Price Correction in the Anchorage Market?

In the Anchorage housing market, we saw a price correction in 2008.  We always tell buyers and sellers we don't have a crystal ball to predict the future but we do have is hard data that is reported including the average sales price.  In my opinion, that is the key factor in predicting a future price correction, or a decline in values. 

In 2005 we had 12.39% increase  in sales prices.  In 2006, 7.98% increase and then in 2007 we saw 3.71% increase in values.  By 2008 we were declining in price by .35%, and again in 2009 by 1.5%. 

When values increase by more than 4% per year, that is not sustainable in most markets and you will see a price correction.  The government and our economy know that 4% is the key to a healthy economy and housing market.

Here are the the increases in the average sales prices in the last 3 years:
2012      4.77%
2013      2.95%
2014      3.23%

That's pointing us to a very healthy Anchorage housing market and since I lost my crystal ball years ago, my expertise of over 9 years selling real estate and researching current and past data, 2015 should be another steady and stable housing year for us.  Buyers should consider buying and not be scared of a market crash.  Interest rates are still incredibly low and you can lock in your housing cost for years to come by purchasing a great deal today!