We are so happy for our 3 Anchorage clients who have become lovely friends as well! There are 2 more Anchorage listings coming soon as well:-) By the way, we support our clients from Girdwood to Healy and have connections throughout the state ready to help provide excellent service. We thank you for your continued trust and support.
May 2023 Residential Market Overview
Now, let’s take a moment to observe the current residential market trends in Anchorage and the core area of the valley. Just let Travis or I know if you want good information about the real estate market in your area. There is lots of BAD info out there!
In comparison with the year 2019, Anchorage’s residential market has seen some significant changes. The number of active listings has reduced from 555 in 2019 to 110 in 2023! This severe lack of supply is really a crisis with no end in sight! 2019, saw 406 pending sales, compared to 302 in 2023 so demand is still very strong.
The total number of homes sold has decreased from 705 in 2019 to 513 in 2023. The average sales price has seen a noteworthy increase from $353,694 in 2019 to $456,542 in 2023, showing the strong growth in property values. Hard to make sense of these numbers!
Now, let’s review the progression of the Mat-Su Valley Core Area Residential Market from 2019 to 2023.
The numbers of Active Listings (supply) has fluctuated over the years from 546 in 2019 to a really pitiful 215 in 2023. Pending sales (Demand) have decreased just a little from 347 in 2019 to 338 in 2023 with the big spike of 612 pending sales in 2021. The lack of supply is holding the pending sales down for sure as I see it.
Again, we don’t see any significant increase in supply any time soon!
The Closed Sales figure has shown a general uptrend from 597 in 2019, peaking at 755 in 2022, and settling at 524 in 2023. Again with more supply this # would be higher!
Next month I will attempt to project where we will end up 2023. But check out the next graph regarding average sales price!
The average sales price has seen a HUGE increase from $276,000 in 2019 to $398,000 in 2023. With the # of sales so much lower you would expect the prices to be going down but..not happening! In fact, as I see homes that sold last year coming back on the market, prices are really increasing for the typical home.
It looks to me that the same home is selling for 8-10% more than a year ago! So anyone waiting to buy last year made a bad bet even with higher interest rates etc!
This trend could change but not until we have more supply!
As always, we remain committed to keeping you updated and helping you navigate the real estate landscape. Whether you’re looking to buy, sell, or simply stay informed, we’re here to provide expert guidance and support.
Thank you for choosing us as your trusted real estate partner. We look forward to working with you and achieving more milestones together in the future.
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Call or text Dave now at 907-863-7289
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