Storm Lake Iowa home sales market is clicking along, although it is slower than the same time last year.
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For this quarter so far, Storm Lake and Alta had 33 properties sell. Last year 52 properties sold in the same time period, but the government incentive (up to $8,000) was in place.
Sales ranged from $19,000 ( a foreclosure) to $360,000. With an average sale price of $136,532. Last year this range was from $35,000 to $445,000 with an average of $111,306.
The time spent on the market ranged from 1 day (foreclosure, so this number is not accurate, property was previously listed), to 371 days on the market.
Over a third of the properties stayed on the market for 120 days or longer. Last year 42% of the 52 properties that sold, sold within the first 30 days on the market.
The Sale price as compared to list price was down overall. SP%/LP range in the 0-30 days on the market was 94.39% (exa $100,000 list price actually got an accepted offer of $94,390 - difference of $5,610). Last year this time frame had a SP%/LP of 96.9%.
This quarter one of the SP%/LP categories actually dropped below 90%, that was the 91-120 days on the market, the SP%/LP came in at 89.9%. This says pricing and preparing a property are CRITICAL if you want to sell.
Thinking you may wait to buy or sell? DON'T, this is a good time to buy and sell. We do have buyers looking, yes they are looking for good buys. The market is very competitive but our last 3 listings sold within 45 days of coming on the market. The difference with us is we work with sellers to get the property prepared for listing, list each property according to the results from a competitive market analysis and develop a written marketing plan that is specific to the property we are selling.
Information from the Storm Lake MLS date 6/17/11, Georgia A. Weaver - Broker Weaver Realtors.com, Licensed in Iowa