December 2023 Market Report for Wasilla Alaska
Market Report for Wasilla, Alaska
Welcome to the December 2023 market report for real estate in Wasilla, Alaska. Whether you're a real estate investor, property buyer, current Palmer resident, or looking to buy or sell a home in Palmer, this report will provide valuable insights into the local market trends and statistics. So, let's dive in and explore the current state of the real estate market in Wasilla.
Market Trends and Statistics
Absorption Rate
The absorption rate in Wasilla, Alaska has experienced a substantial surge compared to the previous year. As of December 2023, the absorption rate stands at 2.11, a notable increase from 1.71 in December 2022, signifying a remarkable change of 23.39%. This indicates a shift towards a more balanced market, favoring buyers. *See below for definition of Absorption Rate
Median List Price
The median list price for homes in Wasilla has shown a slight increase from the previous year. In December 2023, the median list price is recorded at $436,000, a 1.42% increase from $429,900 in December 2022. This suggests a steady appreciation in property values, making it an opportune time for property sellers.
Median Sale Price
Contrary to the median list price, the median sale price has experienced a slight decrease. In December 2023, the median sale price is $385,000, showing a decline of 1.28% compared to $390,000 in December 2022. Although there has been a slight dip, it's important to note that the median sale price is still higher than the previous year, indicating overall growth in property values.
Median ADOM (Average Days on Market)
The median ADOM in Wasilla has shown a significant decrease, indicating a faster pace of property sales. In December 2023, the median ADOM is recorded at 19 days, a remarkable 32.14% decrease from 28 days in December 2022. This suggests a highly competitive market with properties being sold at a quicker rate.
It's important to note that these statistics provide a snapshot of the current real estate market in Wasilla, Alaska. Market conditions can fluctuate, and it's always recommended to consult with a local real estate professional for specific insights and advice tailored to your individual needs.
As we move into the new year, it's an exciting time for buyers, sellers, and builders in Wasilla, Alaska. The market trends and statistics indicate a growing demand for properties, appreciation in property values, and a faster pace of sales. Whether you're looking to invest, buy, or sell, understanding the local market dynamics is key to making informed decisions.
We hope this market report has provided you with valuable insights into the real estate landscape of Wasilla, Alaska. Remember to stay connected with local real estate professionals and continue to monitor market trends as you navigate your real estate journey.
*Definition- The Absorption Rate, in Months chart provides insights into the current inventory of properties and how long it would take to sell them based on the current rate of sales. It takes into account the number of active listings and the average number of listings sold per month over the past 12 months. By calculating the absorption ratio, this chart helps understand the supply and demand dynamics in the market.
Source- Alaska Multiple Listing Service (MLS)
