Fairbanks, AK Real Estate Market Report For May 2008

Fairbanks Alaska is a thriving community in the heart of Alaska's Interior. In addition to being a major outdoor enthusiasts paradise, we are also home to the flagship campus of the UA System - the University of Alaska Fairbanks as well as Fort Wainwright Army Post and Eielson Air Force Base. Life in Alaska is good... come discover what makes our community a great place to call home!

Well, it looks as though our spring market has finally arrived... mid summer. The good news is we're seeing an upswing in market activity. The bad news is we're still seeing a good many homes languish on the market. Sellers need to take a long hard look at the market and adjust their sales price accordingly IF the goal is to sell.

Sales of residential homes in Fairbanks rose 22% over April 2008 with 105 homes closing escrow for a total of $22,453,654. The average sales price also rose slightly to $213,844 while the days on the market decreased to an average of 103, market wide.

Currently there are 168 homes under contract with 654 actively for sale. The absorption rate for Fairbanks is hovering at just shy of 6.46 months (meaning it will take that long to sell everything that's on the market with no new listings). That number is declining, which indicates a lot more homes are going under contract than even a month ago.

If you're thinking of buying a home in Fairbanks or North Pole, you might not find a better time than right now. There are good values to be had, rates are still low for the time being and some sellers are offering closing cost concessions. Don't make the mistake of waiting for the market to worsen... the signs are pointing to that not happening.

Homes Sold: 118 New Construction: 10 Average Price: $208,360 Average DOM: 45

Homes Sold: 105 New Construction: 8 Average Price: $213,844 Average DOM: 103

Jan - June 2007 Homes Sold: 474 New Construction: 82 Average Price: $206,992 Average DOM: 51

Jan - June 2008 Homes Sold: 353 New Construction: 47 Average Price: $212,090 Average DOM: 122

Thinking about buying or selling real estate in Fairbanks or Interior Alaska? We know Fairbanks real estate – Think of us as your local experts. Search Fairbanks homes for sale, sign up for free new listing notifications, view Fairbanks market statistics or browse our virtual relocation package. Have questions? Contact us online or call us at (907) 699-6024. We would love to hear from you.