It's important to track market statistics because the market is always changing.  An effective real estate Licensee must understand the current market trends in order to better advise Buyers and Sellers.  When looking at market statistics, particularly in a small market like our market, it is important to look frequently enough to see the trends as they happen, but not so frequently that there is not enough data to be analyzed. 

I look at market statistics on a quarterly basis and I look at market statistics by segment.  Here is what I have found this year through September 30 for Girdwood and Turnagain Arm:

Homes

$11.34M in Homes have been sold. 

The average sales price was $436,100. 

The average time on the market was 131 days.

Sellers received 96.6% of the list price. 

Interestingly, when compared to last year, the average sale price has risen from $403,600, the average time on the market has increased from 38 days, and what Sellers can expect to receive has dropped from 98.0%. 

So far this year, 26 Homes have been sold as opposed to 15 during the same period last year.

In a small market, one must sometimes read between the lines.  Of the Homes that have sold this year, two of them were on the market for between 18 and 24 months, and five of them sold for over $600,000.  Homes over $500,000 have notoriously long marketing times and prior to this year there has only been one sale over $600,000.  In excluding these seven sales, the average time on the market for Homes that have been sold this year is 85 days and the Sellers received 96.4% of the list price.

Of the Homes that RE/MAX of Alyeska has marketed and sold this year, the average time on the market was 108 days and the Sellers received 97.2% of the list price.  These figures were certainly affected by some challenging Homes we chose to market.  We took on a handful, and have sold, four Homes over $600,000 this year, including two new construction Homes that were marketed from the time they were foundations.

Condominiums

$7.43M in Condominiums have been sold. 

The average sales price was $232,200. 

The average time on the market was 89 days.

Sellers received 97.5% of the list price. 

Interestingly, when compared to last year, the average sale price has risen from $221,000, the average time on the market has increased from 69 days, and what Sellers can expect to receive has dropped from 99.0%. 

So far this year, 32 Condominiums have been sold as opposed to 22 during the same period last year.

Of the Condominiums that RE/MAX of Alyeska has marketed and sold this year, the average time on the market was 70 days and the Sellers received 100.1% of the list price. 

Vacant Land

$1.18M in Vacant Land has been sold. 

The average price was $196,700. 

The average time on the market was 258 days.

Sellers received 95.3% of the list price. 

Interestingly, when compared to last year, the average sale price has risen from $172,400, the average time on the market has increased from 78 days, and what Sellers can expect to receive has dropped from 96.0%.

So far this year, 6 pieces of Vacant Land have been sold as opposed to 15 during the same period last year.

RE/MAX of Alyeska has not sold any Vacant Land yet this year, but we have two pieces of Vacant Land under contract and scheduled to close and record in October.

Looking ahead, I think we are going to see average marketing times shorten some because many of the properties that sold early this year had been on the market for some time whereas many of the properties that have sold as of late had only been on the market a short time.

So what does all this mean?  It means that the market has softened.  It does not mean that it is a Buyer's market.  It does mean that it is a stable market and that whether you are a Buyer or a Seller it is a good time to buy or sell real estate in Girdwood and this is further indicated by the fact that overall activity in the market has increased by 49% year-to-date.  However, Sellers do need to keep in mind that they have absolutely got to price their properties at the market price because Buyers have choices and they have absolutely got to have their properties marketed in the proper channels.

The reason we have been successful in this changing market is we know what is happening in the market and we have made minor adjustments to our proven and consistent marketing plan.  According to National Association of REALTORS statistics, about 80% of Buyers begin their property search online.  A STRONG online presence in the proper channels is an absolute must in marketing real estate.  We have 27 websites that funnel traffic to our main website of www.GirdwoodHomes.com .  This is in addition to the marketing we do on the two most comprehensive and most widely used websites used by Buyers, www.remax.com and www.realtor.com .  Of the Buyers who have purchased, or are purchasing, real estate with RE/MAX of Alyeska so far this year, 47% of them found us through the web.  Only 43% of the properties listed for sale this year have actually sold or are under contract to sell; however, 60% of the properties listed by RE/MAX of Alyeska this year have sold or under contract to sell.

All statistics are derived from data provided by the Alaska M. L. S.