When people ask “how is real estate in Anchorage doing?”. They are most commonly referring to, how are single-family home values in Anchorage and Eagle River?.
2011 was very similar to 2010. In 2011, Anchorage saw 4,429 active listings in the MLS, down just 1% from 2010. The number of properties sold actually increased by 3% to 2,307. Average sales price dropped slightly, down 2% at 322,626. The percent of list price that the homes actually sold for remain consistent at over 98%.
So what does that really mean? Basically the market for single-family homes in Anchorage and Eagle River has remained flat. Most home sellers are not upside down. And if you need to sell a home, you can expect to be able to accomplish it in a relatively short amount of time. Of course hiring a great real estate team of professional marketers, adapting a solid pricing strategy and making the home marketable are important to success.
If you're a buyer, there are good values to be found. But if your hope is that you will find a well-maintained home in a great area that will sell for significantly below list price. You are likely going to be disappointed. With the exception of a reasonable number of foreclosures, bank owned properties, fixer uppers and short sales, most sellers are able to achieve at or near their list price. What makes a good deal on a home phenomenal at this point is the rock-bottom interest rates. Most of the mortgage professionals that we work with do not expect to see any dramatic increases in rates in the near future, an election year.
Condominiums in Anchorage have felt a higher level of effect from the housing market shift then single-family homes. In 2011, there were 1697 active listings for condominiums in Anchorage and Eagle River down 15% from the preceding year. The number of condominiums sold was down 16% and the sold volume was down 12%. Average sales price was up 4% to $197,310 and sellers retained almost 99% of their final list price at sale. Condominium sellers are going to have to be aggressive in 2012 if they hope to sell for the top available dollar.
Market conditions vary substantially for different neighborhoods and price ranges. We produce a weekly report called the total market overview that we are happy to forward to anyone interested. Just send an e-mail to info@688King.com for the latest activities in your area and price range.
Want a current value report for your Alaska property? Go to : http://www.907688king.com/sell/
It's free, it's quick and it's easy.
King & Associates
Keller Williams Realty Alaska Group