Anchorage Real Estate Cools Off in Late 2023 Despite Steady Per Square Foot Values

Our most recent report on the real estate market in Anchorage, Alaska provides insights into the fluctuation of homes values. The data paints a picture of the housing market’s current shifts, trends, and the median property prices. Trends observed are validated by real-time data collected over a specified period.

Home prices dropped toward the end of 2023, pointing towards a cooling real estate market in Anchorage. During this period, average sold prices in Anchorage fell from $384,993 in June 2023 to $393,250 in December 2023.

Median values are essential in understanding the market patterns. For Anchorage, the average value spiked to $2,995,000 with a per square foot price of $333 in March, April, and February of 2023. However, the property count for these months was listed as one, which may not represent the actual population and could distort the median value dramatically.

Another observation is that the per-square-foot cost of sold properties is more consistent than the average values. The per-square-foot value for sold real estate increased from $214 in May 2023 to $225 in December 2023. This consistency implies that the per-square-foot pricing could be a more reliable market indicator.

Worth noting is that the number of homes on sales a specific month significantly influences the average value of properties. A low property count can skew average values, and high-value properties in months with low property counts do not necessarily reflect the overall market trends.

Home Sold Prices

Despite the fluctuation in median home values, the sale prices remained relatively stable in 2023. The average sold price slightly dipped from $384,993 in June 2023 to $393,250 by December 2023. This trend indicates that even with the high median home value, buyers struck deals at lower prices.

Per Square Foot Values

Per square foot values also maintained their stability. The average sold per square foot value had a modest increase from $214 in May 2023 to end the year at $225 in December 2023. This trend indicates that despite the fluctuation in selling prices and average values, the price per square foot remained fairly constant.

Analyzing the details of real estate trends and patterns can offer insightful data for potential buyers, sellers, and investors. However, it’s also important to bear in mind that some months and cities’ data relies on a smaller number of transactions, significantly impacting the reliability of these trends as indicators of the overall market. For more precise information, broader data with a larger number of transactions over an extended period should be analyzed.