Alaska Real Estate Market Update
Over the years that I've watched different markets I have seen many ups and downs, sometimes the swings are due to the economy, sometimes due to the weather. The last week has introduced days of beautiful weather here in South Central Alaska, and buyers are looking for something to do besides looking at homes.
Can you blame them?
This is normal and we will see them back in the homes shortly. The market has been good here in Eagle River. I've been asked several times in recent weeks what is the market doing, and as usual I am happy to say that locally, it is pretty steady. According to the local MLS there were 20 transactions pend last week here in Eagle River. That's pretty good, and market supply is holding about 10% higher than last year but is not rising higher like it sometimes does as we approach the summer months.
I've compared the Anchorage, Mat-Su valley, Eagle River markets to see whats what. How are we doing compared to last year? Remember last year there was a First Time Home Buyers credit available that fueled many sales. In comparing the first 5 months of last year to the first 5 months of this year, the Eagle River market has fared better than the other 2. Our sales volume is up, while their down. Eagle River is a smaller market and the property prices are above many First Time Home Buyers. We are more consistent, which leads to stability.
We like Stability!
Now we hope for a warm summer and lots of sunshine. Interest rates remain low, new construction is picking up; the Eagle River economy is very vibrant!
