North Kenai has traditionally had a sleepy real estate market. The area is large and sparsely populated with many lakes and private parcels. The hallmark was often that you used to be able to snow machine or moose hunt from your homes backyard. Today the coffee table conversation is about the proposed massive Liquefied Natural Gas (LNG) terminal to be located adjacent to the original experimental export LNG facility. The plant proponents have already purchased many North Kenai homes and businesses to secure sufficient land for the development.
The real estate market has seen an increase in activity during the few years resulting from the turn over of the Cook Inlet oil rig operators and the extensive reworking of existing wells and new exploration. The commercial market has been very strong with many businesses needing to build shops due to the lack of available building. Commercial activity is largely confined to the Spur Hwy corridor.
Despite the health economy and proposed mega project the residential housing market has remained stable and hasn’t sky-rocked. Prices have experienced a healthy adjustment to local norms but are not out-pacing the Kenai, K-Beach or Soldotna real estate market. Most real estate activity is still residential and related to employee transfers into and out of the area.
The North Kenai housing inventory is diverse. The age, quality of construction and style are varied. After the initial surge in the 50’s and 60’s growth has been slow and steady and the age of the homes vary accordingly. Quality of construction is generally good but you must be diligent in your inspection since there is no building code enforcement.
Nikiski / North Kenai Real Estate: Single Family Statistics
| Year | # Sold | Avg. List Price | % List Price Change | Avg. Sold Price | % Sold Price Change | Avg. DOM |
| 2004 | 52 | $135,769 | NA | $129,612 | NA | 127 |
| 2005 | 73 | $138,076 | 1.70% | $135,261 | 4.36% | 150 |
| 2006 | 62 | $162,167 | 17.45% | $158,335 | 17.06% | 130 |
| 2007 | 49 | $181,179 | 11.72% | $171,996 | 8.63% | 140 |
| 2008 | 36 | $157,541 | -13.05% | $149,336 | -13.17% | 95 |
| 2009 | 28 | $155,475 | -1.31% | $148,261 | -0.72% | 121 |
| 2010 | 41 | $174,039 | 11.94% | $165,444 | 11.59% | 186 |
| 2011 | 38 | $142,963 | -17.86% | $136,796 | -17.32% | 129 |
| 2012 | 54 | $187,834 | 31.39% | $181,335 | 32.56% | 154 |
| 2013 | 45 | $191,028 | 1.70% | $184,173 | 1.57% | 175 |
- Sales Price: The average sales price has increased from a ten year average of about $157,000 to $167,0000 for the past three year.
- Appreciation: The market has an average of 5% appreciated for the last ten years with a slight increase to 6% for the past the years.
- # of Sales: The number of sales has average about 48 with a few years spiking above.
- % List To Sales Price: For the past ten years the homes that do sell in North Kenai generally sell for 96% of asking price.
- Days On Market: Days on market have increase from a ten year average of 141 days to 153 days in the last three years.
2014 Year to Date North Kenai / Nikiski Real Estate Snap Shot as of Oct, 2014
The North Kenai real estate market is having a good year with 48 sales in October, more then the total from all of 2013. The average sales price is continuing to climb and is about $207,000. A big jump from the averages of prior years. The big change from prior years is the health of the Nikiki North Kenai real estate market’s higher priced homes.
| Price | 2 or less Bedroom | 3 Bedroom | 4 or more Bedroom | Total |
| $29999.99 and under | 1 | 1 | 2 | |
| $30000-$39999.99 | 1 | 1 | ||
| $40000-$49999.99 | 1 | 1 | ||
| $50000-$59999.99 | 0 | |||
| $60000-$69999.99 | 0 | |||
| $70000-$79999.99 | 0 | |||
| $80000-$89999.99 | 0 | |||
| $90000-$99999.99 | 0 | |||
| $100000-$119999.99 | 0 | |||
| $120000-$139999.99 | 4 | 2 | 6 | |
| $140000-$159999.99 | 3 | 3 | 1 | 7 |
| $160000-$179999.99 | 1 | 2 | 1 | 4 |
| $180000-$199999.99 | 4 | 1 | 5 | |
| $200000-$249999.99 | 3 | 2 | 1 | 6 |
| $250000-$299999.99 | 3 | 4 | 7 | |
| $300000-$399999.99 | 6 | 2 | 8 | |
| $400000-$499999.99 | 1 | 1 | ||
| $500000 and over | 0 | |||
| ***Totals*** | 13 | 25 | 10 | 48 |
| ***Average*** | 139,531 | 224,192 | 253,690 | 207,408 |
| ***Median*** | 129,900 | 195,000 | 269,900 | 194,000 |
North Kenai – Nikiski Real Estate: Land Statistics
| Year | # Sold | Avg. List Price | % List Price | Avg. Sold Price | % Sold Price | Avg. DOM |
| 2004 | 58 | $21,857 | NA | $18,252 | NA | 531 |
| 2005 | 76 | $24,441 | 11.82% | $21,735 | 19.08% | 803 |
| 2006 | 96 | $31,461 | 28.72% | $28,740 | 32.23% | 629 |
| 2007 | 90 | $24,285 | -22.81% | $21,031 | -26.82% | 591 |
| 2008 | 70 | $24,761 | 1.96% | $21,755 | 3.44% | 391 |
| 2009 | 37 | $25,522 | 3.07% | $21,576 | -0.82% | 381 |
| 2010 | 46 | $26,415 | 3.50% | $22,255 | 3.15% | 374 |
| 2011 | 37 | $18,210 | -31.06% | $16,793 | -24.54% | 517 |
| 2012 | 50 | $22,558 | 23.88% | $19,545 | 16.39% | 530 |
| 2013 | 29 | $35,324 | 56.59% | $27,106 | 38.69% | 511 |
North Kenai – Nikiski Real Estate: Multi Family Statistics
| Year | # Sold | Avg. List Price | % List Price | Avg. Sold Price | % Sold Price | Avg. DOM |
| 2004 | 1 | $39,900 | NA | $39,900 | NA | 7 |
| 2005 | 5 | $155,760 | 290.38% | $140,240 | 251.48% | 193 |
| 2006 | 2 | $176,250 | 13.15% | $178,500 | 27.28% | 77 |
| 2007 | 3 | $235,000 | 33.33% | $226,833 | 27.08% | 125 |
| 2008 | 1 | $129,500 | -44.89% | $128,000 | -43.57% | 105 |
| 2009 | 1 | $189,000 | 45.95% | $191,500 | 49.61% | 319 |
| 2010 | 1 | $206,500 | 9.26% | $195,000 | 1.83% | 70 |
| 2011 | 1 | $225,000 | 8.96% | $210,000 | 7.69% | 198 |
| 2012 | 1 | $165,000 | -26.67% | $150,000 | -28.57% | 333 |
| 2013 | 2 | $338,500 | 105.15% | $325,000 | 116.67% | 37 |
