Earlier this year I predicted the absorption rate for the Fairbanks real estate market would hit the 6-month threshold around the first of the new year. We haven't even celebrated the new year yet and I've alreday been proven wrong. I suppose it had to happen sooner or later.

With home sales slowing a little more than expected, we've seen the absorption rate climb at a pretty steady clip. As of today there are 494 homes listed for sale in Fairbanks & North Pole; only 66 sold in the past 30 days, which gives us a 7.4 month average absorption rate. I've broken down the rates for both Fairbanks and North Pole below. Nearly every segment is in a 'buyers market' (6+ months of inventory) with the exception of the 0-150K market in North Pole.

Fairbanks Absorption Rates:
0-150K: 6.75 Months
150-250K: 9.14 Months
250K-350K: 5.25 Months
350K+: 18.5 Months

North Pole Absorption Rates:
0-150K: 2.85 Months
150-250K: 3.7 Months
250K+: 13.75 Months

If your home is currently listed, it's time to take a serious look at your asking price. Buyers are evidently doing so.

 

2 Comments on Oops... Got that one wrong

JAN
03
2008
1,210,448 Points 118 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Looks like we are still slower than you are. But, you may have a steadier rise, than us, when we had a year with 36% appreciation for condos. No wonder the correction will take them deeper down.
12:27am • #1
JAN
07
2008
243,011 Points 29 Featured Posts Localism Sponsor Outside Blog

Hi, Jon: We're still moving along... albeit slowly.  We have lots of buyers, but many are very skittish about the market.

10:56pm • #2


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