August 2024 Matsu Valley “CORE” Area Residential Market Update from Dave & Travis!
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"August 2024 Matsu Valley “CORE” Area Residential Market Update Part 1 from Dave & Travis! "
The real estate market in Alaska is presenting some intriguing trends as we progress through 2024, which could have significant implications for both buyers and sellers. As we look at the statistics the market has certainly shifted. Looking just at 2024 (below) you can see supply has really jumped to the highest number seen in over 4 years. Pending sales are holding steady with a ratio between active and pending of 66% (again the lowest we have seen in over 4 years). The number of sales is very depressed (nationwide as well) BUT average sales price has ticked up almost 5% from December of 2023 sitting at about $425,000. Mortgage interest rates have been decreasing fairly quickly and that is expected to continue. We have several residential transactions going with rates below 5.5%!
Now lets look at the 2019-2024 August numbers (below). It is striking to see the larger number of active listings at 439 but notice that is still about 200 short of 2019! Demand (pending sales) has certainly dropped with just 284, a number we haven't seen for many years (even 100 less than 2019). The number of sales while fairly even with 2023 are at a level not seen since 2011-12 as I looked back. Again, this is a nationwide issue with sales expected to be about 4,000,000 for 2024. And of course prices keep going up which is crazy. Is there a crash coming? I don't think so. In fact my belief is there is a bunch of "pent up demand" just waiting to buy. Waiting on what? Interest rates to go down certainly but there is just a bunch of uncertainty in our world with wars-elections-economies.
In any case properties still need to be sold (many heading out of state) and buyers need to have a home (many coming into the state:-). And rental prices are still increasing with supply slim especially for single family homes.
All the more important to work with an experienced professional to guide everything to a successful conclusion. Any questions feel free to reach out to Travis or myself:-)
Below are a couple graphs showing the pretty wild swings in supply & demand!
ACTIVE VS PENDING
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