Real Estate Market Update for All of Alaska - 12-8-21

*The following is a transcript from the real estate market update for the entire state of Alaska, published 12-8-21. To view the update, visit my YouTube channel at Alaska Realtor.*

My mission is to help you build an intentional and significant legacy for yourself and your family by coaching you in real estate the purpose of today's video is to give you a market update for what's going on in all the big real estate markets in Alaska, looking specifically at Anchorage, the Matsu Valley, Fairbanks and the Kenai Peninsula. In this update we'll be focusing just on the residential side and we'll wrap it up in a nice summary at the very end

Anchorage

Active Inventory

The first market we're going to check out is anchorage and the first market here what we're going to see is that this time last year we had about 440 homes that were on the market and right now we have 290. That is a pretty sizable cut in inventory compared to the year before and the year before was already a pretty big cut from the previous year.

Sold Units

The next we want to look at the number of units that have actually sold in the market during that time frame. What we see is that the previous month what we have was about 290 homes sold this time last year now it's just over 300. We see that even with the inventory being cut back so much that we're still seeing the number of properties that have sold actually has increased.

? Average Sold Price

The average sold price has increased by just over seven percent and that continues to be a pretty good rate for what we've seen year to date. This time last year the average sold price was about $397,000 now it's approximately $425,000. Obviously that’s a pretty big numbers there that is nearly a $30,000 increase, but we'll talk more about that in the summary.

? MatSu Valley

Active Inventory

In the MatSu Valley what we see the number of homes that are on the market actually has maintained about what we've seen from the previous year. You see in the chart that that the number of properties that have been on the market actually has been starting to level out with what it was in the previous year. For instance, last year we saw that the number of properties that were on the market was about 322 and now it's 312 so roughly the same. It's a little less but compared to Anchorage and the other markets we'll be looking at, it's pretty minor. This is a sign the MatSu Valley is starting to adjust a little bit.

Units Sold

The number of properties that have actually sold went from about 174 to about 186 the next year, so we're seeing an uptick a little bit in the number of properties that have sold not a whole lot though. That again is a?favorable indication.

Average Sold Price

The average sold price in the MatSu Valley has increased to date by 15.48% and the average sold price this time last year was about $301,000 and now it's approximately $348,000 year-to-date. That's definitely the the healthiest uptake of any average sold price that we've seen in the MatSu Valley, but we'll save that more for the summary.

?

???????? ??Fairbanks

??????????????Active Inventory

??????????????In Fairbanks we saw that this time last year there were 66 properties that were on the market. Pretty small inventory to begin with. This year it's about 42 so we're seeing a pretty big cut in the inventory in Fairbanks, but there was not a whole lot to begin with.

??????????????

Sold Units

The next thing we need to look at is the number of properties that have actually sold in the market during that time frame. Really there is not a whole lot of difference year over year. There's only a 22 property difference between those two years. That speaks to just how much demand there is that you have so small inventory and yet it's just about the same from the number of properties that have actually sold.

?????????????

?Average Sold Price

This time last year is $251,000 and now it's about $289,000. That’s a pretty significant uptick, accounting for a 15.2% increase year over date

?

????Kenai Peninsula

Active Inventory

The inventory we had this time last year was 274; now it's 201. Obviously that’s pretty sizable decrease in the inventory. This isn’t too surprising at this point because we’ve seen this trend across the state.

Units Sold

The number of properties that sold this time last year was 81 in November and now it's 99. That’s pretty significant uptick in the number of properties in proportion to the total number that we have.

Average Sold Price

Last but not least, the average sold price for Kenai went from $275,000 this time last year year-to date and now it's sitting at roughly $308,000, a 12.2% increase.

?

Summary

?Across the entire state on the residential side the inventory remains low, but we are starting to see some inventory creeping up and competing with the previous year, specifically in the MatSu. Everywhere else has a pretty sizable decrease.

The average sold price has increased anywhere from 7% to 15%. This average sold price increase is expected to continue for as long as the interest rates remain low, which is going to keep driving the demand, which in turn makes the sellers who would be moving a little hesitant to do so just because they are not a lot of options for them to buy when they sell.

I suspect we are going to start seeing that inventory creeping back up when interest rates increase, so if you are on the fence about selling your property let's go and talk and see what we can do to help you. If you're looking at buying let's go ahead and talk and see what we can do to help you find some options.

?