Do you remember the story about the little engine that could? Just like that little engine the Fairbanks real estate market is surviving the housing slump that has derailed many real estate markets around the country.
For the week of June 22-28, 18 homes closed escrow. The majority of those (67%) continue to be sales in North Pole, although interestingly, they aren't new construction homes. New construction represented less than 1% of homes sales this week.
Days on the market dropped somewhat this week from 131 to 102 days. In a recent post I delved a little deeper into the Fairbanks days-on-market stats and found some interesting stats. This week 33% of Fairbanks homeowners saw their home sell in under 30 days.
Keep that in mind if you're shopping for a home. Homes priced correctly and in good condition are selling... and in some cases they're selling quickly.
The average sales price came in this week at $220,251. That's a whopping 19.2% increase over this time last year. We've even beat the year-to-date average for 2008 of $211,692.
The Fairbanks real estate market may not be setting any world records, but we are moving forward. If you're in the market to purchase a home, this could be a great time.
Ready to find your piece of The Last Frontier? Contact us online or call 907.699.6024. We are your local Fairbanks real estate experts.
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Thinking about buying or selling real estate in Fairbanks or Interior Alaska? We know Fairbanks real estate – Jesse and Kathy are your local Fairbanks real estate experts.
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Hi Jesse, I very much like your encouraging reports on housing in your area and that things are steady for you. Those of us outside your far north Alaska climes always love that there really is a town called North Pole. DOM coming down and some houses selling so quickly is great. I wish you continued healthy economic success.
Good morning Jesse, Good to hear that your market is doing well. As I said in a post not too long ago, real estate is a local thing...
Jesse,
I am glad to see that things are improving there in Fairbanks. These reports are sure to help everybody see that there are good markets all over and more on the way.
Thank you sir for the update.
Don R.
JESSE - Hopefully, Fairbanks homebuyers that have been sitting on the fence will read this and realize that, while the national trend may be down, Fairbanks is not waiting around for the rest of the nation to start rising. BTW, the house in the photo is beautiful.
Is that a mailbox in the front yard? What is that thing? I'm so used to getting mail dropped right into my entry way closet -- if I had to walk to the street to get it, it would probably sit in my box for a while. If it is a mailbox, isn't it supposed to have a flag?
Jesse, sounds like your market is doing well. North Pole? Is that a community or a city? Love the look of your property though.......;-)
Now why is it so funny to me that you're closing sales at the North Pole? I will respectfully refrain from making Elf & Santa jokes here. (But it's really hard!)
Gary - Thanks... as you know, you can find a silver lining in just about any news. We're not screaming forward, but still moving forward is what really counts.
Michael - Morning buddy. Real estate is very local although I'm hearing from more and more that things are picking up. I would love for that to be a major trend in the making.
Don - There are definitely good markets around the country. Even in some of the hardest hit areas... Elizabeth Weintraub in Sacramento has been telling folks how crazy busy the market is there. Let's move this forward trend national...
Adam - We're not moving at the pace we were in '05/'06 but at least it's forward. Buyers would do well to jump off the fence.
Elizabeth - It's a lamppost/mailbox. No foot delivery here so in the box it goes. It should have a flag. Wonder if the inspector will catch that? :)
Teri - North Pole is a city roughly 12 miles southeast of Fairbanks. It's a bedroom community if you will for Fairbanks.
Colleen - Well, at least you didn't say I could play the part of Santa the Realtor. All I need is a couple more white hairs and I'm ready...
Great Blog! I have been selling real estate in Bend Oregon since 1981 and find it refreshing to find a helpful blog like yours! Keep up the good work!
www.bendoregonrealestateexpert.com