As you guys know, I typically send out the market trends emails on Mondays, which gives a helpful snapshot of the market on a week by week basis. Since the market has been so crazy, I thought it would be helpful to send out a special report!
The chart above (Anchorage, Eagle River, Wasilla, Palmer) is a good summary of the market, and it’s pretty startling. Compared to last year at the same time, we have slightly more homes being sold (287 vs 281), drastically less inventory on the market (292 vs 369), and fewer new listings coming on the market (256 vs 343). Total months worth of housing inventory (the number of months it would take existing inventory to sell) is down from 1.31 months to 1.02.
Here’s another way of looking at the same market. Days on market is down compared to last year (31 vs 39), and the average sales price is up ($421,680 vs $363,145). Note that the average price of homes went up $58,535 over the last 12 months.
What’s going to happen from here? Given that there’s practically no inventory on the market, fewer new listings coming on the market, and the volume of sales is slightly higher than this time last year, this can only mean one thing: Prices are going to climb. We’re going to continue to see bidding wars. What will the longterm future bring with rising interest rates and more pessimism about the economy? Who knows. What we do know is that apart from some major, unexpected catastrophe, the upward market trend isn’t going to change in the near future.
Hopefully this info is helpful. If you’ve got a home to sell, I’d love to help you price it in such a way that you get top dollar for it! It’s easy to list and sell homes right now, harder to price without leaving money on the table. If you’re looking to buy, it’s important to have a real estate licensee who is able to send you listings just as soon as they hit the market, as well as upcoming listings and off market properties. I’d be happy to help!
Advantage Alaska Real Estate
“Your home sold in 90 days, or I’ll sell it for free!”
P.S. ~ My goal is to always do an excellent job for my clients. If I’m doing a great job for you, please consider passing my name on to others who are looking to buy or sell real estate in the local area.