Home sales in Fairbanks struggled through most of last year but especially through the last two quarters of '07. Where are we today? Well, looking at the numbers sales have been increasing every month since January. April sales jumped more 36.5% over March but we're 20% under April 2007 stats. In fact more homes were sold in Fairbanks and Interior Alaska during the first quarter of 2007 than have been sold in the first four months of 2008.
Fairbanks sellers would be well advised to pay close attention to these numbers. With more than 600 homes currently for sale, pricing is absolutely critical. There's no room to "test the waters" or to build in "negotiating room."
If the goal is to sell your Fairbanks home, then being spot on with respect to pricing is an absolute must. It's probably not a bad idea, depending on what segment of the market you're in, to price your home 2-3% under the comparable sales that have closed within the past three months. The serious I'm-ready-to-buy-right-now buyers are simply not looking at homes where the asking price is out of line with market value.
Ready to sell your Fairbanks and Interior Alaska home? Contact us online or call us at 907.699.6024. We know Fairbanks and we know the Fairbanks real estate market. We'll help you go from For Sale to Sold!
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Fairbanks Alaska Absorption Rates June 2008
Up the creek...and no paddle in sight.
Fairbanks River Front Homes For Sale
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Is your market follows the weather? Both warming up? Good for you. I just can't believe what I see here. A 2/2 oceanfront condo with a SE exiposure, 1,500 sf in Ponce Inlet where I live, for only $270K. They were $470K and up just 3 years ago, and they will easily be at $500K when our market warms up...
People don't realize that they are missing the deals right NOW. The talking heads of the media gave them the notion that everything was going to crash and burn and they were going to get a house for 1995 prices! Now all I get a disappointed buyers who expected to be able to get everything they wanted for way too little money. As one poster on AR said the other day " a buyers market doesn't mean a fire sale." I have buyers but they are very unrealistic. Unrealistic buyers who still think the market is going to crash and burn are just the same as having no buyers.
The reason that the market is slow. The buyers and sellers are not on the same page. Sellers think buyers are too low. Buyers think sellers are too high.
All the best!
Sellers need to remember it's not 2005 anymore. They might want it to be, but it's not.
Jesse, The charts are looking good for your area. This is just what the doctor ordered for the "negative" press. I really liked the chart on days on the market going down. Have a GREAT week.
Don R.
Jesse
Your numbers are looking pretty good because it appears you only have a 6 or 7 month supply based on the sales and the number of days on market are decreasing. Actually your figures make it look like a fairly normal market considering the times we are in.
We are still seeing the reverse here. Our DOM are increasing, the number of sales are down 25% year to date compared to last yr. and our number of homes on the market are at record highs. The odd thing though is that our average asking prices are also at record highs.
I think our market is more confused than your's.
I hope you and Kathy have a great year.
Jesse, I love the use of three D graphs especially with axis lines. Yours at a glance indicate you are coming out of the woods. GREAT!!
I just did this too- I like your graphs better. How do you make them? Mine are boring. So my husband says.