Alaska Housing Market Analysis - July 2024
The housing market in Alaska for July 2024 presents a nuanced picture with several key indicators showing both positive and negative trends. This analysis delves into the various metrics to provide a comprehensive overview of the current state of the market.
Median Sales and List Prices
The median sales price for homes in Alaska stands at $388,500, reflecting a slight decrease of 1.3% year-over-year (YoY). Similarly, the median list price is $396,400, which is down by 1.0% YoY. These figures suggest a modest cooling in the market, potentially offering opportunities for buyers to negotiate better deals.
Price Per Square Foot
Despite the decline in overall sales and list prices, the median price per square foot has increased to $231, marking a 3.1% rise YoY. The median list price per square foot also shows a similar upward trend, increasing by 3.2% YoY. This indicates that while overall prices have dipped slightly, the value of the property on a per-square-foot basis has appreciated, reflecting a demand for quality over quantity.
Sales and Inventory
The number of homes sold in July 2024 is 755, which is an 8.0% increase YoY. Pending sales have also risen by 3.4% YoY, reaching 856. However, new listings have decreased by 3.5% YoY, totaling 1,004. Inventory levels have surged by 12.4% YoY, now standing at 1,690 homes. The months of supply remain unchanged at 2.20 months, indicating a balanced market where neither buyers nor sellers have a distinct advantage.
Market Dynamics
The median days on market have increased by 4.0% YoY to 14 days, suggesting that homes are taking slightly longer to sell. The average sale to list ratio is 99.1%, down by 1.1% YoY, indicating that homes are selling very close to their list prices. The percentage of homes sold above list price has dropped by 5.5% YoY to 27.7%, further emphasizing the cooling trend in the market.
Price Adjustments and Off-Market Activity
Price drops have become more common, with 40.2% of listings experiencing a reduction, up by 9.3% YoY. Additionally, the percentage of homes going off the market within two weeks has decreased by 9.2% YoY to 38.6%. These trends suggest that sellers are becoming more flexible with their pricing, and homes are taking longer to find buyers.
Conclusion
In summary, the Alaska housing market in July 2024 shows a mix of stability and slight cooling. While median sales and list prices have seen minor declines, the price per square foot has appreciated, indicating a focus on property quality. Increased sales and inventory levels, coupled with longer days on market and more frequent price drops, suggest a market that is adjusting to new economic conditions. Buyers and sellers alike should stay informed and be prepared to adapt to these evolving trends.
