Kenai Real Estate

The Kenai real estate market is historically the largest in the central Kenai Peninsula area due to its having the largest population and a large city limit size.  The Kenai city limits is expansive stretching from the North Spur Hwy around the Kenai Muni Airport, along the Spur Hwy East to Soldotna and not stooping until tower hill.  They also stretch south over the mouth of the Kenai River and include several pleasant neighborhoods including VIP and Water Gate.

Kenai Real Estate: Homes For Sale

The real estate market in Kenai is predominately residential with a mixing of land and multi-family sales.  Few business properties change hands except for the last two year following the oil and gas industry shake up.  The population is fairly transitory with constant movement of oil and gas employees and service companies into and out of the Cook Inlet oil and gas fields. The City of Kenai is the oldest city in the area and the foundation of its current form was in the 50’s with the introduction of the oil fields in Swanson river. Many of the older neighborhoods established in the late 50’s and 60’s in Woodland were employee housing for the original oil companies. The age of the housing stock is mixed with a fairly stable and moderate number of new homes being built each year since the 70’s.

Kenai Real Estate: Single Family Home Statistics

Year # Sold Avg. List Price Avg. Sold Price % Sold Price Avg. DOM
Change
2004 86 $137,763 $133,671 NA 148
2005 94 $141,192 $138,186 3.38% 119
2006 113 $162,388 $159,709 15.58% 62
2007 85 $155,212 $152,224 -4.69% 60
2008 87 $201,405 $195,127 28.18% 98
2009 74 $173,840 $167,879 -13.96% 97
2010 84 $191,537 $185,792 10.67% 121
2011 58 $194,687 $187,301 0.81% 106
2012 75 $211,274 $206,738 10.38% 135
2013 75 $201,738 $195,015 -5.67% 79
  • Sales Price: The average sales price for the last ten years has been $172,000 but has risen to an average of $196,000 for the lase three years.
  • Application: The Kenai real estate market has averaged a 5% increase in average sales price for the past ten year, but the most recent three years have averaged a 2% increase.
  • # of Sales: The Kenai market has averaged 83 sales per year for the last ten year but has dropped to an average of 69 sales for the past three years. This follows general economic trends of the nation with out the sever crash seen in major markets.
  • % of List to Sales Price: The ten year average list to sales price has remained stable at 97%.
  • Days on Market: The ten year average for days on market is 102 days. The most recent years have sen significant fluctuations in average time on market and has been driven by inconsistent mortgage processing times pushing closing dates out and strong demand for housing a reducing the time on market.

2014 Year to Date Kenai Market Snap Shot as of Oct 8th

The Kenai real estate market has been good year over year with a slight increase in the number of sales of home year to year (67 vs 65). The number of active listings is down 5% to 159 with a 27% increase in the number of pending deals. The buyer have been very active in the Kenai market and if the final quarter could be better then in several of the past years. Interestingly the average sales price has dropped by 3% with the increased activity but the list to sale ratio has improved from 96% in 2013 to 97% in 2014. These number can change drastically with the large number of pending deals set to close within the next two months.

Price 1 to 2  Bed 3 Bed 4 + Bed Total
$29999.99 and under  0
$30000-$39999.99  0
$40000-$49999.99  0
$50000-$59999.99  0
$60000-$69999.99  1  1
$70000-$79999.99  1  1  2
$80000-$89999.99  3  1  4
$90000-$99999.99  1  1
$100000-$119999.99  1  1
$120000-$139999.99  3  3  6
$140000-$159999.99  1  9  1  11
$160000-$179999.99  2  7  2  11
$180000-$199999.99  1  2  2  5
$200000-$249999.99  6  4  10
$250000-$299999.99  4  3  7
$300000-$399999.99  3  3  6
$400000-$499999.99  1  1
$500000 and over  1  1
***Totals***  11  38  18  67
***Average*** 127,491 185,255 251,234 193,497
***Median*** 132,000 169,000 235,000 171,500

Kenai Real Estate: Land Statistics

Year # Sold Avg. List Price Avg. Sold Price % Sold Price Avg. DOM
Change
2004 28 $64,000 $54,132 NA 476
2005 20 $38,757 $35,368 -34.66% 214
2006 31 $39,372 $36,727 3.84% 286
2007 25 $36,262 $30,874 -15.94% 244
2008 41 $44,876 $39,175 26.89% 293
2009 7 $22,557 $20,414 -47.89% 322
2010 11 $96,927 $86,218 322.35% 422
2011 16 $19,037 $13,106 -84.80% 210
2012 11 $113,890 $90,681 591.90% 360
2013 8 $21,025 $18,000 -80.15% 617

In 2014 Kenai land sales have seen a lot of activity with 29 unit sold and 33 pending transaction as of October 8th, 2014. The speculation surrounding the proposed LNG plant down the road in North Kenai is spurring investment buyers and a few new construction starts.  The average sales price increased slightly from 2013 to about $22,000 in 2014. There are still 5 listed lots for sale to every one that sells.

Kenai Real Estate: Multi-Family Income Property Statistics

Year # Sold Avg. List Price Avg. Sold Price % Sold Price Avg. DOM
Change
2004 16 $166,556 $161,156 NA 153
2005 18 $288,080 $280,774 74.22% 87
2006 18 $325,088 $216,857 -22.76% 165
2007 5 $552,976 $512,000 136.10% 39
2008 9 $249,555 $237,888 -53.54% 117
2009 4 $232,250 $222,750 -6.36% 126
2010 7 $205,414 $191,500 -14.03% 213
2011 3 $206,666 $204,000 6.53% 356
2012 5 $210,080 $199,255 -2.33% 469
2013 9 $559,588 $499,044 150.45% 109