|Closing Conducted by:||Title Companies, Lenders, Private Escrow Companies|
|Primary Foreclosure Method:||Non-Judicial|
|Process Period:||3 - 4 months|
|Notice of Sale:||Trustee|
|Corporate Tax:||0 - 9.4%|
|Median Property Tax:||1.04%|
|Property Taxes by County:||http://www.tax-rates.org/alaska/property-tax#Counties|
|Transfer Fee:||No Fees|
Median Home Value: $301,673
Average Sales Price Of A Single-Family Home $371,671
1-Year Appreciation Rate: +4.0%
Number Of Foreclosures (Q1): 78
Job Growth: +5.6%
Unemployment Rate: 6.6%
Wage Growth: +3.2%
Median Rent Price: $1,369
Price-To-Rent Ratio: 18.36
Population: 731,545 (latest estimate by the U.S. Census Bureau)
Median Household Income: $77,640 (latest estimate by the U.S. Census Bureau)
Median home values will continue to appreciate: Not unlike every other market across the country, the Alaska real estate market has seen prices increase on the heels of inventory shortages, increasing demand, and low interest rates. While prices haven't risen as fast as the rest of the country, they are still on the upswing, and they will continue to rise as long as inventory remains tight.
Supply and demand will continue to shape the real estate landscape: Real estate in Alaska is currently in the middle of a unique predicament: More people are leaving the state due to the latest recession, but the strengthening economy has improved job growth. As a result, the Alaska real estate market has seen a drop in demand. However, more people should return to the market and boost real estate activity as the economy grows. It’s only a matter of time until people realize Alaska has gotten its feet back under it and start to migrate back. Once that happens, the real estate market should take off.
Net migration will stabilize: Alaska real estate trends continue to be hampered by net migration losses. More people have moved out of Alaska than people who have moved to Alaska because of the relatively poor job sector. As a result, the housing industry hasn’t been able to realize its potential. That said, improving economic conditions should stabilize migration patterns, stimulating housing activity across the state.