Anchorage Market Update 8/30/2007

By
Real Estate Agent with Keller Williams Realty Alaska Group

Many of the top Keller Williams associates have just returned from an awesome training event, Mega Agent Camp, in Austin, Texas. The topics included, pricing listings to sell, the internet and it's effect on the market, and many more relevant topics to today's business environment.

Keller Williams is starting to show people why they are the best company in the world.As more people become aware of the systems, training, culture, and profit sharing of Keller Williams they will become the real estate company of choice. Keller Williams Realty is now home to over 84 of the top realtors in Alaska and is open for business in the Key Bank Building at 101 West Benson Blvd. Suite 503 on the top floor.

Real Estate activity has dropped off a bit, but still remains healthy as of 08/26/2007. Interest rates are bouncing between 6.5% and 6.65 %. It is still very busy, although it does look like we are seeing a few more price reductions than we have been seeing and inventory is rising a bit.

Total residential sales as of 07/31/2006 were 1729, compared to 1610 this year, or a 7% decline, but the average price increased from $311,983 to $331,957 for a 6% increase. Inventory was reported to be 1378 at the end of July compared to 1105 at the same time last year.

This is the story for Anchorage at this time. Land prices, building materials and labor, are all increasing at a dramatic rate. Prices are flattening a little, but interest rates are holding, so if you are considering purchasing, waiting is not going to get you a better deal. NOW is the time to buy. Inventory is higher than last year, making selection and pricing more attractive. Based on the numbers, it is still a sellers market, as evidenced by a 5 month inventory of homes. It is considered a sellers market under 6 months of inventory and a buyers market at over 6 months of inventory.

Anchorage's market is very healthy and homes are still selling. There are more homes on the market which means you have to be in the lowest 20% of your price range on price, and the top 20% in condition. It seems to me that a lot of people would like to sell at this point and take their profits, but fear of being able to afford a replacement is keeping some people in their current home. I have witnessed some of my buyers, that bought in the last few years, cashing out and making a very nice profit on their investment. If you would like to know the value of your home, just give me a call a t 907-865-6520 ot visit http://www.allalaskahomes.com/ and sign up for a free CMA.

So real estate continues to be a solid performing asset, when it comes to investments. It is still possibly the best investment one could make! Call me and I will go over the return you can expect in the current market. IF YOU ARE WAITING FOR THE BUBBLE TO BURST, DON"T!

Comments (1)

Marty Van Diest
Valley Market Real Estate - Wasilla, AK
Your Alaskan Realtor

Hey Matt...Welcome to AR. 

You can learn a lot here and it's a great place to blog.

 Good to see the stats on Anchorage.  I don't keep up with it.  I have a hard enough time keeping up in the Valley.

Aug 31, 2007 08:47 AM