Market Overview: Single Family Homes

Team Dimmick’s latest installment of our Market Overview Series delves into the largest market segment for Alaskan Consumers- Single Family Homes in the Anchorage Area.

Here are the latest market statistics:

Year Over Year Review – Anchorage Single Family Homes
– Today we have 989 ACTIVE listings, this time last year we had 953 – ACTIVE INVENTORY IS UP 3.7%
– Today we have 414 PENDING sales, this time last year we had 425 – PENDING SALES ARE DOWN 3.6%

– Today we have 848 CLOSED sales, this time last year we had 960 – CLOSED SALES ARE DOWN 12.7%
– Today we have an average sales price of $365,733, last year it was $361,495 – AVERAGE SALES PRICE IS UP 1%

– The average days on market is 63 Days, this time last year it was also 63 Days – No Change Year over Year 0%

– List:Sales Price Ratio is 98.2% , this time last year it was 98.3% , – Relatively Flat 

For starters, our Anchorage Single Family market is holding strong. Despite more listings and less pendings/closings, we still have not seen the average days on market rise and prices are actually up. Why would homes continue to sell at a high price when there are more homes sitting on the open market, and sellers are forced to continually reduce their price to attract buyers? On the surface those facts seem to contradict one another.

However, with an economy that is gaining momentum and entering the busy season, buyers are still willing to pay market value for homes that are move-in ready and well maintained. These types of properties sell very quickly for prices equal to, or above list price. The homes that we have noticed remaining on the market for months are the ones in a dilapidated condition or with much needed updates. With that in mind, expect the prices on turn-key homes to remain steady throughout our summer months. If you would like to discuss the current trends or need any more information please call Team Dimmick at 907-865-6524 or email listings@teamdimmick.com