Fairbanks Alaska Real Estate Update - November 2007

It looks like the Fairbanks real estate market is still adjusting downward. Our total sales volume is down 17.9% compared to November 2006 and 13% from October. The total number of homes sold dropped 23.7% compared to November 2006 and 4.4% from October. At $204,550, the average sales price is down 7.1% compared to November 2006 and 1.7% from October. The Average days on the market, however, is up 38.3% compared to November 2006 but down 4.5% from October.

The list to sales price ratio, or the percentage of the asking price the average seller received is, at 94.4%, the lowest it's been since 1999 (when I started monitoring and recording it). This is due in part to a group of sellers who haven’t quite got on the bandwagon yet with respect to the changes occurring in the market.

Where are we headed? Good question. My crystal ball is on the fritz today. I do know there are buyers actively shopping and buying. Investment activity has cooled quite a bit, but buyers purchasing because of a lifestyle change are still active. If you want to sell your house to the current pool of active buyers, it's all about competitive pricing.