Time to Test Your Alaska Real Estate Knowledge

In my forty years of real estate, never have I seen a market quite like this.  Not even during the oil boom of the early 1980’s.  It is the perfect storm of almost historic low interest rates and lack of inventory due to years of under home building generated in part by the stranglehold of over regulation by the adoption of Title 21. This is true, specifically to the horizontal development of roads, water and sewer without any Municipal contribution for off-site costs. So here’s how the market is now.  Let’s take a test. 

1. How many more homes have sold YTD than in 2020?

A. 100    B.  50    

C. 200    D. 257

 

2. What is the average sales price of an Anchorage home in 2021?

A. $366,450       

B. $389,616     

C. $422,042

 

3. What is the percent increase in 2021 sold homes compared to 2020?

A. 5%      B. 6.2%    

C. 8.32%        D. O%

 

4. The average times for days on the market of an Anchorage home is what?

A. 59     B. 49     

C. 30   D. 20

5. What MLS District has the highest sales price? 

A. Downtown 

B. Potter Marsh     

C. Girdwood

 

6. What is that sales price?

A. $560,000     

B. $660,000    

C. $866,000+

 

7. How many million dollar homes have sold per month in 2021?

A. 1    B. 2    C. 3+

 

8. How many homes have sold in Palmer and Wasilla so far this year?

A. 334   

B. 434    

C. 534      

D. 634

 

9. What is their average sales price?

A.  $305,000    

B.  $357,509    

C. $437,000

 

10. What percent increase is that from this same time last year?

A. 7%    B. 10%   

C. 17%

 

11. Lets check out Homer, my favorite Alaska vacation destination, and where we just opened a Berkshire Hathaway HomeServices Alaska Realty branch. How many homes have sold YTD in Homer?

A. 17   B. 28   C. 37

 

12. What is Homer’s average single family sales price?

A. $346,306     

B. $318,599

C. Over $400,000

 

13. How many condos does Homer have for sale?

A. 5     B.10    C. 0

 

14. Now back to Girdwood.  Remember the average sales price? It makes Homer seem like a real bargain for a vacation home.  How many homes are currently for sale in Girdwood? 

A. 3      B. 6     C. 12

 

Want to know more about the Anchorage real estate market?  Visit me this Sunday from 1 to 4 pm at Sandhill Reserve at the corner of W. 80th and Sand Lake Road.  It is our newest community featuring six different builders with innovative plans with super sized garages and walk out lower levels.

Answer Key: 1. D   2. C   3. C   4. C   5. C   6. C   7. C   8. D   9. B   10. C   11. C   12. A   13. C   14. A

 

COMMERCIAL CORNER

Call Lottie Michael, CCIM 907-646-3603

15. What is the difference between a NNN lease and a full service lease?

A: Triple Net leases, or NNN, allows for tenant to pay all operating expenses, ie property tax, insurance, maintenance, etc. Full service leases stipulate landlord to pay all operating expenses.