The real estate market in Kenai continues to be strong with a six percent increase in sales year to date. Surprisingly the sales growth is down from mid year tally of a 28% increase. Kenai was rocking in the first half of 2013. The future looks bright with a ten percent growth in the number of pending sales from last November.

This market report and real estate statistics are for the city of Kenai and its MLS area for the time period of January 1st to November 21st 2012 to 2013.  This information is considered accurate but is not guaranteed and is subject to change.

Active Listings Inventory Growth: 15%

2012 238 Listings
2013 273 Listings

The Kenai housing inventory increased by 15% this year. The driving force is the continued housing recovery and major shifts in the local oil and gas industry.

New Listings Growth: 25%

2012 212 New Listings
2013 265 New Listings

The number of new Kenai homes for sale increased by 25% in 2013. A large portion of the new listings were related to the bulk of employee transfers into and out of the area by Marathon and Hillcorp after the sale of the Cook Inlet Oil and Gas rights.

Pending Listings Growth: 10%

2012 98 pending listings
2013 108 pending listings

Pending Sales in Kenai follow the trend in inventory and new listing growth.

Number of Homes Sold Growth: 6%

2012 100 sold homes
2013 106 sold homes

Although the inventory increased by 25%, the number of homes sold has only increase by six percent in Kenai.

Average Sales Price Growth: 13%

2012 $160,583
2013 $181,535

The average sales price for Kenai has increased by thirteen percent.A healthy increase driven by record low interest rates and a strong local economy.

Percent of List Price Growth: -2%

2012 97% of list price
2013 95% of list price

The percent of a home’s sales price to it’s list price dropped by two percent this year from 97% in 2012 to 95% in 2013. Given the large increase in the average sales price, this drop is likely caused by aggressive speculation of sellers in setting their list price and the ability of the buyers to demand a more realistic value.

Average Days On Market

2012 days on market 171
2012 days on market 105

A healthy market turns over it’s housing inventory quickly and the average time it took to sell a home dropped by 66 days in 2013.

2013 is a good year to sell your home and not a bad year to buy either. Interest rate are still historically low and the inventory of homes to choose from has grown. I will add not to wait around. Homes are selling faster than in the past if they are priced appropriately.  The second half of 2013 may be a different story as interest rates climb and the inventory continues to shrink.

If you would like to learn more about buying or selling your home contact Glenda Feeken at RE/MAX today. 907 252 2743.