CRSouser, Home Buyer in 99502

What is the current average SALE price per square foot right now for a single family home / ZLL / Condo?

Asked by CRSouser, 99502 Sun Mar 15, 2009

I am looking and several homes in MLS and other locations and see homes with different costs per square feet. Seemly at least for the 150-$250k range the average is in the somewhere hovering around $155-170 p/sqft. Then I see some homes in similar or same neighborhoods/locations asking for $180-$195 p/sqft. Are these homes tending to sell in that range or are they falling into the market average when they actually finally sell.

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6
Kristian Pettyjohn’s answer
Hello CRSouser,

I have a lot of buyers ask me the same question. Beth was right on. Many buyers like to look at ppsf when home shopping as if this variable was mutually exclusive, but of course in reality it is anything but. The truth is that houses are not sold or valued based on ppsf. Now with that being said, yes, it is rough correlation. For instance, most foreclosures will be under $120/sf and like wise single family homes generally fall in the $160-180/ppsf, and condos are generally the highest ranging from $180-220/sf. As Beth said, you may have a condo with identical square feet and though one has been up-dated with a new kitchen, hard wood flooring, and paint the other one may date back to the 70s era still, obviously these two homes will sell for thousands of dollars difference. Also, one commonly overlooked item when evaluating homes based on ppsf is lot size. Land in Anchorage is extremely scare and 10,000sf can sell for upwards of $50,000, so this most be thought up as well. In theory if you made adjustments for every little difference you might be able to have an accurate ppsf comparison between homes, but this simple isn't practical. If you truly want to compare values you need to go look at these homes and verify they are indeed "like-n-kind".

Let me know if I can assist you in any other way. Also check out some comparable properties at AlaskaHomeSearch.com.

Warm Regards,

Kristian Pettyjohn
Realtor
(907)-830-9345
Keller Williams Realty
0 votes Thank Flag Link Sun Aug 22, 2010
Price per square foot isn't always a good way to look at fair market value. You could have 2 properties built the same year with the same square footage in the same neighborhood. One may be in original condition (dated) and the other could have been completely remodeled so the value of the homes would be totally different.
0 votes Thank Flag Link Thu Oct 9, 2014
This is a very common misconception that home value
is associated with price per square foot. There are so many determining factors on where a home falls on the ppsf number, it is totally useless to turn to that number when comparing homes. So many people contact me and the first thing they will ask is what ppsf homes are selling at and, really, that information is inessential.
0 votes Thank Flag Link Thu Oct 9, 2014
well, that is a bunch of useless information as 80% of existing homes are over $300K...and 'all these homes" CRAP
..
0 votes Thank Flag Link Mon Aug 11, 2014
i dont know where you could find a 10k sf lot in anchorage for $50k... unless its swamp land or in mt view... i have been offered twice that amount on a smaller lot in woodland park area...

i have noticed that comps are not current.. that demand far exceeds supply.. and real estate agents here in anchorage are missing the opportunity to maximize property owners value... .most i spoke with report a strong sellers market but only with low expectations on price... ridiculous...
0 votes Thank Flag Link Thu Jul 17, 2014
I saw your base question and my base answer was another question: where is it, what's the interior like, what kind of amenities are there? To tell you the truth, having grown up in Real Estate, when Alaskans started asking me about price per square foot I was flabbergasted. Any one property's ppsq is not going to be relevant to another's unless they were built on speculation, without buyer options or add-ons, by the same builder in the same neighborhood on the exact same type of lot (no corner or all corners or whatever).

If you are working with a Realtor, or even an Alaskan Licensee, they can provide you with the printed average sale ppsq in the area in which you are interested within a specified time range (time is a factor too).

So - conditions vary between properties, over locations and times. The MOA also provides comparable prices on some properties, but I find them to be based on mortgage amounts, irregardless of price less downpayments, etc., which only has limited relevance to market values.
0 votes Thank Flag Link Wed Apr 29, 2009
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