Despite COVID restrictions and everything that has happened in the past year -- The Alaska housing market is thriving! According to real estate data, home sales in Alaska reached their highest level of volume and broke more price records in 2020 than have been seen in the last ten years.
One of the biggest reasons for the upward trend in real estate sales is because of the super low interest rates on home loans and low inventory throughout the entire state. The current market is in favor of the seller, which means that as fast as homes are getting put on the market, they are being sold.
The high demand of people looking to buy in 2020 was also due to the increasing number of people working from home. Homeowners are looking to upsize their properties to make accommodations for things like in-home offices and workspaces for online classes.
In the last year, average home prices and the amount of homes sold has increased dramatically! According to the Anchorage Daily News, “more than 3,200 Anchorage homes sold in 2020, the most in at least 12 years, and well above the annual average, according to data provided by the development corporation, pulled from the Alaska Multiple Listing Service that provides real estate information.” Because of how low the inventory is, homes are receiving multiple offers which makes it extremely easy for the seller to receive much more than the asking price.
Although we have seen record numbers in the last year, the best is still yet to come! Because of the pandemic, a great number of potential sellers have held off on putting their homes on the market -- hence the extremely low inventory. We believe that in the remainder of 2021, real estate inventory will be on the rise, and even more buyers will be looking to invest.
Stay tuned for the best year yet!
Precision Home Group is based in Anchorage, and provides real estate services to Southcentral Alaska. We will keep you informed on current trends and market dynamics to help you make the best informed decision. If you are interested in purchasing a home, get in touch with our experienced real estate agents! Our team of experts will negotiate great deals for your home and help you navigate the buying or selling process every step of the way. If you are looking to get into a property that makes sense, or need help analyzing a potential property, reach out at 907-302-1011 or email at firstname.lastname@example.org.