Hopefully you had a great holiday season! Now that it’s 2018, it’s time for a market update.
Welcome to 2018! I hope you and your family had a great holiday season and were able to spend some time with your loved ones. I apologize for being gone from my video blog for longer than normal; I had surgery and I’m hobbling around on crutches, so I’ve been out of the office.
Today, we’re going to talk a little bit about what our local market is doing.
Right now, we have 637 active listings, which is about 3.3 months of inventory. We have 200 pending properties at the moment, and that’s about a third of what’s out there. Pending properties mean that they’re under contract and haven’t been sold yet but are on the way to being sold.
We’ve had 160 expired properties over the last six months. There are really only three reasons why a property doesn’t sell and the listing expires: the condition, the pricing, and the location. Typically, location is the smaller percentage, with 98% of the reason being price and condition.
The average sales price is a little bit higher than it was in 2016, at just under $270,000. The sellers are still getting about 99% of their last list price, as long as they’re priced appropriately.
The average days on market to be sold is 54 days, but right now in the Anchorage/Eagle River/Girdwood area, the average days on market is 123 days. Why the difference? The properties that sold in 54 days were priced appropriately and were in good condition, so buyers swept them up quickly. It’s a red flag when properties have been on the market for 123 days, usually meaning that the price and/or condition aren’t attractive to buyers. As a seller, you really control how long it takes to sell your home through those factors.
If you are thinking of selling your home this year, now is the time to get started on it. If you’re thinking about buying, we’re going to start seeing inventory increase in February and it will be rolling pretty well by April.
For any questions or real estate needs, feel free to give us a call. We’d love to help you.