Thursday, July 20, 2006

Anchorage homes for sale top recent records

Anchorage’s summer market sees more homes for sale at this time of year than any year since 1999. Although the number of reported sales has declined year-to-date by 4.8%, prices continue to rise.

The average selling price of a home in Anchorage crossed the $300,000 line in April, a first for Anchorage. The average sales price in June was a whopping $340,175!

Homes are still selling in 45 days, about the same as the past four years. The average gap between the last listed price and the closed sale price is the narrowest it has ever been: 0.56%.

These facts suggest that market appreciation may still achieve double-digit levels this year. It’s been 9%-12% in each of the years 2001-2005. So far this year our average price is 5.95% above the end of last year. We can’t have short market times and homes selling very close to list and not believe that demand still outstrips supply.

It is refreshing, however, to see more inventory. Total homes listed for sale through MLS have been in the 500-600 range since late 2000, even dropping below 500 a few times. Now we have just seen a surge of 654 new listings in June to bring the month-end total to 963.

If there is a soft spot in the market, it’s upper-end homes. The million-dollar home used to be unusual: now there are 25 for sale. But with only one or two a month selling, this inventory constitutes a 21 month supply. The inventory of homes from $750,000 to $1 million is 14 months. By contrast, under $250,000 there is only a two month supply.

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