MARKET RECAP
February 1, 2024
Ames Real Estate Recap
Inventory levels remain low, although improving. Home sales are heating up. The average sale price remains high.
*New Listings--The 45 new listings in Ames in January were down 10% from the previous 9-year average for new listings (50) in Ames for January. As of February 1, 2024, there were 79 residential properties for sale in Ames on our MLS.
*Homes Under Contract (Sale Pending)--In January, 34 homes went "sale pending" in Ames. This compares to the 9-year average of 43 "sale pendings" in Ames for January (down 21%).
*Days on the Market--Homes that sold in Ames in January averaged 25 days on the market. Over the past 9 years, homes that sold in Ames in January averaged 53 days on the market.
*Average Sale Price--The January average sale price for homes sold in Ames was $326,851. Over the previous 3 years, the average sale price in Ames for January was approximately $273,000. That's approximately at 16% increase. In 2020, the average sale price was $238,579.
*List Price to Sale Price Ratio--In January, homes in Ames sold for 97.5% of their asking price. Very comparable to the last 3 years.
*Absorption Rate--The absorption rate calculates how quickly the inventory turns in months when comparing the current inventory to the current number of sales. Historically, an absorption rate of 3 months is considered to be strong and 1 month or less was unheard of. The higher the absorption rate the weaker the market. The absorption rate has been slowly increasing. This is the 19th month out of the previous 20 months in which the absorption rate has weakened from the previous year. With that being said, January's absorption rate remained strong at 1.7 months.
January 1, 2024
Ames Real Estate Recap
Inventory levels remain low. The average sale price remains high.
*New Listings--The 21 new listings in Ames in December were down 16% from the previous 8-year average for new listings (25) in Ames for December. As of January 1, 2024, there were 69 residential properties for sale in Ames on our MLS.
*Homes Under Contract (Sale Pending)--In December, 23 homes went "sale pending" in Ames. This compares to the 8-year average of 30 "sale pendings" in Ames for December (down 24%).
*Days on the Market--Homes that sold in Ames in December averaged 62 days on the market. Over the past 8 years, homes that sold in Ames during December averaged 55 days on the market. Homes took 11% longer to sell than the 8-year average.
*Average Sale Price--The December average sale price for homes sold in Ames was $325,761. Over the previous 3 years, the average sale price in Ames for December was $279,603. In 2015 the average sale price was $195,653.
*List Price to Sale Price Ratio--In December, homes in Ames sold for 94.7% of their asking price. This is the lowest list price-to-sale price ratio we've seen since February 2020.
*Absorption Rate--The absorption rate calculates how quickly the inventory turns in months when comparing the current inventory to the current number of sales. Historically, an absorption rate of 3 months is considered to be strong and 1 month or less was unheard of. The higher the absorption rate the weaker the market. The absorption rate has been slowly increasing. This is the 18th month out of the previous 19 months in which the absorption rate has weakened from the previous year. With that being said, December's absorption rate remained strong at 1.8 months.
December 1, 2023
Ames Real Estate Recap
Inventory levels remain low. Homes continue to sell quickly. Buyers have been able to negotiate some.
*New Listings--The 27 new listings in Ames in November were down 21% from the previous 8-year average for new listings (34) in Ames for November. As of December 1, 2023, there were 85 residential properties for sale in Ames on our MLS.
*Homes Under Contract (Sale Pending)--In November, 25 homes went "sale pending" in Ames. This compares to the 8-year average of 41 "sale pendings" in Ames for November (down 39%).
*Days on the Market--Homes that sold in Ames in November averaged 36 days on the market. Over the past 8 years, homes that sold in Ames during November averaged 49 days on the market. Homes sold 26% faster than the 8-year average.
*Average Sale Price--The November average sale price for homes sold in Ames was $377,629. This is a significant increase from November 2022 and ends a streak of 4 consecutive months in which the Ames average sale price has decreased when compared to 2022. Four of the properties that closed this November were over $650k, one was over $1 million.
*List Price to Sale Price Ratio--In November, homes in Ames sold for 96% of their asking price. This is the lowest list price-to-sale price ratio we've seen since 2020.
*Absorption Rate--The absorption rate calculates how quickly the inventory turns in months when comparing the current inventory to the current number of sales. Historically, an absorption rate of 3 months is considered to be strong and 1 month or less was unheard of. The higher the absorption rate the weaker the market. The absorption rate has been slowly increasing. This is the 17th month out of the previous 18 months in which the absorption rate has weakened from the previous year. With that being said, November's absorption rate remained strong at 2.1 months.
November 1, 2023
Ames Real Estate Recap
Inventory levels remain low. Homes continue to sell quickly. Values show signs of leveling off.
*New Listings--The 42 new listings are down 21% from the previous 8-year average for new listings (53) in Ames for the month of October. As of November 1, 2023, there were 87 residential properties for sale in Ames on our MLS.
