The Alaskan housing market in February 2025 presents a complex landscape, characterized by a mix of rising and falling metrics. The Median Sales Price for homes in Alaska stands at $384,500, reflecting a slight decrease of 0.9% year-over-year. In contrast, the Median List Price has increased by 6.4% to $413,500, indicating a potential gap between seller expectations and buyer willingness.

Price Per Square Foot metrics also show a divergence. The median Price Per Square Foot has risen by 3.3% to $234, while the Median List Price per square foot has seen a more significant increase of 8.5%, reaching $248. This suggests that while sellers are optimistic about pricing, buyers are more cautious, possibly due to economic conditions or market saturation.

Sales activity has experienced a downturn, with the number of Homes Sold decreasing by 9.2% year-over-year to 336 units. However, Pending Sales have increased by 4.2%, totaling 517, which may indicate a future uptick in closed transactions. New Listings have remained relatively stable, with a slight increase of 0.4% to 570, while inventory has grown by 5.1% to 1,103 homes, providing more options for prospective buyers.

The Months of Supply, a critical indicator of market balance, has surged by 50% to 3.3 months. This increase suggests a shift towards a more balanced market, potentially easing the competitive pressure seen in previous years. The Median Days on Market remain unchanged at 49 days, indicating consistent buyer interest and market activity.

The average sale to list ratio has seen a marginal increase of 0.1%, now at 98.6%, suggesting that homes are selling close to their asking prices. However, the percentage of Homes Sold above list price has decreased by 2.6% to 21.7%, reflecting a cooling in competitive bidding scenarios. Price Drops have become more common, rising by 5% to 20.9%, which may be a response to the increased inventory and longer market times.

Finally, the percentage of homes going off the market within two weeks has slightly decreased by 0.5% to 39.2%, indicating a slight slowdown in the pace at which homes are being snapped up. This could be attributed to the increased inventory and the stabilization of market conditions.

Overall, the Alaskan housing market in February 2025 is characterized by a stabilization of prices and an increase in inventory, suggesting a shift towards a more balanced market. While sales have slowed, the rise in Pending Sales and stable New Listings indicate potential for future growth. Buyers and sellers alike should remain informed and adaptable to these evolving market conditions.