Fairbanks, Alaska Real Estate - Market Report
As much as it will surprise many buyers, and a few sellers, parts of the Fairbanks market are starting to strongly favor sellers. A limited inventory of homes for sale is causing buyers to scramble for, and in many cases, compete with other buyers for homes. I've talked to no less than 7 or 8 agents in the past couple of weeks who say their clients lost 'the house' because of multiple offers. It's true. Multiple offers are alive and well in Fairbanks.
North Pole, for example, has seen a marked decrease in the number of homes for sale. New(er) 3 and 4 bedroom homes under $250,000 in good condition are very much in demand. As of this writing, there are 13 homes for sale priced between $200,000 - $250,000 (the median market for North Pole). Of those, 11 have been on the market less than 60 days. 63% of the ($200-250K) homes sold in North Pole since March 1st spent less than 22 days on the market. The marketing time for Fairbanks homes trends somewhat higher, but is declining.
Overall, the trends for March are good news.
Average Sales Price - UP
Average Days on the Market - DOWN
Homes Sold - HOLDING STEADY
List to Sales Price Ratio - UP
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Is this a good time to buy Fairbanks real estate? Absolutely. Prices have come down, seller concessions are available and as of this morning a 30 year fixed rate loan will cost you 4.625%. Call or contact us online today to start the search for your piece of the Last Frontier.
Very good news I have to say! Hope it moves south east...
I love good news, thanks for sharing.
Hello Cliftons - Decided to take a look at the most subscribed bloggers in Alaska. I wasn't disappointed. I like the format for your market reports. I am curious how you do them because I really like the graphics and how the information is displayed.
Jesse and Kathy, This is great. Sounds like things are turning around in Alaska in the market. Now if you could send that fair weather for real estate south, it would very much be appreciated by all.