Wednesday, October 2, 2013

Current Trends In Alaska Foreclosures And Real Estate

According to the National Association of Realtors, the median list price of homes in Anchorage has increased 7.02% year over year to reach $305,000. This is a less significant increase than would be expected in more densely populated metropolitan areas considering that new home listings have declined 17.37% year over year, though in May listings showed recovery posting a 16.06% increase from April, to 961 new listings. With the median age of listings at 38 months, there are still opportunities for real estate buyers to negotiate pricing on Alaska foreclosures and real estate.

What's Happening Now in Alaska Foreclosures and Real Estate

Data from local real estate agents and the Alaska Multiple Listing Service show that condominium units continue to be an attractive option in Alaska foreclosures. Sales volumes have remained stable despite seasonal jumps since 2009, and prices on condominium units are comparable year to date in 2013 to prices in 2011 and 2012. One possible reason for the consistency in the condominium market is the relatively young population in Alaska; the median age of individuals in Anchorage, for example, is 33.4 years.

Where to Look for Alaska Foreclosures and Real Estate: Anchorage

According to Moody's Analytics, Anchorage is a major transportation gateway for Alaska, with a diverse economy that has helped the local economy outperform the U.S. job outlook as a whole since 2004. According to data from the Alaska Multiple Listing Service, the average days on the market for homes in the area was at 52 as of June 2013, a 27% decrease year over year as total sales volumes increased over 17%. These sales volumes included 82 closed transactions on foreclosures during the month. However, contracting military budgets could lead to a higher availability of Alaska foreclosures and real estate in the Anchorage area as cuts to staff lead to greater outmigration. This may help to offset an anticipated shortage in new home construction and keep prices for desirable Anchorage property competitive.

Downtown Anchorage is experiencing a fast paced real estate market, with sales in the first half of 2013 already outpacing total sales volume for all of 2012 on single family residential properties. Those looking for bargains may wish to consider areas where homes are selling less rapidly, such as Girdwood/Turnagain Arm or Post Rd-Glenn Highway.

Where to Look for Alaska Foreclosures and Real Estate: Fairbanks

The Fairbanks economy is largely supported by the University of Alaska and its proximity to desirable oil and gas mining locations, as well as a large, established military presence. These stabilizing factors are helping sellers realize an average 98% of asking price on marketed properties, with the average days on the market at 75 days over the past six months. At the same time, homes that have not sold have an average of 124 days on the market. This could indicate that properties needing updating or more than average maintenance work are a better bargain in Fairbanks' tight real estate market.

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