Statistics for the first nine months 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 Municipality of Anchorage Single Family Homes Listed At The End Of September, 2013
53 homes on the market priced below $200,000
- 192 homes between $200,000 and $300,000
- 169 homes between $300,000 and $400,000
- 132 homes between $400,000 and $500,000
- 172 homes between $500,000 and $1,000,000
- 31 homes listed at $1,000,000 or more
The average market time for homes that actually sold so far this year is 46 days, down 24% from last year’s 61 day average. There’s less than three months of inventory in the under $400,000 range and under four months of inventory in the $400,000 to $500,000 range. The number of sales for the first nine months of 2013 are up 16.5% over the first nine months of 2012. Inventory for sale continues to drop, with the number of homes on the market at the end of September down 9.5% 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. In fact every month this year but one, had less homes for sale than every corresponding month going back to 2005. The average single family home sales price for the first nine months of 2013 is $346,332 vs. $337,283 for the first nine months of 2012, up 2.68%. 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 September, 2013 is $323,000 vs. $310,000 for the same period last year. That’s up 4.2%. It looks like we’re on the road to end the year up around 5%.
The single family home statistics above and below are even better than last year’s 3rd Quarter Report. We have a very good, strong market for Anchorage area single family homes under $500,000. From $500,000 on up, it can be a challenge if you’re a seller. Just like last year, if you’re in the million dollar plus range, it’s a strong buyer’s market.
Condominium sales have made a significant improvement over the same period last year, in which sales were somewhat stagnant. There’s four months or less for sale inventory in most price ranges under $400,000. The number of condominiums sold so far this year is up 20% over the same period last year, averaging 60 days on the market vs. 82 days last year, down 26%. Average sales price is $204,199, up 6% from last year’s $192,777. 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 still watching closely is mortgage interest rates. Last year at this time, rates were at 3.0 to 3.25% % for 30 year conventional loans. As of October 1, 2013 rates were at 4.375% for 30 year conventional mortgages, up over 1% from last year. 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 can make no specific rate increase forecast due to the numerous unforeseeable financial, political and world event factors that can impact rates. With that said, rates are still at incredible historic lows. Don’t wait too long if you’re looking to buy.
The statistics below are a rather detailed overview of the Anchorage area single family and condominium real estate market.
Anchorage Area: Mid-Year 2012 (14 page PDF format will open in separate window)