12/7/09 Storm Lake and Alta Homes For Sale!
Market Snapshot - Year To Date
Single Family Residential in Storm Lake and Alta
Total Available - 266
Sold - 159
Active - 107
Days on Market (DOM) - time from first listed until closed
and %L/SP (Percentage of Listing Price Received)
0 -31 days 31-60 days 61-90 days 91-120 days 120+ days
40 32 22 17 48
25.16% 20.13% 13.84% 10.69% 30.19%
96.63%LP 95.92%LP 96.29%LP 93.9%LP 94.42%LP
A big take away is that there are a number of properties available for sale, 107 today with Alta and Storm Lake addresses. Just over 25% sell within the first 31 days and at only 3.37% less than listed price. However if the property goes over 120 days (and over 30% stay on the market more than 4 months) it will bring nearly 6% less than listed price PLUS have an additional 3 months in mortgage payment, taxes, utilities and maintenance costs added to the cost.
Example - A List at 100,000
Sells and closes in 30 days at $99,630
A's Owner pays one months mortgage, utilites, taxes, insurance and maintenance (lets say $1,200)
TOTAL Received - $98,430
Example - B Lists at 100,000
Sells and closes at 122 days at $94,420
B's Owner pays 3 additional months of mortgage, utitities, taxes, insurance and maintenance (lets say $3,600)
TOTAL Received - $90,800
A CMA (competitive market analysis) is a vital tool when you want to sell, we do them for both Sellers and Buyers. The CMA tells us the range the property should sell in according the the previous 12 months real estate market. It also tells buyers where they should begin to offer on a property.
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