November 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 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.

The following is my quick analysis of November, 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, dropped another 10% in October….and another 18% in November.  In addition, the number of homes listed for sale in the MLS in November, 2012 was 23% below the number listed for sale in November, 2011.  Again, just like every month since May, 2012 it’s the fewest number of homes listed for sale in the month of November since 2005.  Similar to October (when sales were up 28% over October, 2011), the number of homes that actually sold in November (closed sales only, not pending sales) was up 22% over November, 2011!  The number of pending sales at the end of November was very close to the actual number of sales for the month.  As a result, we’ll most likely have a slight drop in closed sales from November to December, but December should be another fairly strong sales month.  So far this year, closed sales are up almost 13% over the same period last year and it’s likely that we’ll end the year at that number!  The average sales price for single family homes in November was $339,980, bringing the year-to-date average sales price up to $337,568….an increase of 4.85% 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 strong, local market with low inventory in some price ranges.  There’s only four and a half months of inventory in the $500,000 to $750,000 range which cements 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 18 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 and one in November, becoming the first $1,000,000+ sales since June.  That price range has been averaging just over one sale every other month.

So, what are all of these numbers telling us?  The short story: Just like last month’s report….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 still 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: October, 2012

Anchorage Area Third Quarter 2012

Anchorage Area: August, 2012

Anchorage Area: July, 2012

Anchorage Area: Mid-Year 2012 (14 page PDF format will open in separate window)

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