December 2017 Spirit Lake Market Report
December 2017 is a great month for Spirit Lake! A whopping 10 new construction properties. 9 on city lots were closed for December 2017! All of these units were from Daum Construction! These lots averaged 0.19 acres with $152.51 average sold price per sq ft. Daum’s build time is averaging about 148 days. And 1 new one on 5 acres that average $165 per square foot. What a great Christmas present to the 10 families that got to take possession of their new home in December!
For December 2016, only 5 new construction on city lots were sold. The properties were on the market longer — 169 days on average and sold for $128.24 per sq ft. The lots averaged 0.17 acres.
Prices for New Construction are definitely up!
Existing Home Sales on City Lots
6 Existing Home Sales on city lots were closed for December 2017!
6 existing home sales with an average of 0.42 acres were closed for December 2017 and sold for $111.52 per square foot! These properties were on the market for an average of 128 days. No existing homes on city lots sold December of 2016 to compare to.
Existing Home Sales On 5 Acre Lots
A 1997-existing home on a 5-acre lot was closed in only 83 days and sold for $129.45 per sq ft. Nothing for 2016 in this category either.
Existing Homes On 10 Acre Lots
2 homes on 10 acre lots sold for an average price of $114.46 per sq ft! Averaging about 2 months to sell! For December 2016, 2 properties on 10 acre lots sold for $176.97 per sq ft. They were closed after 154 days! Prices down a little here this month again. Once again I think its condition more than the market but we will be watching!
Waterfront Property Sold!
A 1938 waterfront property quickly sold in only 51 days for $127.33 per square ft. It averaged 0.16 acres. No waterfront homes were sold in December 2016.
Currently, 35 houses are for sale in Spirit Lake and 5 of these properties are pending offers. So with 30 houses available at the moment, we have close to 2 months worth of inventory. They say 6 months and it is a balanced market. So if you are considering selling your home now is a good time It’s definitely a seller’s market!
These figures are meant to give you an idea of where to start, but if you need a precise and detailed number, please contact me!