March Alaskan Market update
What's happening in the Alaska Real Estate market this year? Is the market going up, is it exploding?, Is going down, can we sell? Should we buy? Will interest rates keep going up, are these the best rates?
These are the questions that keep people awake at night if they need a bigger home, in many Alaskans case, their about to be transferred to somewhere else in the country. Currently our real estate market is very stable; interest rates are not fluctuating wildly, and homes prices are stable.
If you looked at the number of homes currently available in Eagle River Alaska, you would only be able to preview 101 existing ready to move into homes. That in a commnity of 31,820 people, and approximately 11,000 homes. That number suggests a strong sellers market. However when you look closely at what is on the market, and how many homes are pending each week the homes going into contract do not keep pace with the new homes coming into the market.
Eagle River Listing Inventory
54 Homes listed in the last 4 weeks
22 homes placed into escrow(pended)
101 Homes available for sale
The market just south of Eagle River is Anchorage, the Anchorage market is much larger, with close to 300,000 residents. the number of sales is proportionate.
Anchorage Listing Inventory
Anchorage Listing Inventory
The market just north of Eagle River is Mat-Su Valley, this market is much larger, with close to 95,000 residents. The primary markets in the Mat-Su Valley are Palmer and Wasilla.
Palmer/Wasilla Listing Inventory
153 Homes listed in the last 4 weeks
89 homes placed into escrow(pended)
330 Homes available for sale
New construction homes that are not complete were not included in the listing numbers because many of the new construction listing are not started at this time. They may be included in the pending numbers.
As you can see there is not much to choose from in either market, and the buyers have to make quick decisions when a nice home comes on the market. Sellers should make sure that there home is clean, bright, and ready for viewing before they place it for sale. A good Realtor can show you what to do if you find this task overwhelming.
Interest rates are still at an all time low, and are hovering in that 3.75% and 4% range according to many of the local lenders. Loans are harder to come by and if you do not have a high credit score there are extra fees that you will have to pay to obtain the best rates.
What I take from this data, which is provided by the AlaskaMLS and may not include all sales, is that our market is good, and for the most part balanced. I feel that if a seller has a desirable home they will sell it quickly and for a good price. For buyer there are bargains to be had because some of the homes out there need work.
I lso think that are population is holding onto their homes longer than they have in the past 10 years and thus we have less inventory and sales.
We are back to the new normal.