August 2024-Market Report for Real Estate in Wasilla, Alaska
Wasilla Real Estate Market August 2024 Insights You Can't Afford to Miss
The Pulse of Wasilla's Real Estate in August 2024
Welcome, homeowners, investors, and local residents! Whether you're looking to buy, sell, or just stay informed about the Wasilla real estate market, you're in the right place. In this month's report, we'll dig into key statistics, compare year-on-year data, and provide insights to help you make informed decisions. Let's get started.
Understanding the Absorption Rate
The absorption rate tells us how long the current inventory of properties would last if no new properties were added to the market, and sales continued at a steady rate. It's calculated by dividing the number of active listings by the average number of listings sold per month over the previous 12 months.
For August 2024, the absorption rate is 4.02 months, a significant increase from 2.7 months in August 2023. This indicates a slower market, giving buyers more options and time to consider their choices.
Median List Price Trends
The median list price for homes in Wasilla has seen a slight uptick. In August 2024, the median list price is $450,000, up 2.34% from $439,700 in August 2023. Year-to-date, the median list price is $419,000, showing a 4.78% increase from $399,900 in 2023.
Median Sale Price Insights
Interestingly, the median sale price has seen a more substantial increase. In August 2024, it stands at $410,000, up 7.89% from $380,000 in August 2023. Year-to-date, the median sale price is $390,000, a 2.63% increase from $380,000 in 2023.
This suggests that while sellers are listing homes at higher prices, buyers are willing to meet these prices, reflecting a healthy market balance.
Average Days on Market (ADOM)
The average days on market (ADOM) is another crucial metric. In August 2024, homes in Wasilla spent an average of 16 days on the market, compared to 11 days in August 2023. Year-to-date, the ADOM is 14 days, up from 12 days in 2023.
This indicates a slight slowdown in the market, giving buyers more time to make decisions. However, homes are still selling relatively quickly, reflecting strong buyer interest.
Year-to-Date Changes in Wasilla's Market
Looking at the year-to-date (YTD) changes provides a broader perspective. The absorption rate YTD for 2024 is 2.82 months, up from 1.9 months in 2023, a 48.42% increase. The median list price YTD is $419,000, reflecting a 4.78% increase from $399,900 in 2023.
The median sale price YTD is $390,000, a 2.63% increase from $380,000 in 2023. The median ADOM YTD is 14 days, up from 12 days in 2023, a 16.67% increase. These changes highlight a general trend of increasing prices and slightly longer times to sell.
Comparing 2023 and 2024
When we compare August 2024 with August 2023, we see noticeable differences:
Absorption Rate: 4.02 months (2024) vs. 2.7 months (2023), a 48.89% increase.
Median List Price: $450,000 (2024) vs. $439,700 (2023), a 2.34% increase.
Median Sale Price: $410,000 (2024) vs. $380,000 (2023), a 7.89% increase.
Median ADOM: 16 days (2024) vs. 11 days (2023), a 45.45% increase.
These comparisons underscore the market's growth and transition over the past year, providing valuable insights for buyers, sellers, and investors.
Key Takeaways for Home Buyers
For home buyers, the Wasilla real estate market in August 2024 offers both opportunities and challenges. With an increased absorption rate, there are more options available, giving you time to find the perfect home. However, be prepared for slightly higher prices and act quickly when you find a good deal.
What Sellers Need to Know
Sellers in Wasilla can take advantage of the rising median list and sale prices. Pricing your home competitively can attract serious buyers willing to meet your asking price. While the market is slightly slower, homes are still selling relatively quickly, ensuring a timely sale.
Local Residents' Perspective
For local residents, understanding these market trends can provide valuable insights into property values and potential investment opportunities. Whether you're looking to buy, sell, or simply stay informed, keeping an eye on these metrics can help you make better decisions.
Conclusion
The Wasilla real estate market continues to evolve, reflecting broader economic trends and local dynamics. Whether you're a home buyer, investor, seller, or local resident, understanding these changes can help you make informed decisions and seize opportunities.
Curious to learn more about the Wasilla real estate market? Reach out to our team of experts for personalized insights and guidance. Stay tuned for next month's report, where we'll continue to track these trends and provide valuable updates.
Thank you for reading, and happy house hunting!
