Kodiak’s Unique Housing Market

Welcome to beautiful Kodiak Island! Whether you’re here for a short tour or making Kodiak your long-term residence, we hope you take advantage of everything our unique remote island has to offer. Kodiak is unlike any place I’ve ever lived and having been a Coast Guard spouse, I’ve lived in 8 different cities over the last 3 decades. From fishing to hiking, and crafting to theatre, Kodiak has something for everyone.

Our housing market is just as unique as our community. We cannot compare our market to Anchorage or even to the Alaska mainland market. Kodiak seems to have an eco-system of it’s very own. Throughout my 15-year Kodiak real estate career, I’ve witnessed high inventory, low inventory, high prices and suppressed prices. Generally, the Kodiak housing market, both for sales and rentals, has been a strong stable market, but there are sometimes challenging eras that prove frustrating for buyers, sellers, landlords and tenants alike.

Most recently, the last three years (2020-2022) have revealed unprecedented appreciation rates for home sales as well as extremely limited inventory for both sales and rentals. This translates to high prices for buyers and tenants, while sellers and landlords have oftentimes reaped benefits from the market they never imagined. Whether you feel this is good or bad, it is a manifestation of the simple law of supply and demand. When supply is low, prices go up and when supply is high, prices go down. At this writing (February 2023), supply remains extremely low for both sales and rentals. We have no idea yet what the Spring/Summer selling and transfer season will bring; but many are hopeful that more inventory of homes becomes available to purchase or rent at reasonable prices.

I wish I could look into the future to tell you exactly what to expect whether you’re planning to buy, sell or lease a property in Kodiak this year. But whatever you do, there are steps you can take in advance to prepare yourself to properly compete in the market when the right home comes along. If buying, your first step is to find a reputable mortgage lender (unless you have plenty of cash) and get prequalified for a mortgage loan. If renting, gather up your personal and past landlord references and be prepared to complete applications. Possibly many applications!

Next steps would include finding a trusted real estate professional to assist you through the process. There are three independent real estate offices in Kodiak and several experienced REALTORS® who can help. It’s important to understand that in Alaska representation looks different from some other states. There is no “dual” representation but rather “full” representation, no representation (neutral) or assistance only. Seek out a professional who can fully explain the differences so you can make informed decisions.

While you’re watching the housing market in anticipation of making your move, always be prepared to pivot because you never know when a good opportunity may arise, different from your original plan. It’s important to keep an open mind and maintain flexibility with your housing wish list. For example, garages are not as common as you might think they should be in Kodiak, so don’t discredit a home simply because it doesn’t check all the boxes on your list. In addition having lived in Coast Guard base housing for five years myself, I can say it was a very pleasant experience; our kids loved having so many friends living right in the neighborhood.

Kodiak is beautiful, unique, amazing, special, and life changing. Come to the Emerald Isle with optimistic anticipation and ready to enjoy life as if you’re on a perpetual vacation. With so many outdoor activities within a few minutes’ walk or drive and numerous clubs, organizations, and ways to volunteer, you will find that life on The Rock is SO much more than the house you occupy. We can’t wait to meet you! Welcome Home!