you are interested and I would welcome any feedback or questions. My focus is to skillfully guide & protect my clients through the entire buying or selling process. Experience & Knowledge matters!!