Around the Nation: Residential Real Estate Update - Alaska
By Jeff Adolph
State-by-state Update
Alaska is situated in the extreme northwestern region of America. This state has more coastline than any other and is the largest state in the nation with a land mass of 570,380 square miles. The climate in this region ranges between 80F in the summer to -60F in the winter (Anchorage pictured left during the warmer months).
The main economy for Alaska is petroleum, natural gas and seafood. The cost of living in this region is the highest in the nation, however, Alaska has the lowest taxation, with no sales tax or levied individual income tax. Property taxes are low with only 25 of 161 boroughs assessing property values.
Anchorage
This part of Alaska has a population of 282,813 and is Alaska's largest city. The average price of homes in this area is around the $224,000 mark, an increase of up to 5% compared to last years prices. Sellers are getting more than 100% of their asking price, a factor that is attributed to there currently being more buyers than sellers in this region.
Typically, homes are selling within 30 days of being on the market, with multiple offers being given. The area of greatest activity is first home buyers with population growth being the main factor of home purchases. As far as hot spots go, South Anchorage is said to be 'an incredible place to own a home.
Eagle River
This city has a population of 22,000 with there currently being more sellers than buyers. The median home price is hovering around the $325,000 mark and first home buyers are representing the area of greatest activity.
Homes are selling in 60-90 days and the region is increasing in value. Sellers are getting 90-95% of their asking price and Eagle River is considered to be a 'bright realty spot', with nice homes moving faster than those that need redecorating or upgrades.
Fairbanks
This city is the largest in the interior of Alaska with an estimated population of 34,324. Fairbanks represents a very tight market with there currently being more buyers than sellers. Home prices hover around the $250,000 mark and prices are increasing.
Typically, homes are on the market for 10-30 days in this region and single-family homes are popular. Prices are up by 5% compared with last years figures and sellers are getting 100% of their asking price, with multiple offers being made.
LGBT Regional Facts: Alaska has a population of 626,932 and ranks as America's 49th gayest state with .38% of the population being gay. The highest concentrations of same-sex couples are located in Anchorage with 533 couples recorded, Fairbanks with 151 couples on record and Juneau with 91. The gayest zip codes in Alaska are 99704, 99508, 99801, 99501 and 99709. -- gaypopulation.org
Main Story Source: House Hunt (2008) Around the State; available online at http://www.househunt.com
Picture Source: wikipedia.org
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