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. The following is my analysis of Anchorage market statistics through the end of June, 2014 for single-family homes and condominiums. 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.
Statistics for the first half of 2014 show that we continue to have a strong Anchorage area single family home sales market in the price range up to $500,000. The number of homes for sale in this price range continues to decline. There currently 10% less homes for sale priced under $500,000 than the same period last year, creating more demand. Above $500,000, it’s a different ballgame…..primarily a buyer’s market. There are currently 5% more homes for sale above $500,000 than this time last year. Overall, current for sale inventory is down around 3% from the same period last year. 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, 2014
48 homes priced below $200,000 in 2014 vs. 78 in 2013
- 173 homes priced between $200,000 and $300,000 in 2014 vs. 191 in 2013
- 198 homes priced between $300,000 and $400,000 in 2014 vs. 199 in 2013
- 132 homes priced between $400,000 and $500,000 in 2014 vs. 146 in 2013
- 190 homes priced between $500,000 and $1,000,000 in 2014 vs. 177 in 2013
- 23 homes listed at $1,000,000 or more in 2014 vs. 27 in 2013
The average market time for homes that actually sold so far this year is 49 days, down almost 6% from last year’s 52 day average. There’s less than three months of inventory in almost every price category under the $400,000 range and 3.6 months of inventory in the $400,000 to $500,000 range. The number of single family home sales for the first half of 2013 are down almost 7% over the same period last year. Although there are currently less homes on the market than last year, it looks like things are beginning to catch up. 2014 1st quarter inventory was down almost 8% to last year, while 2nd quarter inventory was only down 1% to the same period last year. It looks like supply may be beginning to attempt doing a better job of meeting demand. The average single family home sales price for the first half of 2014 is $359,186 vs. $338,472 for the first half of 2013, up over 6%. I personally think that median sales price is a better reflection of market appreciation. Per MLS statistics, the median sales price through June, 2014 is $327,950 vs. $315,000 for the same period last year. That’s up just over 4%. If we keep this up and end the year up 6% or better, we’ll have to be feeling real good about our local market.
The single family home statistics above and below indicate that we have a strong, normal market for Anchorage area single family homes under $500,000. 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 is currently priced at $5,800,000. It’s in our neighborhood. Click on the Oceanview Homes for Sale page to see the listing report and photos.
Condominium sales have made an improvement over the same period last year, in which sales were slower. There are currently 318 condominiums for sale vs. 306 at the same point last year…..up 4%. There’s four months or less for sale inventory in most price ranges, except the $100,000 to $129,000 range and above $250,000. The number of sales are up over 10% over last year, averaging 52 days on the market vs. 75 days last year. Average sales price is $198,880, stagnant compared to last year’s $199,341. Median sales price information is not available. The good news for condominiums is that although inventory is up slightly, it’s still within the normal range (except for the upper end) and sales are occurring considerably quicker. With that said, sales prices seem to be on hold.
The item that I continue to watch closely is mortgage interest rates. Last year at the end of June, rates were at 4.375% for 30 year conventional loans and 3.5% for 15 year conventional. As of July 1, 2014 rates were at 4.25% for 30 year conventional, 3.5% for 15 year conventional and 3.75% for FHA/VA 30 year fixed. 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.