Statistics for the first half of 2013 show that we continue to have a strong Anchorage area single family home sales market in the price range up to $500,000. Above $500,000, it’s a different ballgame…..primarily a buyer’s market. The number of homes currently for sale on the MLS in the Municipality of Anchorage are listed below, by price range.
# Of Muni of Anch Single Family Homes Listed As Of The End Of June, 2013
78 homes on the market priced below $200,000
- 191 homes between $200,000 and $300,000
- 199 homes between $300,000 and $400,000
- 146 homes between $400,000 and $500,000
- 177 homes between $500,000 and $1,000,000
- 27 homes listed at $1,000,000 or more
The average market time for homes that actually sold so far this year is 52 days, down 26% from last year’s 71 day average. There’s less than three months of inventory in the under $400,000 range and under five months of inventory in the $400,000 to $500,000 range. The number of sales for the first half of 2013 are up 16% over the first half of 2012 (which I commented in last year’s 2012 first half year report was a very positive, good, normal first half-year market). Inventory for sale continues to drop, with the number of homes on the market at the end of June down almost 8% from the same period last year. Just like last year, every month this year has had less homes for sale than the same month in the previous year. The average single family home sales price for the first half of 2013 is $338,472 vs. $335,258 for the first half of 2012, up almost 1%. I personally think that the median sales price is a better reflection of market appreciation. Per MLS statistics, the median sales price (rounded off to the nearest $500) through June, 2013 is $315,000 vs. $305,000 for the same period last year. That’s up just over 3%. If we keep this up and end the year up 6%, we’ll have to be feeling real good about our local market.
The single family home statistics above and below are even better than last year’s Mid-Year Report in which I said we have a very good, normal market for Anchorage area single family homes under $400,000. I’ll have to move that number up to $500,000 this year, and call the ‘up to $400,000 range’ even stronger! Just like last year, if you’re in the million dollar plus range, it’s a buyer’s market. The most expensive home on the market started out at $6,900,000 in 2011, was reduced to $3,900,000 last year, dropped another $1,000,000 off the price this year and is currently priced at $2,900,000. It’s in our neighborhood. Click on the Oceanview Homes for Sale page to see the listing report and photos.
Condominium sales have made a significant improvement over the same period last year, in which sales were somewhat stagnant. There are currently 306 condominiums for sale vs. 362 at the same point last year. This is down over 15% from last year. There’s four months or less for sale inventory in almost all price ranges, except the $100,000 to $129,000 range, in which there’s just over six months of inventory. The number of sales are up 17% over last year, averaging 75 days on the market vs. 93 days last year, down 19%. Average sales price is $199,341, up 5% from last year’s $189,820. Median sales price information is not available. This is all good news for condominiums…..inventory is down, sales are up, sales prices are higher and they’re selling quicker.
The one item that I’m watching closely is mortgage interest rates. Last year at the end of June, rates were at 3.5% for 30 year conventional loans and 2.75% for 15 year conventionals. As of July 1, 2013 rates were at 4.375% for 30 year conventional and 3.5% for 15 year conventional. Rates have gone up in the 10 days since then to 4.625% and 3.625%. The increase hasn’t affected the market other than perhaps driving buyers to buy now rather than later. I foresee rates continuing to increase over the next year, but will make no specific rate increase forecast due to the numerous unforeseeable financial, political and world event factors that can impact rates.
The statistics below are a rather detailed overview of the Anchorage area single family and condominium real estate market.