July 2012 Anchorage Real Estate Market Activity Update

The Alaska MLS compiles statistical information regarding local real estate sales activity on a monthly basis and makes it available to licensees by the 15th of the following month. Therefore, you should see market updates on this site around the middle of each month.  The following is my quick analysis of July 2012 Anchorage market statistics for single family homes.  The information or data used in this publication is copyrighted by AK MLS, Inc. 2012 and no portion may be reproduced, redistributed or retransmitted without the express permission of AK MLS, Inc.  Further, AK MLS, Inc. does not warrant the accuracy of the information or data contained herein.

The trend continues:  There were more Anchorage area homes for sale in July than any previous month this year.  With that said, the number of homes for sale is still 20% below July of last year and the year before.  In fact, it’s the fewest number of homes for sale in the month of July since 2005.  Traditionally, the summer months of June, July & August are when we see the most homes for sale in the Anchorage market.  The number of homes that actually sold in July (closed sales only, not pending sales) is up 13% over July, 2011.  The number of pending sales at the end of July was greater than the actual number of sales for the month, so we should continue to see some pretty good sales comparisons over the next couple of months as ‘pendings’ convert to ‘closings’.  The average sales price for single family homes in July was $333,050, very close to the year-to-date average of $334,804. There is currently less than five months of homes-for-sale inventory in every price range under $400,000.  This meets the definition of a normal market.  There is six months of inventory in the $400,000 to $500,000 range which puts it toward the upper end of a normal market, not too far from a buyer’s market.  It’s still a buyer’s market above $500,000.  The higher the price above $500,000, the more of a buyer’s market it becomes.  Believe it or not, there are currently 24 homes for sale in the Anchorage area priced above $1,000,000.  Not one of them became a closed sale in July.  That price range has been averaging one sale every other month.

Historically low mortgage interest rates continue to help drive the local market.  Click on “Links of Interest” on the Menu Bar above to get to current mortgage interest rate links for purchase or refinance.  Be aware that the quoted rates are predicated upon top credit scores as well as other factors, and associated fees can vary somewhat from lender to lender.

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