Looking at the numbers it doesn’t appear that October was a very good month for the Fairbanks real estate market.
The average price dropped 4.6% to an average of just $209,844, the number of homes sold dropped 11% to 89 and the average days on the market climbed almost 9% to 61. The one bright spot is the discount from list ratio or the amount the average seller reduced his/her price to effect a sale. In October the discount from list price dropped almost 21.7% to 1.8%.
There’s good news and bad news in those numbers. Obviously homes are still selling. Even from across the continent our phone is ringing with calls from buyers looking to jump into the market. The bad news, for lazy homeowners at least, is that those same buyers are evaluating homes much closer than any buyer has probably done in years. That means you’re not only going to have to have your Fairbanks home in top condition, you’re going to have to be ready to negotiate hard when and if they come to the negotiating table.
We’ve helped buyers and sellers navigate the Fairbanks real estate market for more than a decade. Have questions? Feel free to contact us online or call 907-699-6024 anytime.
