Palmer, Alaska, is a great place to live. It is a friendly community, and you have access to all the best things Alaska has to offer. If you are interested in moving to Alaska, consider buying a home in Palmer.
Before you start your home search in Palmer, you should look at market trends. The recent trends help you determine if now is a good time to buy.
Is Now a Good Time to Buy a Home in Palmer, AK
Sale Prices
Sale prices are a good place to start when looking at real estate markets. However, you need to realize that the prices in Palmer tend to fluctuate throughout the year. Home prices tend to be much higher in summer than in winter. While prices are down from significant highs in July, they are up from this time last year. The average home sale in December, 2022 was just under $350,000. That is an increase of over 9% from December, 2021.
Days on the Market
The number of days homes stay on the market can also indicate demand. If they remain on the market longer, it might mean fewer buyers. That means less competition if you are buying. The average home in Palmer is staying on the market for more than twice as long as last year. The number has also been gradually climbing since about May. However, this is after a few years of the number staying lower than it had been for in prior years.
List Prices
Another point to consider is whether homes are selling for the list price. In December 2022, the average home sold for just below 97% of the list price. That is close. However, that is after a few years of homes consistently selling for at or above the list price. It is also a trend for three consecutive months. The last time homes sold for less than the list price for more than one month was two years ago. That could indicate a trend of buyers having more leverage in negotiations.
Still Competitive
Even with these facts, the Palmer housing market is competitive. Most homes receive multiple offers when they are on the market. While median days on the market have increased, it is still lower than the national average. Prices are also holding stronger than in most other markets. The market may have cooled a little, but Palmer real estate still has some heat.
Now could be the time to buy a house in Palmer, AK. Demand does appear to be a little softer than in recent years. Buyers also are getting better deals than they had been. There is also a good chance these trends will turn around during 2023.
We Love Alaska!
Are you looking for a home in Palmer, AK? Reach out to the Valley Market Real Estate team. We are local real estate experts ready to help you find your dream home in Alaska.
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