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Although the Fairbanks Alaska real estate market isn't blazing, we're still moving forward. Total market volume jumped slightly this week to $2.99 Million while our average sales price dropped slightly to $199,845. The good news is that the days on the market dropped 11% to 100 days. The absorption rate also fell this week to 7.29 months; a slight drop from last week but still significantly higher than the first half of 2007.
In even better news, the average 30 year fixed mortgage rate fell to 5.500% this week with the 15 year fixed rate falling to an average 4.875%. FHA/VA rates have been holding steady at 5.500%. I know from talking with many of you, the uncertainty in the market keeps you from moving ahead with your plans to buy a home. That's certainly understandable. If your goal is to make a 'quick buck' by flipping a property; this probably isn't your best market. However, if you're looking to purchase a home to live and build a life in, this is a great time for you to be actively shopping. Rates are low, inventory is abundant and sellers are relatively eager to see a SOLD sign go up in their front yard. While annual appreciation has slowed somewhat, Fairbanks real estate still posted a 5.1% increase in the average sales price over 2006.
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Average Sales Price Click to Enlarge 
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Total Sales Volume Click to Enlarge 
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Number of Homes Sold Click to Enlarge 
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Days On Market Click to Enlarge 
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Absorption Rate Click to Enlarge 
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