How is the Anchorage market doing thus far in the year? It’s actually doing quite well.
Overall, the Anchorage market is in good condition.
In terms of inventory, we are up 7% over last year. This is the opposite of what we’ve noticed in the lower 48 states, where there are simply not enough homes on the market for buyer demand. This increase seems to be a sign that we are coming out of the recession that we’ve been facing.
We also have 8% more new listings, which shows that sellers are still active in the market and are doing well.
Homes under contract have seen a 4% increase from last year. This is a good indicator of buyer confidence. Those who have been waiting to buy because of interest rates are now starting to dip their toes in.
Sold homes are down 3%, which seems to be a function of our market. There are some unrealistic expectations on many buyers’ parts, as with repairs and other factors that will drive a transaction to fall apart and a buyer to walk away. I’ve even observed this happening with my own team.
Sales volume is down about 2%, but the average sales prices up by about 1%. Last year, the average sales price was $360,000, and this year it’s at $371,000.
If you’re a buyer, now is a great time to jump off the fence and purchase a home. Interest rates are rising; they’ve risen about 1% over the last year, and will continue to rise. It’s also a great time for sellers to put their homes on the market, since as interest rates rise, prices start to fall.
If you have any questions or if we can be of help to you, please feel free to reach out to me. I’d be glad to help.