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What’s happening in our real estate market as we push through March? Right now, we have one month of inventory on hand in the Anchorage, Eagle River, and Girdwood area. (Note: That’s single-family residences only, not condos or townhomes). There are 225 active listings at the moment, which is almost nothing. Meanwhile, there are 540 listings currently pending, meaning that they’re under contract. The difference between those two numbers shows that demand is vastly outpacing supply.
We have such a shortage of inventory that buyers are getting frustrated—understandably so. We’re seeing multiple offers come in on properties; our buyer’s agents have had to write five, six, or even seven different contracts for the same buyer because everything just keeps getting bid up. Even though interest rates have started to climb up, they’re still lower than they’ve been in the past four to five decades. Buyers are as eager as ever to lock in a reasonable rate, so they’re in a scramble to find properties that just aren’t there.
In the last 90 days, we’ve closed 643 properties. As you can see, homes are flying off the market almost as soon as they’re being listed. The average sales price is right around $403,000. Given the pace of our market, the average days on market is a bit skewed right now, but here’s what we can tell you from our own experience: Homes that are properly priced and in good condition are selling in a matter of days. Within a week—two weeks at most—we’ve been able to receive more than a full-priced offer on our listings.
If you’d like to know more about what’s going on in your specific area or neighborhood or are thinking of buying or selling soon, please give us a call or send an email. We’d love to connect with you and help you navigate this crazy market.
