An expert's view on the real estate market: good news for both buyer and seller.
Author | Christian, Bob |
[ILLUSTRATION OMITTED]
The 2008 economic forecast for Alaska is optimistic, with job growth expected to continue along with an increase in population. These factors, combined with low unemployment rates and historically low mortgage interest rates, has allowed the residential real estate markets in Alaska to avoid many of the woes that plague the Lower 48.
In the Alaska markets that we serve, from Anchorage through the Mat-Su Valley, the average sales price for residential properties remains on the rise. While inventories are higher than in the past few years allowing buyers more housing options from which to select, they have not burgeoned to the levels that cause an imbalance in the negotiation process. At less than five months of available inventory in all but the highest price categories, the Alaska residential real estate market is robust in comparison to most other parts of the Western United States. For example, in the Seattle metro area available inventory has surpassed eight months; and, in the Portland/Vancouver metro area the available inventory is approaching 12 months.
Over the past 20 years, residential real estate values in Alaska have appreciated on a more predictable level without the significant spikes that many metro areas of the Lower 48 have experienced. In areas where appreciation levels spike, high levels of speculation often occur with investors trying to capitalize on the rapid rise in values ... further driving prices upward and creating more volatility in the market. In large part, the sustained market appreciation of real estate in Alaska has insulated the area...
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