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.
Keller Williams Realty
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.