Wasilla Foreclosures on the Rise

Wasilla Foreclosures on the Rise

Now that we are at the end of the year it’s a great time to look at some trends in the Wasilla Real Estate market. Let’s take a look at what’s happening with Wasilla Foreclosures.  The statistics shown here actually represent all of the Mat-Su Borough foreclosures.  VIEW ALL MAT-SU FORECLOSURES

Currently there are 42 active foreclosure listings with approximately 4 months of inventory.  There have been 9 foreclosures sales reported as of Dec 28th for the month of December 2010.  The graph shown demonstrates what the Wasilla Foreclosure market has done since November 2007.

                                 Wasilla Foreclosures on the Rise

To put this into perspective we need to compare the Wasilla Foreclosure inventory  to the rest of  the real estate market.  When comparing months of inventory on the market over the past 36 months we see that the average home in all price ranges usually falls between 7 to 10 months based on the rate of sales.

 The Wasilla Foreclosure inventory often falls between 2 to 4 months.  These homes are getting absorbed into the market place at a much higher rate.  As the rate of new Wasilla foreclosures increase they become more of a threat to the normal home seller who has to compete with the foreclosure market.

The Wasilla area has not been hit with the decline of the real estate market like much of the country.  However we certainly have not been immune to its effect.  Since 2006 values have remained relatively stable in the lower price ranges.  As price points increase so has the decline in values.

In the past 12 months there have been 1163 home sales.  The foreclosures represented 143 of those sales or 12% of the Wasilla area Real Estate Market.  The proceeding 12 months resulted in 1156 home sales with 121 or 10% of them being foreclosures.  With foreclosure inventory climbing, the result will be an increased percentage of foreclosures making up the total volume of closes home sales in the Mat-Su Valley.

If you are in the market to purchase a home or need advice on how to get the most out of your existing home give Larry and Jacque Ficek a call.  We can be reached at 907-373-8000 or toll free at 1-877-373-1020 ext 1.                                 

All Wasilla Area Homes Last 12 Months