As we listen to bad news about the national housing market, we Alaskans worry about what’s happening locally. We hear questions like: Has the Anchorage residential real estate market hit bottom yet? When will the market turn around and what will it take? Should we sell now, buy now or hold on? How much have foreclosures in Anchorage affected our market?
When we hear so much negativity, we may forget the positives. Below are a few points about the Anchorage real estate market to keep in mind. According to the Alaska Multiple Listing Service, year-to-date in Anchorage single-family foreclosures accounted for 2.12 percent of properties currently for sale and 4.36 percent of the closed sales. Short sales (when you sell for less than you owe, with the lender’s approval and participation in the shortfall) accounted for 3.66 percent of properties for sale and 1.44 percent of closed sales.
For condominiums, foreclosures accounted for 1.13 percent of properties for sale and 5.13 percent of closed sales. Short sales accounted for 5.19 percent of properties for sale and 1.82 percent of closed sales. Additionally, a market balanced between buyers and sellers typically has a four- to six-month inventory. As of October, the total single-family market showed a 5.28-month supply of homes for sale. Some price ranges had excess supply, but when calculated for the entire market, only 79 homes were in excess (down from 134 in 2010). The condominium market has a 6.19-month supply, with 58 homes in excess in select price ranges (the same as for 2010).
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