Alaska Housing Market Analysis - August 2024
The Alaskan housing market in August 2024 has shown a blend of growth and contraction across various metrics. The Median Sales Price for homes in Alaska has risen to $398,900, reflecting a year-over-year (YoY) increase of 2.4%. Similarly, the Median List Price has climbed to $407,800, marking a 3.4% YoY increase. These figures indicate a steady appreciation in home values.
The median Price Per Square Foot has also seen an uptick, reaching $232, which is a 2.7% increase YoY. The Median List Price per square foot has experienced a more significant rise, now at $237, up by 7.9% YoY. This suggests that sellers are optimistic about the market's potential and are pricing their properties accordingly.
However, the number of Homes Sold has decreased slightly, with 748 Homes Sold in August 2024, representing a 1.6% decline YoY. Pending Sales have also dropped by 2.5% YoY, totaling 841. Despite these declines, New Listings have increased by 1.5% YoY, with 937 new properties entering the market. This influx of New Listings has contributed to a substantial rise in inventory, which now stands at 1,762 homes, up by 14.8% YoY.
The Months of Supply, a critical indicator of market balance, has surged to 2.4 months, a 40.0% increase YoY. This suggests that the market is shifting towards a more balanced state, potentially easing the competitive pressure on buyers. The Median Days on Market have also increased by 5.0% YoY, now averaging 19 days, indicating that homes are taking slightly longer to sell.
The average sale to list ratio has seen a minor decline, now at 99.3%, down by 0.3% YoY. The percentage of Homes Sold above list price has also decreased to 27.1%, a 2.2% drop YoY. These trends suggest that while the market remains strong, buyers may have slightly more negotiating power than in previous months.
Price Drops have become more common, with 40.0% of listings experiencing a reduction, up by 2.8% YoY. Additionally, the percentage of homes going off the market within two weeks has decreased to 35.9%, a 5.1% decline YoY. These indicators point to a cooling market where sellers might need to adjust their expectations.
In summary, the Alaskan housing market in August 2024 is characterized by rising home prices and increased inventory, coupled with a slight decline in sales and a longer time on the market. These trends suggest a shift towards a more balanced market, providing opportunities for both buyers and sellers to navigate the evolving landscape.
