By the numbers, the local home market is still cranking out excellent numbers of both sales and listings. Unlike the national big city markets our local market is solid. Yes, we are seeing an increase in foreclosures and it is tougher to get a loan if your credit history is shaky but the impact is very little - so far.
What are the numbers?
The local MLS (Multiple Listing Service)reported 21 sales in the last 30 days
1) 14 were in Storm Lake
2) 2 were in Alta
3) 2 were in Early
4) 1 in Aurelia
5) 1 in Sioux Rapids
6) 1 in Rembrandt
25% of the sales were out of the Storm Lake and Alta Market, this may be a reflection of the Buyers decisions being impacted by the negative press concerning the national real estate market.
The properties that sold outside of Storm Lake and Alta had an average sale price of $55,600. The sale price of $55,600 is quite low for the Storm Lake or Alta market.
There were 2 foreclosures in the mix - both in Storm Lake. These sold for $45,000 $50,000. These amounts are good for foreclosures, the sale price for these 2 reflects an aggressive investor market in the Storm Lake and Alta area.
Alta had 2 sales, one at $120,500 and the second at $70,000. There is a new foreclosure listed in Alta - 113 Division Street. This is not an investor property, it is move in condition and it is priced for this condition.
For additional local real estate market info and listings go to www.StormLakeIaHomes.com