Today’s Real Estate Report: Alaska

Alaska Real EstateHey all,

We’re rejiggering the Gay Realty Watch blog a bit. Starting today, we’re going to focus each day on a specific region, bringing you a sampling of articles about the state of real estate in that region.

Today, Alaska.

Starting in Juneau – apparently the Juneau housing market is hot these days, with prices up $40,000 in two years, according to the Daily News Miner:

The average home price in the capital was about $248,000 in 2010, but that jumped to more than $288,000 two years later, the Juneau Empire reported.

The long-term outlook is great for sellers, but not so much for Juneau’s home buyers:

“If nothing is done, if we keep on going on the same trend, we are going to have an even more acute housing problem,” she said.

Moving over to Anchorage, there’s a similar lack of housing inventory, according to the Alaska Journal of Commerce:

Few available homes in the Anchorage market and full enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act will drive Alaska’s real estate market in 2013. Dodd-Frank includes language about “Qualified Residential Mortgages,” or QRM. The worry is that a requirement for a minimum down payment will be established as a part of QRM. “If QRM gets enacted, it will not bode well for the housing market. It’s very onerous,” Alaska Association of Realtors President-elect Michael Droege said.

The tight inventory is driving a rise in prices, too:

Single-family home sales were up 12 percent in November and the prices of those sales were up 5 percent, Droege said. While they may not continue at that rate, he said he expects those trends to continue.

In addition, the folks over at Equities.com are forecasting a stable commercial real estate market in Anchorage through 2012:

Speakers repeatedly used the word “stable” to describe their expectations for the Anchorage commercial property market in 2013 at the Annual Commercial Real Estate Forecast Luncheon at the Hilton Hotel on Friday. Speakers at the event hosted by the Building Owners and Managers Association of Anchorage predicted a year of mostly steady rents and vacancy rates but said new construction may be slower than in 2012.

We’ll keep an eye on Alaska’s real estate market and bring you an update soon!

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