by Mark Edwards
The Alaska Housing Finance Corporation (AHFC) has released the 1st quarter 2010 Alaska Housing Market Indicators report. It tracks new loan activity for single family homes and condominiums in Alaska. The data is based on a survey representing approximately 95% of mortgage lenders in Alaska and also includes AHFC loans.
It recorded 1,736 loans worth $401 million in the first three months of the year. This was a 14% volume increase over the same period in 2009 and $52 million more in terms of dollars. The sale of single family homes accounted for all of this growth. Condo activity was flat at 315, nearly identical to the 317 loans in the first quarter of 2009.
The average sales price of the homes was $261,161 or 1% higher than the first quarter of 2009. The average down payment was 12%. Down payments averaged close to 20% in 2005 and have been trending smaller over the last five years.
Anchorage accounted for 90% of the condo loan activity totaling $52 million in sales. The average sales price was $188,761 with an average down payment of 10%. Anchorage represented 50% of the single family home sales totaling $196 million. The average sales price was $318,896 with an average down payment of 13%. The Mat-Su recorded 19% of the home sales, with Fairbanks and Kenai at 10% each.
177 units of multi-family homes were financed in Anchorage in through March of 2010. They accounted for 70% of the statewide multi-family loan volume or $18 million. Fairbanks added 96 units with $3.5 million in loans for 13% of the total. The Mat-Su sold 20 units with $1.8 million in loans for 7% of the quarter’s activity.
There were 165 loans for new construction single family homes statewide worth $43 million in the first quarter. This represented about 12% of all home mortgage activity. 40% of the loans were in the Mat-Su and 36% in Anchorage. Existing homes accounted for 1,256 loans and $348 million. 51% were in Anchorage, 16% in the Mat-Su and 11% in Fairbanks.
New construction condos led to 48 loans for $10 million, 88% of which were in Anchorage. This accounted for 19% of the total condo loans valued at $52 million.
The complete report of data tables can be viewed at: http://www.ahfc.state.ak.us/grants/housing_market_indicators.cfm
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