Today we'll be speaking about what we saw happen in the Anchorage/Eagle River real estate markets in 2014. We'll be comparing statistics from 2013 in order to compare these markets.
- The average sales price in 2013 was $347,000, and in 2014 it was $358,00, which is a healthy increase of 3.23%.
- Average sale price for condos in 2013 was $203,000. In 2014 that price increased by 1.28% to $205,000.
- 2014 ended with a low supply of homes on the market.
- There were only 475 single-family homes on the market in December, compared to the summer when there were about 750 on the market.
- Interest rates have gone down unexpectedly, and that's great for both buyers and sellers because affordability will be up.
- The rate on a 30-year loan is 3.625%, a 15-year loan is at about 3%, and an FHA or VA loan 3.25%. These are excellent rates, so any potential buyers should start shopping around now.
This pretty much sums up what happened here in Eagle River and Anchorage in 2014. It was a good year, but low interest rates and new requirements for down payments on Fannie Mae and Freddie Mac products should help drive some activity early in 2015.
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