Eagle River Real Estate Market update for the week of 9.23.2009

9/23/2009

What's happening in the Eagle river Market this week?  that is a question I keep getting asked and  I have a great answer, but before I going to the weekly numbers I would like to share with a conversation I had Saturday evening at the Annual Chugiak/Eagle River Chamber of Commerce fund raiser.

I know I'm name dropping, but so would you, and this is Alaska.  My wife and I were looking at all the very cool items in the silent auction and we had the opportunity to speak for several minutes with Senator Mark Begich.  We exchange pleasantries and I asked Senator Begich about is real estate license, he has been a Realtor for many years.  Our conversation revolved around what was going on around the country.  The Senator shared with me information that he had obtained that showed new housing starts around the country were increasing.  He also shared with me what he had seen as he drove across the country on the way back to Alaska. 

The Senator had seen many small towns languishing in this recession, a stark contrast with our local economy.  We are very lucky that our local economy has fared very well in the recent down turn.  I shared the status of our local market and it is good.  It was a great evening and I really enjoyed myself.

Here is what I shared with Senator Begich:

The Eagle River residential market showed healthy signs again last week.  Ten (10) homes went under contract (pended), eight (8) new homes came on the market, and five (5) homes closed.  The average sales price in Eagle River is $330,000 and the average market time of the sold homes is 73 days over the last quarter.  Active homes still on the market show an average of 113 days on the Market (DOM).  With only 157 homes available for sale and 20 of these homes not built, there is a limited supply in most price ranges. 

Chugiak has a little better supply of homes with 57 currently available.  Two (2) homes pended, one (1) new home was listed, and one (1) home closed.  The Chugiak/Peter's Creek area still provides some of the better values for this area with many of the homes situated on larger parcels of land.

Well that it for this week, if you have questions about what going on or would like help in any real estate matters give me a call or send an e-mail.  Remember this, Real Estate is Local, and Locally we have it pretty good.

Eric Bushnell Comment