Especially for those who are thinking of buying or selling, keeping a pulse on the market is always important, so I’m here with another market update.
Right now, we have about 809 properties on the market. Of those properties, 312 are currently under contract. This is a very healthy pending ratio.
However, the 2.6 months’ worth of inventory we have on hand is not very much at all. This means that sellers have the advantage. In other words, now is the time to make your move if you’re thinking of listing. One of the biggest mistakes people make in our market is waiting until spring to put their home on the market.
I actually find that sellers get the highest price when they list between February and June, so there is nothing wrong with starting early. By the time July hit last year, average home prices dropped by around $10,000.
Right now in Anchorage, the average sales price is $359,600, and sellers are currently earning about 97% of what they list their homes for. This figure might change in the next quarter because homes on the market today are frequently seeing multiple offers and are coming in at full price.
Of the homes that have already sold, listings have recently been spending an average of 62 days on the market. For active listings, the average number of days on market is 93.
The bottom line is that now is a great time to sell. So long as your listing is priced correctly and is in good condition, it should move quickly off the market.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.