Thursday, October 16, 2008

Newest MLS reports discussed at Anchorage Lions Club

I was the speaker at the Anchorage Lions Club last week. What follows is the outline of the presentation, in the form of a quiz. Answers appear below. The statistics are current as of the latest report from Alaska MLS, Inc., published October 10.

1. At the present rate of sales, how long will it take to sell the 40 homes for sale that are priced over $1,000,000?
a) one year b) 18 months c) two years d) three years e) five years

2. What is the gap between the asking price of a home this year when the sellers accepted an offer, and the price they got?
a) 2.5% b) 4.5% c) 7.5% d) 9.5% e) over 12%

3. How many homes were for sale at the end of September?
a) 275 more than the prior year b) about the same as the prior year c) 275 fewer than theprior year d) More than any time in the past 15 years e) fewer than any year in the 1990 decade

4. The average price of homes sold so far this year compared with 2007 is
a) 10% lower b) 5% lower c) about the same d) higher than last year

5. The average 2008 sales price of homes in Anchorage compared with the year 2000 is
a) 25% higher b) 50% higher c) 75% higher d) double e) 150% higher

6. The number of sales of Anchorage homes through September is
a) off 5.5% b) off 9.5% c) off 15.5% d) up 5% e) about the same

7. What is true about marketing times of homes in Anchorage?
a) It’s taking longer to sell a home this year, and homes now for sale have been on the market longer than last year
b) Home this year have been selling in less time but the existing inventory is experiencing longer market times
c) It has taken longer to sell a home this year but the existing inventory has not been on the market as long as homes that were for sale last year

8. Historically, what factors have had the biggest influence on Anchorage home values?
a) Price of oil
b) Jobs and population
c) Party in power in Washington
d) Realtors and mortgage lenders
e) Interest rates

9. What caused the real estate crash in Alaska in 1985-6?
a) Price of oil
b) Completion of Project ‘80’s
c) Tax Reform Act of 1986
e) All of the above
f) Something else: ______________________________

Answers: 1(d); 2(a); 3(c) and (e); 4(c); 5(c); 6(b); 7(a); 8(b); 9(e)

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