Here is our last market update for 2020. I need to give a big shout out to our amazing virtual assistant and girl Friday Jeanrose! She lives in the Phillipines and has had a major volcano eruption, earthquakes, Covid, Typhoon's, and the power going out frequently. She hangs in & doesn't miss a beat making us look pretty darn good I think! Any feedback on our information and presentation would be appreciated!
We have almost made it through 2020! What a year this has been & who knows what 2021 will bring our way. The real estate market in South Central Alaska and throughout much of the lower 48 has been turned upside down with low supply, high demand and rising home values. What is driving this crazy trend and will it continue (and for how long)? One thing for sure is that "home" has become much more important to everyone. Sellers are opting to stay put if they can and home buyer's "needs" have changed a bunch. Throw in historically low interest rates, the huge increase in working remotely and the flight from urban area's. And frankly I don't see the dynamics changing very much for the first half of 2021 barring something drastic. We need a bunch more supply and a bunch less demand just to get back to "normal". I guess we just hang on for the ride!
We have put together some market information for the core area of the Valley, Anchorage residential and Anchorage condominiums that illustrates where we are compared to last year at this time. First the Valley and wow, only 200 active listings Monday (with about 40% of that new construction) and pending sales still over 400 (compared to 241 last year). The number of sold home is up which makes sense but the big change is in average sales price up almost 9% from last year. Average sales price has increased about 5% over the last 3 years (2017-2019) to compare. And check out the ratio of pending to active at 203% versus 52.62% last year! Pending sales would be higher if we had more supply in my opinion!
Anchorage single family residential sales show the same types of trend just not as extreme. The number of sales is up quite a bit from last year which surprised me and average sales price is up about 5%.
Anchorage condominiums show very little increase in sales price but the number of sales is up considerably from last year.
Back on Market! Check out this 2 bedroom, 2 Bathroom top floor condo with nice views of the mountains and lake from the deck. 1 car heated garage and 1 parking space. In good condition and priced to sell quickly. Nicely landscaped property/convenient location.
Here are my Sale Pending and Closed Listings. I'm so happy for my clients and I really appreciate the opportunity to be of service!
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