Throughout the year I like to do comparisons to previous years. Sometimes they are similar. 2023 is NOT similar. Here is where we are compared to the three previous years:
Year Total Sales Average Price Av Pr Per Sq. ADOM
2023 471 $392,000 $220 45
2022 684 $392,000 $212 30
2021 661 $346,000 $182 30
2020 511 $301,000 $161 60
2019. 534. $275,000. $150. 67
The largest change this year by far is the amount of total sales. We are down more than 30% year over year in total sales. The main reason for that is lack of inventory and high interest rates. In fact this year is lower than 2019 which was our last “normal” year.
Prices have not dropped. In fact the average price per square foot has gone up almost 4% over last year. But houses are taking longer to sell and fewer of them are selling.
I am always asked about what will happen in the future. All I can say is, “the trend is your friend”. That means things will likely keep going the way they are going. We have not seen values drop. But that could happen if our average days on the market for houses sold grows past the 70-80 day mark. That trend is growing but has a long way to go. It’s only 45 days now. Prices were going up slowly in 2019 which saw an ADOM for houses sold at 67 days.
Check out the numbers from this week in 2007 https://valleymarket.com/wasilla-real-estate-monday-morning-market-memo-5-14-2007/
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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.