Fairbanks Alaska Real Estate - December 2008 Market Review

Yes, the title says December. It's been a busy month for the Fairbanks estate market... or at least it has for our office. End of month stats will ultimately tell the tale if it's market wide.  

We saw some surprising numbers in December.  Although the number of Fairbanks homes sold was down 19% over December 2007, we saw a near 36% increase in sales over November 2008. Many folks I spoke to were expecting the December numbers to be quite bleak.

Homes in Fairbanks spent less time on the market in December than almost any other time in 2008. June and July had an average days on the market of 90 & 96, respectively. December came in third place with 100; a full 24% lower than in November.

Of the homes we sold in December, more than 50% were competing with at least one other offer. What does this all mean? It means if you're serious about buying a home in Fairbanks, you shouldn't stay on the fence. There are good values to be had and in some cases, generous seller concessions. You might get a better deal if you wait, but chances are good that you could end up with heartburn over the one that got away.