Current Market Update
The Matt Dimmick Team prides itself on an extensive market knowledge that provides insightful advice for our clients. One of the tools with which we gain these insights is something called the “TMO Reports”. Attached here are Current Market Reports called the “Total Market Overview”. These break down the various statistics for houses, condominiums, vacant land, and multi-family properties that are on the market, organized by price range. Stats like the “List to Sale Price Ratio” and “Months of Inventory” give us a fantastic idea of which homes are selling, for what price, and the time frame for these transactions.
In this week’s report Listing Specialist Liz Steele will be doing a deep dive on the Anchorage Market for Single Family Homes. Click Here to View the Anchorage Single Family TMO.
This report shows the market trends for Anchorage Single Family homes. It is a report Keller Williams generates on a weekly basis, and if this is something you would like to receive regularly please let us know. I can be reached at 907-360-3821 or through email at listings@teamdimmick.com
I have compared this report against last years report and here is what I have found:
What I find interesting:
– Today we have 978 active listings, this time last year we had 1030 – ACTIVE INVENTORY IS DOWN
– Today we have 330 pending sales, this time last year we had 371 – PENDING SALES ARE DOWN
– Today we have an average sales price of $367,160, this time last year the average sales price was $368,853 – AVERAGE SALES DOWN $1,693 (ESSENTIALLY FLAT)
– The average days on market is 44 Days, this time last year it was also 44 Days – Flat Market Time
WHAT DOES THIS MEAN FOR YOU?
By no means is the market crashing, YAY!!! Don’t be fooled by the media reporting negativity. Home values are NOT spiraling downward as the average sales price has been in the $365,000 – $375,00 range for over 5 years now.
However, pending sales are down, which shows that the general public is feeling unease and is less inclined to buy a home right now. Uncertainty in our state economy is causing a lot of “would be” buyers to hesitate. Rent prices are also down across the state making it more affordable for potential buyers to stay in their leases We are not seeing this translate into a significant dip in prices. The buyers who are motivated & actively looking expect a finished product when it comes to the condition of the home.
The buyers who are ready, willing, & able want turnkey, they want clean, and they want updated . Nearly every buyer we come across in this market wants the seller to pay their closing costs AND they want all home inspection repairs completed. I have seen many buyers willing to walk away from a deal if they cant get exactly what they want in contract negotiations. So, although the numbers are in the seller’s favor (good sales prices, short days on market, and low inventory) this market in many ways still FEELS like a buyers market.
If you are thinking of selling anytime in the next year, it is in your best interest to start planning NOW. The preparation and hard work you do now does pay off in the long run. It ensures that your home will be one sold in 44 days or less, instead of sitting active on the market with the other 900+ homes. If you have any questions about any of this information or are starting to think about how to plan for selling your home, please reach out at any time. I am here to help!
