September 2024 Market Snapshot – the low number of home sales & hurry up to get pictures before snow flies!
Hey, it’s not too late to get stunning exterior pictures of your home—for FREE!
With fall just around the corner, now’s the perfect time to capture its beauty before the leaves fall and snow arrives. We’ve been busy lately, taking aerial shots for several homes, and have room for a few more! If you’re thinking of selling before next summer, this is your chance to showcase your property at its finest. Don’t miss out!!
"September 2024 Market Snapshot – An Update from Dave & Travis! "
Here’s a quick market snapshot as of September 16th. We have 453 active listings in the "core area" of the valley. There are 269 pending sales and 1,023 closed sales so far this year, with an average sales price of about $429,000. We haven’t seen this few pending sales in a long time – even in 2019, there were 100 more pending and 200 more active listings, so while the ratio is similar (59%), the overall activity is down. Existing homes make up 65% of the active listings, 72% of pending sales and 80% of closed sales. Also note the days on market (DOM) for closed sales at 66 days for new homes & 29 days for existing home sales!
Now, here’s the deal: the number of sales and pending sales is lower than we’ve seen in years, and it's something everyone in the market, including us, is feeling. Some of our listings just aren’t seeing the action we expected. Interest rates are dropping, and we expect to see more activity soon. The low number of closing is a nationwide trend. I think there is a bunch of "pent up demand" just waiting to jump in the market!? Still, there’s a lot of uncertainty out there that affects confidence and certainly affordability remains a big issue.
Across the state, homes are moving with an average of 38 days on the market and an average price of $445,000. In Anchorage, we're seeing residential homes in high demand, with more pending sales than than active listings. Condos are still flying off the market in just 20 days. On the Kenai Peninsula, the ratio between active (supply) & pending sales (demand) seems low and slow at 35%. I need to check with our Soldotna office about what they are seeing.
If you’ve been thinking about selling, now's the time to get top dollar, and if you’re buying, it’s a great moment to lock in a home at a lower rate before prices climb even higher.
As of 2024, we’ve closed 1,023 sales, with the average sales price at an impressive $429,000. That’s up from last year’s average price of $419,000 across 1,102 sales. Going back a bit further, 2022 and 2021 were standout years with over 1,480 closed sales each, with 2021 being particularly remarkable—the highest number of sales we’ve ever seen.
When comparing the current figures to earlier years, I had to go back to 2013 (921 sales) to find fewer sales than 2024 (1023). Incredibly, prices have nearly doubled in the last decade going from $227,000 in 2013 to $429,000 in 2024! Days on market (DOM) have also decreased, with homes in 2024 sitting on the market for an average of just 36 days, compared to 85 days back in 2012.
As always any comments, thoughts or questions about the market please just let us know!
Travis and I are prepared to support you in understanding the current market and seizing real estate opportunities. Get in touch with us today to explore your possibilities!
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
http://www.DavesAlaskaHomes. com
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