Wow, more than 90 new listings this last week. That’s a record for the year for sure. But with more than 60 going under contract, it does not increase the inventory as much as you might think. Our current inventory is 476 and we have to go back to 2020 to find a higher inventory for this time of year.
Still, we are in a sellers market. Anything less than 20 weeks of inventory indicates a sellers market with demand higher than supply. We only have 7.5 weeks of inventory on the market.
We have not seen a buyers market here since 2010 at least. This week in 2009 there was 25 weeks of inventory on the market. That would have been called a neutral market. Prices did fall during that period of time.
We are a long way from that right now. I don’t see a buyers market coming without a huge economic downturn. So if you are waiting for a buyers market to buy you may have to wait quite a while.
Here is a chart showing the last time we even flirted with a buyer’s market. You would have had to time your purchase perfectly to buy at the bottom, and even then there wasn’t a huge savings between the high of $218K and the low of $212K.
Year Total Sold Median Price
2011. 982. $219,000
2010. 943. $212,000
2009. 955. $214,900
2008 1136 $218,000
2007 1352. $215,500
2006 1346 $206,000
2005 1295 $179,900
You have to go all the way back to the “crash” of the mid-80s to find another downturn in real estate prices here. That was caused by the oil market crashing. Oil was $9 a barrel then. We were selling one Bristol Bay red salmon for about the price of one barrel of oil.
See all of our listings here
Sign up to get the Market Memo in your inbox
This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market.
