Fall Update for the Alaska Real Estate Market
Fall is here, the leaves are turning and at night there is a hint of frost. When you walk outside you can smell the ripened high bush cranberries. Fall has arrived in South Central Alaska.
So what does this mean to our local real estate market? Inventories are actually down from this time last year, with 2670 total homes available in the Anchorage and Mat-Su markets. In August the was a 25% increase in sales over last year. This is not surprising since the First Time tax credit ended last June. Many of the early year sales would have happened later. Overall this year there has been a good number of sales each month. The Mat-Su Market has done about the same as last year, and Anchorage is seen less sales. The Eagle River market has remained the bright spot in the Anchorage bowl.
What is happening to the prices of Eagle River Homes?
This is the time of year we see some of the bigger discounts on homes as sellers try to sell before winter. The fall market in Eagle River has traditionally been very good. There seem to be many buyers in the market and with interest rate on government loans so low (3.75% on a 30 year VA loan), we are seeing many buyers in our market. There is some uncertainty; and how can there not be when you here the national media crying wolf everyday.
A recent poll on the economy reflected that 75% of Americans were not satisfied with what our lawmakers were doing and felt we were on shaky footing. But when asked how they were doing 75% indicated that they were stable and dong well. We know that right no some people are having a rough go of it, but for the most part people seem to be doing fine. Home ownership may not be the huge wealth building tool it was for many years; however it is an asset worth owning.
For a more detail view of our local economy feel free to call me at 907-360-7471.
