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What is the Anchorage real estate market doing? Everyone’s curiosity is piqued right now, and they’re a bit baffled as to why things are happening as they are.
As most of you know (or have heard), inventory in the Anchorage municipality is extremely low. I’ve been in the business for over 20 years, and this is as low as I’ve ever seen it. As of the recording of this video, we have 243 active listings. This number changes daily, but that’s the level it’s stayed at pretty consistently over the past 60 days. This equates to a little over a month’s worth of inventory, and our area averages about 200 home sales per week, so hopefully this is as low as it will get. Normally we have between three and five months’ worth of inventory, depending on the price point. Typically, the higher the price point, the higher the months of inventory.
There are about 700 homes under contract in our area, which is interesting since inventory is so low. What’s happening is that homes are getting multiple offers as soon as they hit the market. My listings are usually under contract within 72 hours of coming on the market. Not only are they getting multiple offers, but they’re also selling for over asking price.
If you’re a buyer, it might seem treacherous trying to navigate this market, but you can help your case a lot by hiring a good agent. You may need to write multiple offers before one is accepted, but don’t get too discouraged, because the market will level out eventually. Interest rates are still low, so it’s still a great time to buy—you’ll just have to work a little harder.
Moving on, the average sale price is $406,000. At the end of 2020, it was around $385,000. In the past 60 days, homes have spent an average of 20 days on the market, although that number is bigger than the majority average. As I said, my homes are typically under contract within 72 hours, and most homes that are in decent condition are gone that quickly too.
Whether you’re buying or selling in this market, now’s the time to call or email us. If you have any questions about our Anchorage real estate market, feel free to reach out to us as well. Have a great week!
