October Real Estate Market Update with Dave and Travis
First off, I just want to take a moment to thank our clients at 231 Herning for the kind words and the positive review for us on Google. It truly means a lot to us to have your trust and support!
I’m thrilled to finally be pulling the lockbox on my commercial sale at the Art Music and Dance Center on Herning! This one took some serious back and forth, but hey, that's just how commercial real estate goes sometimes. At the end of the day, it’s all about making sure the deal works for everyone involved. The buyer is a dentist opening a new practice on the site.
I couldn’t be happier for my sellers—they’ve become great friends through the process. Now, they can shift their focus fully to their business in Anchorage and have more flexibilty in life!
"October Real Estate Market Update from Dave & Travis! "
As we near the end of 2024, I wanted to give you a quick update on what’s happening in the Mat-su Valley “Core” real estate market. Whether you’re buying or selling, having a pulse on the latest market trends can help you make better decisions.
Active listings have grown from 206 in January to 414 in October, giving buyers more choices. Pending sales are cooling with 267 homes pending, and the average sales price has risen from $371,000 to $427,000 or up about 5% from December 2023. The number of sales is low at 1129 closed year to date. This is a nationwide trend.
Here's a quick update on the Matsu Valley “Core” real estate market by Price Range.
Homes priced between $300K-$400K are particularly active, with 70 listings, 87 pending sales, and making up 35% of the total closed sales. This makes it a prime range for those looking to sell quickly. Similarly, homes in the $400K-$500K range are performing well, with 117 active listings and 300 closed sales, indicating decent demand in this category. Higher-priced homes in the $750K-$1M+ range are seeing slower movement, with an average of 42 days on the market, but still hold potential for sellers, especially with 37 closed sales recorded in this range.
Now lets look at the real estate market in Matsu Valley, Anchorage, and Kenai this year and compared to 2019. In Matsu Valley, there are 414 active listings, and while pending sales dipped, prices have risen to $427,000, with homes selling in 37 days.
For Anchorage Residential, active listings have increased but still far below 2019 levels, and pending sales are up to 323. Prices continue to rise, now averaging $514,000, and homes are moving in just 23 days. It is interesting that the number of sales is higher than 2019 by a few hundred!
Anchorage Condos also saw growth, with 109 active listings and an average sales price now at $277,000. Condos are selling faster than ever, with just 20 days on the market.
In Kenai Residential, listings have grown to 361, and prices have climbed to $384,000, with homes selling in an average of 55 days. The ratio between pending sales and active listings is 35% which seems low compared to the rest of the state but appears pretty normal for Kenai.
Thank you for trusting us 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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