Multiple Listing Service statistics through the third quarter of 2012 continue to show us that we are on the way to ending this year with the strongest Anchorage area real estate market of the past five years. With that said, there are some statistical exceptions, but I’ll get into that in a couple of paragraphs. 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 number of single family homes sold in the Municipality of Anchorage is up 9.3% year-to-date through the third quarter of 2012 compared to the same period in 2011. The number of single family homes currently listed for sale is down 14.7% compared to this time last year. Average sales price for single family homes is up 4.55% year-to-date at $336,877 compared to last year’s $323,183. The average number of days on market prior to sale pending this year is 61 days, down 12% from last year’s 70 days. These are all very positive numbers showing a very positive trend. In other words, inventory is down, sales volume and price are up and homes are selling faster than last year.
Now let’s look at the rest of the picture. Interest rates at 3.0% – 3.25% for 30 year fixed loans and 15 year loans at 2.5% fixed rates are really driving the under $500,000 market. Above $500,000, single family home sales are slower and we tend to see more price reductions. There’s a seven month inventory supply in the $500K to $750K range, an 11 month supply in the $750K to $1M range and a 52 month supply in the $1M+ range. These all tend to denote buyer’s markets, especially in the upper ranges. The number of condominiums sold in the Municipality of Anchorage is up 3% through the third quarter of 2012 compared to the same period in 2011, but the average condominium sales price year-to-date at $192,871 is down 3.1% compared to last year’s $198,855. The average number of days on market prior to sale pending this year is 82 days, down 8% from last year’s 90 days. Bottom line: the upper end single family home market, as well as condominiums, are still in a bit of a conundrum. As always however, location, condition and correct pricing can still be significant factors in producing a sale in a timely manner, regardless of the other factors.