The Alaska MLS compiles statistical information regarding local real estate sales activity on a monthly basis and makes it available to real estate licensees by the 15th of the following month. Therefore, you should see monthly market updates on this site by the middle of following month…..unless it’s a month like this when I get sidetracked by an abundance of activities!
The following is my quick analysis of October 2012 Anchorage market statistics for single-family homes only. View my quarterly report for condominium sales and additional local market information. 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.
Per our normal seasonal reduction, the number of Anchorage area homes listed for sale dropped 2% in September from the year’s high in August….and another 10% in October. Just like my August monthly report, the number of homes listed for sale in the MLS in October was 17% below October of last year. In fact, it’s the fewest number of homes for sale in the month of October since 2005. The number of homes that actually sold in October (closed sales only, not pending sales) was up 28% over October, 2011! The number of pending sales at the end of October was very close to the actual number of sales for the month. As a result, when the numbers come out next month, we should have another strong month. As predicted in my August update, we saw a drop in closed sales from August to September, but saw a 9% increase in October from September. So far this year, closed sales are up 12% over the same period last year. The average sales price for single family homes in October was $340,550, which brought the year-to-date average sales price up to $337,320….an increase of 4.77% over last year. Right now, there is less than four months of homes-for-sale inventory in every price range under $500,000! This meets the definition of a very normal and strong market. There’s just over five months of inventory in the $500,000 to $750,000 range which puts it well into the normal market range for the first time in a long time. It’s still most definitely a buyer’s market above $750,000. The higher the price, the more of a buyer’s market it becomes. There are still 22 homes for sale in the Anchorage area priced above $1,000,000, down from 26 in August. Two of these homes actually sold in October, becoming the first $1,000,000+ sales since June. That price range has been averaging one sale every other month.
So, what are all of these numbers telling us? The short story: Inventory is down, sales are up and the average sales price is up. That’s all good! As a result, we have a strong single-family home market in the Anchorage area under $500,000, especially in the under $350,000 range where there’s less than three months of inventory. Low mortgage interest rates continue to help drive the local market. It is interesting to note that rates are up approximately 0.375% from the Mortgage Interest Rates Update article I wrote two months ago. Click here to read that article. 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.
The following are links to previous Anchorage Area Real Estate Market Activity Reports:
Anchorage Area: Mid-Year 2012 (14 page PDF format will open in separate window)