Experts discuss tight housing market at ‘Make it Monday’ forum in Anchorage
ANCHORAGE, Alaska (KTUU) - It’s no secret that it is a seller’s market both nationally and in Alaska. In Anchorage, however, it’s not the demand that’s becoming an issue but rather the supply. It was the topic of conversation at the Anchorage Chamber of Commerce’s ‘Make it Monday’ forum.
According to broker-owner of Berkshire Hathaway HomeServices Alaska Realty, Connie Yoshimura, the lack of inventory is the worst she’s seen in her 40-year career in real estate.
“It’s an exceptional market for anyone who wants to sell their home because homes are receiving multiple offers and probably selling above appraised value,” Yoshimura said.
While sellers are currently in a perfect position to sell quickly, many times above the asking price, buyers are left with few options. During Yoshimura’s presentation at the Monday forum, only about 135 single-family homes are currently on the market in Anchorage. That’s 517 less than it was in March of 2019 which saw around 652 homes actively listed.
According to a Real Estate & Construction Update report put out by the Anchorage Economic Development Corporation, February had the highest average sales price with the lowest number of sales in the last four years. The report also stated the Anchorage market is the tightest it’s been in decades.
Lottie Michael, a broker in the commercial division of Berkshire Hathaway, said the commercial sector has also changed.
“The whole retail industry nationally has changed,” Michael said. “Amazon just took a big bite out of small independent business people.”
Michael said the city needs to take a proactive approach to entice new industries to move into Anchorage.
While Yoshimura said the current residential market is healthy, she’s concerned about the future of homeownership if this tightening trend continues.
“When we have more economic development, including the Willow Project, I’m worried about where these people are — these new employees are going to be able to live,” Yoshimura said.
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