Baranof realty
newsletter
Market Update
Last year’s market comeback continued into the first quarter of 2014 with a 27% increase in sales from the same period last year and a 180% increase from the same period in 2012. Prices are also beginning to stabilize with only a 5% difference between list and sold price. Furthermore, we are finally seeing prices on the upper end of the market hold their value with only a 6.8% drop. This is far better than the six-figure declines we have seen the past couple of years.
Home and real estate sales are officially back in Sitka for two key reasons: First, buyers have been waiting for some good listings and finally found them last year as sellers began to see an opportunity to liquidate and aggressively price their property. The picked-up buyer demand drained inventory down 61% to barely two dozen listings in February. Seller mentality is now evolving into an opportunity to profit instead of liquidate.
Second, buyers are still seeing low interest rates from lenders who know rates are bound to swing upwards in the near future. Savvy buyers want in on the action before rates go up. They are looking to spend more than they normally would because interest rates are allowing them to. This is helping renters buy their first home and growing families upgrade into more luxury.
Q1 2014 Total Market Sales:
- 7 Single Family Homes
- 2 Lots
- 2 Multifamily Homes
- 3 Condos & Zero Lot Line Homes
Days on Market
| High | Low | Average | Med |
| 2,154 | 0 | 290 | 95 |
Price
| High | Low | Average | |
| List Price | $880,000 | $99,900 | $327,564 |
| Sold Price | $820,000 | $100,500 | $309,375 |
| % Change | -6.8% | 0% | -5.5% |
Office Changes
Baranof Realty is growing with the market as we have added staff to keep up with demand. Meet Tracey Johnson our new Office Administrator and Real Estate Licensee. Tracey’s lived in Sitka since 1999. She and her husband David have two sons, Max and Alex, who attend Blatchley Middle School and Keet Gooshi Heen.
Meet Bruce Conine our new Maintenance Coordinator for property management. Bruce is a longtime Sitkan and customer service is his mantra. From his early days as a manager at SeaMart Bruce has learned the value of customer service excellence. Bruce also runs tours during the summer and you may see him down at the docks!
ADVERTISING UPDATE
Michael LaGuire and Travis Vaughan started a new seasonal radio show named “Real Talk” on KIFW 1230 AM, airing Thursdays at 2:00pm. The radio show runs weekly every spring and discusses the real estate market in Sitka.
