Alaska Housing Market: November 2024 Analysis
The Alaskan housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Alaska stands at $387,300, reflecting a slight decrease of 0.3% year-over-year. In contrast, the Median List Price has increased by 1.5% to $387,100, indicating a divergence between seller expectations and actual sale outcomes.
Price Per Square Foot metrics show a notable upward trend. The median Price Per Square Foot has risen by 7.6% to $231, while the Median List Price per square foot has increased by 8.3% to $236. This suggests a strong demand for space, potentially driven by buyers prioritizing larger living areas.
Sales activity in Alaska has been robust, with 592 Homes Sold, marking a significant 12.8% increase compared to the previous year. Pending Sales have also risen by 5.3% to 512, indicating sustained buyer interest. New Listings have grown by 3.5% to 409, suggesting a moderate increase in seller activity. However, inventory levels remain unchanged year-over-year at 1,372, which could imply a balanced market.
The Months of Supply have decreased dramatically by 30.0% to 2.3 months, indicating a tighter market with faster turnover. This is further supported by the Median Days on Market, which has slightly increased by 2.0% to 29 days, suggesting that while homes are selling quickly, the pace has slowed marginally.
The average sale to list ratio has improved by 1.1% to 98.8%, reflecting sellers' ability to achieve near-list prices. Additionally, the percentage of Homes Sold above list price has increased by 3.0% to 22.6%, highlighting competitive bidding scenarios. Conversely, Price Drops have risen by 4.5% to 24.7%, indicating that some sellers may need to adjust expectations to align with market conditions.
Finally, the percentage of homes going off the market within two weeks has increased by 1.6% to 26.0%, underscoring the swift pace at which homes are being snapped up by eager buyers.
Overall, the Alaskan housing market in November 2024 is characterized by strong sales activity and rising Price Per Square Foot metrics, despite a slight decline in Median Sales Prices. The market remains competitive, with quick turnover and a notable percentage of homes selling above list price.
