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 Anchorage market statistics through July, 2013 for single-family homes only. View my quarterly reports for condominium sales and additional local market information. The information or data used in this publication is copyrighted by AK MLS, Inc. 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 in the MLS starting dropping in September, 2012 from last year’s August high, and continued dropping every month ’til hitting the seasonal low in February, 2013. Single family home for sale inventory is now up 71% from February’s low and should continue to grow for another month or so, before beginning the seasonal dropoff. It’s interesting to note that ‘for sale inventory’ was lower every month last year compared to the same month in 2011. We’ve continued that trend in 2013 with lower inventory every month through July, 2013, which is down 3% in inventory from July, 2012. We currently have the lowest number of ‘single-family homes’ listed for sale in the MLS since July, 2005. With that said, the number of ‘single family home’ sales listed in the MLS that CLOSED in July was higher this year than any July sales since 2004. Just like 10 out of 12 months last year, closed sales are up six out of seven months this year vs. 2012. It’s the highest number of MLS listed sales for the first seven months of the year since 2006. The number of pending sales at the end of July is matches Junes sales, so we should be looking OK for closed sale totals in August as well. The average sales price year-to-date of $346,254 is up 3.45% to last year, reflecting an upward trend. Median sales price is $320,000, up 3.9%. Homes sold at an average of 49 days on the market, 25% faster than last year. Right now, there is three months or less of homes-for-sale inventory in almost every price range under $400,000! This meets the definition of a very strong, local market with low inventory. Even in the $400,000 to $500,000 range there’s just four and a half months of inventory. In the $500,000 to $750,000 range, it’s almost six and a half months of inventory. It’s a very different market above $750,000 with over 17 months of inventory in the $750,000 to $1,000,000 range. The higher the price, the more of a buyer’s market it becomes! There are currently 32 homes for sale in the Anchorage area priced above $1,000,000. Nine homes in this range have actually sold in the past 12 months, giving us well over three years of inventory!
So, what are all of these numbers telling us? I am repeating myself every month! The short story: Just like all of my other recent reports….inventory is down and sales are up. That’s all good! As a result, we have a strong single-family home market in the Anchorage area under $500,000. Low mortgage interest rates continue to help drive the local market. Rates are still historically very low, but have been climbing upward during the past few months, and are up a full percentage point since this time last year. Keep a close eye on rates if you’re thinking about purchasing a home using a mortgage. Click here to read the mortgage interest rate article I wrote last September. 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 my previous Anchorage Area Real Estate Market Activity Reports for the past year:
Anchorage Area: Mid-Year 2012 (14 page PDF format will open in separate window)