Monday, November 5, 2007
Good Morning,
The 3rd Quarter Market Report is finally up and ready; click the link to the right to download the report in a .pdf.
Overall the market is in good condition. The good news is the average sales price is up 1.6% to $214,011 over last quarter. The less than stellar news is that there are fewer homes selling; those that are selling are taking slightly longer to sell and we're seeing concessions in the form of price reductions of just over 2% of the list price.
New construction has been the hardest hit segment of the market with respect to sales price; new construction in Fairbanks and North Pole dropped 7.8% and 9.2% respectively to an average of 231,000 from $252,300 last quarter. As of this writing there are 137 new homes currently for sale; 26% having been on the market for six months while a whopping 18% have been listed for more than one year.
If you're in the market to buy, you have plenty of properties to choose from; MLS data shows a total of 551 homes currently for sale. Just because inventory is up, don't expect to every seller to offer a fire-sale price. Homes in good condition that are priced within the market are still selling at a brisk pace and for 98% of their list price. Ready to start shopping? Call or email us (don't forget to put our Realty Retriever to work for you) for a list of homes for sale that match your needs.
Sellers: Need to sell? As shown above, you'll be competing with 551 other sellers for the buyers in the market. Your home will need to be in good condition with few, if any, repairs. Pricing is critical. Although not a depressed market, you will need to make certain you're priced correctly for today's market. Not sure what that price should be? Call or email us today for a consultation.
Thanks for reading... make it a great day!
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