Fairbanks saw another good year for residential real estate sales. Here are some interesting figures on how 2017 stacked up compared to 2016:
- In 2017 there were 1,217 homes sold compared to 1,179 in 2016 which is a 3% increase.
- In North Pole the average sale price for a single family home in 2017 was $232,932 compared to $221,930 which is a 5% increase.
- 2017 saw $303,863,627 in total sales volume to include residential, commercial and multifamily. This is a 6% increase in volume with 2016 seeing only $286,385,784 in volume.
Other trends and facts that affect the real estate market:
- Forecasters predict modest job growth in Fairbanks in 2018. Strong military infrastructure spending and continued tourism expected to boost jobs by nearly 1% in 2018.
- Alaska is the third least-populous state in the U.S.,with only Vermont and Wyoming having fewer people. The state has grown considerably in a short time, however, from just 55,036 people in the territory in 1920 to 739,828 in 2016.
- Alaska's population has grown in all years since statehood except three.
- In 2016, Alaska was the third youngest state, with a median age of 34.7. Only Texas and Utah are younger.
- Foreclosure rates remain very low. In Q2 2017 rates were at 0.6% and this highlights how the current recession is different from the 80's where rates were above 10%.
- Fairbanks North Star Borough unemployment rates are at 5.8% in Oct. 2017 which is up from 5.3% a year prior.
For more information check out these awesome resources: