Alaska Housing Market Overview - September 2024
The Alaskan housing market in September 2024 presents a complex landscape with varying trends across different metrics. While some indicators show a decline, others reveal growth, reflecting the dynamic nature of the real estate market in the state.
Price Trends
The Median Sales Price for homes in Alaska stands at $388,200, marking a decrease of 2.2% year-over-year. Similarly, the Median List Price has dropped by 3.4% to $390,400. Despite these declines, the median Price Per Square Foot has increased by 4.8% to $232, and the Median List Price per square foot has risen by 8.2% to $239. This suggests that while overall home prices are slightly down, the value per square foot is appreciating, indicating a potential shift in buyer preferences towards smaller, more efficiently priced properties.
Sales and Inventory
The number of Homes Sold in September 2024 is 689, reflecting a significant year-over-year decrease of 11.8%. However, Pending Sales have increased by 3.5% to 768, suggesting a potential uptick in future sales activity. New Listings have slightly decreased by 1.4% to 723, while inventory has grown by 9.8% to 1,755 homes. The Months of Supply have surged by 50% to 2.5 months, indicating a more balanced market compared to the previous year.
Market Dynamics
The median days on the market have increased by 4% to 21 days, suggesting that homes are taking slightly longer to sell. The average sale to list ratio is 99.1%, a minor decrease of 0.2% year-over-year, indicating that homes are selling very close to their list prices. The percentage of Homes Sold above the list price has decreased by 2.9% to 24.2%, while Price Drops have increased by 5.4% to 37.7%, reflecting a more competitive market environment.
Conclusion
Overall, the Alaskan housing market in September 2024 is characterized by a mix of declining sales prices and increasing inventory, alongside a rise in Price Per Square Foot. The market appears to be adjusting to new dynamics, with potential opportunities for buyers and sellers to navigate the changing landscape. As the market continues to evolve, stakeholders should remain attentive to these trends to make informed decisions.
