Hi, Folks. It looks like the Fairbanks real estate market is still somewhat in flux. Existing home sales continue to dominate the market. New construction homes are still relatively soft despite a current
Energy Efficiency rebate offering from Alaska Housing.
Lets get the bad news out of the way first. This week 12 homes were sold in Fairbanks; the third week of declining home sales and the lowest sold since the first of June. The average days on the market, while on a decline in June, has increased to 175 for the week ending July 26th. This is a 33% increase in marketing time since June 1st and an 8% increase since July 1st.
With all that doom and gloom you would think there might not be any good news, but take heart, because there is. The good news is that the average price is still climbing, albeit somewhat slower than previous quarters. Our current average of $216,145 is 2.9% above the average 2007 prices and 1.6% above the average sales price for 2008 YTD.
The key, of course, to surviving in this market is to be prepared. Make sure your home is ready for the market by clearing out the clutter, finishing the 'honey-do' list and most importantly, setting a realistic asking price based on current market conditions. I see a lot of sellers who appear to be pinning their hopes on a quick market resurgence.
Not sure how to proceed? That's ok. Contact us online or give us a call at 907.699.6024 and we'll help you every step of the way. Click the images below to open full size in a new window.
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Hi Jesse, the declining home sales figure may indicate you passed the peak for the summer season or the economy is continuing to take its toll. When DOM increases that is an indication obviously of either higher inventory or slowdown by the buyers. In our North Texas area we have bucked the national trend like you with slowly appreciating prices too. I just don't know how you guys afford the high gas prices there, which from what I understand are the highest in the country. Used to be Hawaii had that claim.