Homer Alaska - Business

Story last updated at 3:38 PM on Wednesday, September 7, 2011

For Sale in Homer

So far in 2011, real estate sales not the best, but not that bad

By McKibben Jackinsky
Staff Writer

This year's sale of houses and lots may not be as impressive as it was in 2005, but what the MLS — Multiple Listing Service — indicates for 2011 is "more reflective of a town this size," said Sharon Minsch of Alaska Real Estate, president of Kachemak Board of Realtors and chair of the Homer Planning Commission.

In 2005, house and lot sales skyrocketed with out-of-state retirees looking to Homer as a place to kick back and relax, while others focused on upgrades. House sales hit 112 that year, with lot sales hitting 160.

"They took money out on existing homes and came to spend it in Homer," said Minsch.

By 2007, the numbers had dropped dramatically, with 45 houses and 82 lots sold.

This year in the Diamond Ridge, Homer, Kachemak Drive and McNeil Canyon areas:

• 142 houses are listed on the MLS for sale;

• 11 house sales are pending;

• 50 houses have sold this year;

• Of those houses sold, the majority (22) were between $63,000-$189,000 and the high end was one at $700,000;

"The number that closed in this same area last year was 86 residential sales," said Minsch. "We have four months left and we may come in a little under (2010)."

There are currently 305 lots for sale, with 29 sold so far this year so far and 27 sales pending.

"What we're not seeing are any of the big $200,000 view lots that we've seen in the past," said Minsch.

Thirteen lots are priced below $40,000; with an equal distribution in the $50,000-$90,000 range and four parcels of eight or more acres each selling for more than $100,000.

"It's not good, but it's still not bad," said Minsch, summing up this year's market activity.