Looking for a home in Anchorage, Alaska? That's great. If you are a first time home buyer, get more information about the First Time Home Buyer Tax Credit.
Before jumping into any real estate market, it's important to understand the real estate market trends of that area. If you are interested in buying a home in Anchorage, Alaska it would be a good idea to research home prices, average prices, and median prices. How much of a house can you buy in Anchorage depends on what the market is doing at the time.
Fortunately home prices have not dropped significantly over the past two years. Although the average home price has dropped over the last there years, Anchorage is still in relatively good shape. In 2007, the average home cost $327,070. In 2008 the average home in Anchorage cost $325,967. In 2009, so far, the average home in Anchorage costs $320,784.
We are noticing homes on the upper end are experiencing longer marketing times. Homes priced over $500,000 are sitting on the market for an average of 9 months and Anchorage is experiencing a 23 month inventory of homes listed at $1,000,000 and more. This may be due to the banks tightening their lending policies and just not giving out as many loans as they used to.
Are you a home seller? Here is a look at your competition. The Supply & Demand chart shows the average time on market by price range. So, if you are considering selling your home, look below for an idea of your position in the market. For instance if you are on the fence and you can't decide whether you should list your home for $355,000 or $349,000, if you look below, you'll see that home between $300,000 and $349,999 are sitting at an average of 5.11 months. Now look at the price range $350,000 to $399,999, those homes are sitting on the Anchorage real estate market for an average of 6.81 months.
You should not determine the value of your home based these charts. These figures are for informational purposes. Talk to a professional Realtor about the value of your home. Click here to Find out the value of your home.
Here is a chart of May's Supply and Demand for Anchorage, Alaska
