Market Update

The Alaska home sale statistics for February are out, and the trends are clear; average days on the market are up, inventory is up (currently there is 18 months of inventory in the MLS database) and home values are holding steady. Another thing that the statistics show is that the properties that are selling, are selling in about 55 days, which means that a properly priced property will sell quickly.
The good news is that the changes in activity, both listing and sales, from last year to this year are marginal. There are minor changes in all categories, but not the catastrophic drops that are being reported in the National news. The exception to that last statement is that average sales price of homes sold in the month of January dropped by $35,000. That could be a positive; if it is a result of the sale lower priced, or distressed properties are being purchased and cleared out of the inventory. Or, it could be a result of buyers shopping for lower price homes for financial reasons.
On that note, things have changed drastically in the home finance department. Prospective buyers should keep in close contact with their lenders. Financing policies and programs are changing daily. What you were qualified to buy last summer may be far out of reach in today’s financial market.