PROGRESS: Real Estate markets in the Mat-Su down but stable, experts say

While real estate is a chief economic bellwether in any zip code, the Mat-Su Valley is perhaps best represented by the forces of buying and selling homes, which have shaped its presence in Alaska for the past 30 years. From the Butte to Big Lake, developers and commuters have carved out sprawling neighborhoods which serve their families and lifestyles.

“Residential real estate, frankly, is what we are,” explained Marty van Diest, broker of Valley Market Real Estate. “When it comes to commercial real estate, we still have a long way to go.”

Van Diest cited inventory as holding strong with a good influx compared to this time period in 2017, and values increasing by 2 percent over the past year.

As February closed, 38 new listings had been added to the ranks with 35 pending transactions, suggesting a good flow of homes and land being offered.

“Our economy is tied to the price of a barrel of oil (presently $62.45) and oil output. People live here in the Mat-Su but work from every corner — construction in Barrow, commercial fishing all around the state — we are truly a bedroom community, not just for Anchorage, but for Alaska itself,” Van Diest said.

The median price for homes in the Mat-Su Valley for February was $238,000, down slightly from the $250,000 it’s hovered around for the past six years.

Much of that is due to layoffs in the oil patch, but Mat-Su Real Estate President Eric Bushnell does not believe it’s a doomed scenario.

“People find jobs, homes become rentals if people do move out of state,” Bushnell said. “If anything, it simply means less volume, a competitive market. We’re not seeing the volatility in the foreclosure market.”

Movement in new construction is best gauged in September, with the peak building season wrapping up. In the Mat-Su those numbers had construction down 8.1 percent with the average days on market averaging 64 for a total of 1,696 homes.