September Real Estate Market Update with Dave & Travis

I am writing today from Ketchikan Alaska looking out over the Tongass Narrows on a beautiful sunny day. I am attending our Alaska Association of Realtors convention with the bonus of seeing my brother, sister and many friends. I have been a Realtor for 20 years now and it sure seems to have gone by fast! One thing I have learned is to not make real estate related decisions based on the news or trends in the lower 48 states compared to Alaska! Yes interest rates have gone up a bunch and will likely increase some more in the coming months. But homes will still be bought and sold because it makes sense. Getting through the process may be different but there are opportunities no matter what is happening around us.

Lets take a look at the numbers and trends in the “core area” of the Mat-Su Valley. Check out the graphs below for the trends in supply (active listings) & demand (pending sales), ratio, average sales price, & the # of sales compared . A few thing to note: 

Active listings and pending sales are balanced evenly right now at a 97% ratio between them.
Pending sales were actually higher in 2019 at 384 versus 342 in 2022!
There was a lot more inventory in 2019 at over 600 versus 350 in 2022.
Average sales price is dropping a just a little bit, days on market are ticking up for sold homes and the number of sales are less than 2021 for the first time in 2022.

Stay tuned for the updated numbers as we head into the 4th quarter of 2022 and if you want to talk in detail about specific real estate/market trends, that would be a pleasure.

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