November 2023 Real Estate Market Insights From Dave & Travis!
I wanted to share some crucial insights with you regarding the current market trends, specifically as we approach the end of 2023. One of the most pressing challenges in today's market is inventory. Despite fluctuating interest rates, inventory scarcity remains a primary concern and is expected to persist. This brings us to an important question: Should you wait for rates or prices to drop before buying? Contrary to some expectations, there is no indication that housing prices are going to decrease. In fact, if interest rates were to lower, we anticipate a significant increase in buyer activity. Therefore, if you're in a position to purchase now, it could be a strategic move.
Looking back over the past three to four years, we've seen an extraordinary equity growth of 30-40% for homeowners, on average. This is an unprecedented trend, highlighting the potential gains for current and future homeowners.
As the frost sets in, it's time for a warm update on Mat-Su Valley's real estate trends. Our November snapshot reveals a market that's adjusting to balance; active listings are stable at 284, down from the highs of 2019 but up from the lows of 2021. Pending sales, while lower at 238, still reflect a dynamic market as we head into 2024.
What does this mean for you? Opportunity. For buyers, there's a healthy selection of homes to choose from. Sellers, your properties are precious in a market where demand remains active. Now let's dive into Matsu Valley “CORE” Area (Active vs Pending) Year to Date. The Active home listings have shown a slight seasonal decrease from 317 in August to 284 in November, while pending sales have also followed suit, reducing from a high of 334 to 238. This stable market offers great opportunities for both buyers and sellers looking to make a move before the year ends.
Despite the fluctuations over the past five years, November 2023 has shown a promising increase in average sales price to $414,000, reflecting a growing market value in Mat-Su Valley homes. While the number of sales has seen a slight decrease from last year, to 1277, it's an opportune moment for potential sellers to capitalize on higher property values. Homes are selling faster than in 2019, now averaging 37 days on the market, indicating a steady demand.
Our latest data indicates a dynamic market, with an average sales price of $414,000 for homes in the area. For those interested in existing homes, the average sales price is an accessible $398,179, and these properties are moving swiftly with an average of only 27 days on the market. If you're looking for something brand-new, our new constructions, averaging at $473,793, offer modern living spaces. With 284 active listings and 236 properties pending, opportunities abound.
The current market scenario presents a unique opportunity. While it's uncertain when interest rates might decrease, any such change could lead to a rapid increase in property values. Purchasing a property now could place you in an advantageous position for potential equity growth.
At Dave's Alaska Homes, we are committed to keeping you informed and helping you make the best decisions for your real estate needs. Please feel free to reach out to us for personalized advice or further information about the current market trends.Thank you for your continued trust in Dave's Alaska Homes. We look forward to assisting you with your real estate journey.
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If you or anyone you know has ANY thoughts of buying or selling real estate, lets connect to talk about the opportunities available in our market and how to reach your goals.
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Call or text Dave now at 907-863-7289
Call or text Travis now at 907-575-6779
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