What were the final numbers from 2019’s first quarter and what do they mean for buyers and sellers now? Find out in today’s market update.
Today we’ll take a quick look at our current market. In addition, I’ll include a link that more exhaustively covers the market stats I’ll be referring to.
Right now, we have 456 pending sales, which puts us at an extremely high 42% pending ratio. Because this is the time of year where sellers stand the gain the most from their sale, I tell mine to get their home on the market now.
Once summer hits, activity naturally slows, so jumping into this red-hot market while you still can is crucial.
The average sales price for active listings and for sold properties is $443,000 and $360,000, respectively; the sales price for sold properties ranges from $359,000 to $379,000 on average. It’s not uncommon for our market to be a bit sluggish in the first quarter of the year, though, and we’re sure to see a correction sometime this quarter and into the next.
Over the last six months, about 1,028 homes have sold in our area; we commonly sell between 2,200 and 2,500 homes in Anchorage each year. On average, homes that are selling are closing at about 98.7% of their original list price.
On the stat sheet I’m referring to, you’ll find specific data points based on the price point that you believe your home falls within. Some of those include days on market, the number of units, the average sales price, the original list price versus the original sale price, and our current months’ worth of inventory.
Knowing our supply of inventory is really important because it reveals the overall health of our market. A price point with five or six months of inventory will usually attract buyers who are well aware of their increased negotiating power.
You can see our area’s market report in full detail here. And if you have any questions, please feel free to give me a call at 907-240-2804 or email me at Dar@DarWalden.com. I’m always happy to help!