Discover Alaska Real Est December 2023 Market Report for Palmer, Alaska ate Blog
December 2023 Market Report for Palmer, Alaska
Welcome to our comprehensive market report for Palmer, Alaska. Whether you're a real estate investor, a property buyer, a current Palmer resident, or someone looking to buy or sell a home in the area, this report aims to provide valuable insights into the local real estate market. Let's dive in and explore the trends and statistics that shape the Palmer real estate landscape.
Market Trends and Statistics
Absorption Rate
The absorption rate in Palmer, Alaska has increased from 1.6 to 1.78, indicating a rise in the demand for properties in the market. * See note below for a helpful description
Median List Price
The median list price in Palmer has experienced a slight decline, dropping from $549,000 to $525,000. This 4.37% decrease in pricing may present attractive opportunities for potential buyers.
Median Sale Price
Similarly, the median sale price in Palmer has seen a minor decline, decreasing from $387,000 to $380,550. This 1.67% decrease indicates that buyers may have more negotiating power in the current market.
Median ADOM (Average Days on Market)
The median average days on market (ADOM) for properties in Palmer has decreased from 27 to 22, reflecting a shorter selling time for homes. This 18.52% reduction in ADOM suggests a more active and dynamic real estate market.
Conclusion
Palmer, Alaska's real estate market continues to show promising trends and opportunities. With an increasing absorption rate and a decrease in median list and sale prices, buyers and investors may find appealing options in this vibrant market. The declining median ADOM indicates a quicker turnaround for properties, allowing sellers to experience a faster selling process.
Whether you're looking to invest, buy, or sell a property in Palmer, Alaska, staying informed about the market is crucial. Keep an eye on these trends, consult with local real estate professionals, and make informed decisions that align with your goals.
We hope this market report has provided valuable insights and guidance for your real estate endeavors in Palmer, Alaska. Remember, the key to success in any market is to stay informed, be adaptable, and work with trusted professionals. Happy investing and home buying/selling!
Disclaimer: The market data provided is based on current statistics and trends. It is subject to change and may vary depending on various factors. We recommend us for contacting us for real estate professional for personalized advice and insights specific to your property.
*Definition- The Absorption Rate, in Months chart provides insights into the current inventory of properties and how long it would take to sell them based on the current rate of sales. It takes into account the number of active listings and the average number of listings sold per month over the past 12 months. By calculating the absorption ratio, this chart helps understand the supply and demand dynamics in the market.
Source- Alaska Multiple Listing Service (MLS)
