Test your knowledge of the local real estate market by answering the following questions.  

If you score more than 75% consider yourself an expert.  You may be surprised at some of the answers which appear at the bottom of this column.

1.      How many single family building permits have been issued YTD 2013?

a.  150    b.  211   c. 304   d. more than 400

2.        This number is a

a.       20% increase from last year   b.  30% increase   b. about the same      c.  10% decrease

3.        Single family sales have increased by what percent in 2013 from 2012?

a.       10%   b.  20%   c. 25%    d. more than 30%

4.       What is the average price of a condo sold in May 2013?

a.        $175,000     b.  $199,000    c. $205,400    d.  $221,478 

5.        The average number of days on the market for single family homes is

a.   30 days     b.  45 days     c. 56  days    d. 75 days

6.    What area in town has had  the greatest increase in homes sold during 2013?

7.    Identify the area of the municipality that has had the greatest increase in condos sold.

8.    For sale single family homes have declined by what percent when compared to 2012.

9.    Has the decline in inventory resulted in an increase or decrease in sales price?

10.   What single family price range has less than a two month supply of inventory?

11.   How many $l million + homes sell per month?


Answers:

1.   146 single family permits were issued as of the end of May.  June should see a sharp increase in permits as the frost was very deep this year and builders have postponed digging foundations.

2.   This is a 20% increase in permits YTD but last year was an historic low so we still have a long way to go to meet the housing needs of our population.

3.   Sales have also increased by approximately 20%.

4.   $205,400 which indicates increasing value.  Year to date average is less at $197,194.

5.    56 days.  This is a 25% decline in days on the market from 2012.

6.    Downtown.  It’s a small market and even a few sales makes for a big increase.

7.    Girdwood!  The second home market is recovering along with the economy.

8.    Approximately 20% decline in inventory.

9.   Interestingly enough, prices have only increased by 1%.  This could be due to our aging housing stock.

10.   Several price ranges have less than a two month supply of inventory including homes from $180,000 to $199,999 which is to be expected.    $225,000 to $249,999 and $300,000 to $349,999 also have less than a two month supply of inventory.

11. They sell at the rate of 0.62 per month.