February Real Estate & Construction Update
In January and February of this year, Anchorage approved projects worth roughly $46 million. Residential permits thru February trail only 2022 among recent years in estimated permit value. Even still, the number of new residential units currently approved is the lowest in at least five years, with only two duplexes and no multifamily permits. Government permit values are off to their slowest start in years, while commercial permit value is slightly below its 2019-2022 average for this point in the year.
February Home Sales
The housing market in Anchorage tightened in 2021 and was severely squeezed in 2022, when more homes sold in February than were posted for sale. Although February 2023 was not as hot as February 2022, the market in Anchorage remains tighter than it had been for decades before the pandemic.
February 2023 saw the lowest sales volume and the highest average sales price in the past 4 years.