*Homes Under Contract (Sale Pending)--In October, 48 homes went "sale pending" in Ames. This compares to the 8-year average of 51 "sale pendings" in Ames for the month of October.
*Days on the Market--Homes that sold in Ames in October averaged 35 days on the market. Over the past 8 years, homes that sold in Ames during the month of October averaged 44 days on the market.
*Average Sale Price--The October average sale price for homes sold in Ames was $265,885. The average sale price in Ames for the month of October was $60,711 (19%) lower than in October of 2022. This is the 4th consecutive month in which the Ames average sale price has decreased when compared to 2022 and the 6th time year-to-date.
*List Price to Sale Price Ratio--In October, homes in Ames sold for 96.4% of their asking price. This is the lowest list price-to-sale price ratio we've seen since October 2020 (96.3%).
*Absorption Rate--The absorption rate calculates how quickly the inventory turns in months when comparing the current inventory to the current number of sales. Historically, an absorption rate of 3 months is considered to be strong and 1 month or less was unheard of. The higher the absorption rate the weaker the market. The absorption rate has been slowly increasing. This is the 16th month out of the previous 17 months in which the absorption rate has weakened from the previous year. With that being said, October's absorption rate remained unbelievably strong at 1.8 months.
October 1, 2023
Ames Real Estate Recap
Inventory levels begin to rise slightly. Homes continue to sell quickly. Values show signs of leveling off.
*New Listings--The 71 new listings are up 17% from the previous 8-year average for new listings (59) in Ames for the month of September. As of October 1, 2023, there were 86 residential properties for sale in Ames on our MLS. This is an increase of 15 properties from September 1, 2023.
*Homes Under Contract (Sale Pending)--In September, 46 homes went "sale pending" in Ames. This compares to the 8-year average of 45 "sale pendings" in Ames for the month of September.
*Days on the Market--Homes that sold in Ames in September averaged 37 days on the market. Over the past 8 years, homes that sold in Ames during the month of September averaged 46 days on the market.
*Average Sale Price--The September average sale price for homes sold in Ames was $337,097. The average sale price in Ames for the month of September was $12,004 (3.5%) lower than in September of 2022. This is the 3rd consecutive month in which the Ames average sale price has decreased when compared to 2022 and the 5th time year-to-date.
*List Price to Sale Price Ratio--In September, homes in Ames sold for 99.4% of their asking price. This ends a streak of 6 consecutive months in which the list price-to-sale price ratio had slightly decreased from the previous year in Ames.
*Absorption Rate--The absorption rate calculates how quickly the inventory turns in months when comparing the current inventory to the current number of sales. Historically, an absorption rate of 3 months is considered to be strong and 1 month or less was unheard of. The higher the absorption rate the weaker the market. The absorption rate has been slowly increasing. This is the 15th month out of the previous 16 months in which the absorption rate has weakened from the previous year. With that being said, September's absorption rate remained unbelievably strong at 2.35 months.
September 1, 2023
Ames Real Estate Recap
Inventory levels remain low. Homes continue to sell quickly. Values are showing signs of leveling off.
*New Listings--The 47 new listings are down 27% from the previous 8-year average for new listings (64) in Ames for the month of August. As of September 1, 2023, there were only 81 residential properties for sale in Ames on our MLS.
*Homes Under Contract (Sale Pending)--In August 39 homes went "sale pending" in Ames. This compares to the 8-year average of 44 "sale pendings" in Ames for the month of August. Sale pendings were down 11% in Ames from the 8-year average for the month of August.
*Days on the Market--Homes that sold in Ames in August averaged 22 days on the market. Over the past 8 years, homes that sold in Ames during the month of August averaged 38 days on the market.
*Average Sale Price--The August average sale price for homes sold in Ames was $306,581. The average sale price in Ames for the month of August was $24,555 lower than in August of 2022. This is the 2nd consecutive month in which the Ames average sale price has decreased when compared to 2022 and the 4th time year-to-date.
*List Price to Sale Price Ratio--In August, homes in Ames sold for 98% of their asking price. This is the 6th consecutive month in which the list price to sale price ratio has slightly decreased.
*Absorption Rate--The absorption rate calculates how quickly the inventory turns in months when comparing the current inventory to the current number of sales. Historically, an absorption rate of 3 months is considered to be strong and 1 month or less was unheard of. The higher the absorption rate the weaker the market. The absorption rate has been slowly increasing. This is the 14th month out of the previous 15 months in which the absorption rate has weakened from the previous year. With that being said, August's absorption rate remained unbelievably strong at 2.3 months.
August 1, 2023
Ames Real Estate Recap
Inventory levels remain low, homes continue to sell quickly. The Ames market remains strong, just not as strong as in 2022. *New Listings--The 47 new listings are down 30% from the previous 8-year average for new listings (67) in Ames for the month of July. As of August 1, 2023, there were only 82 residential properties for sale in Ames on our MLS.
*Homes Under Contract (Sale Pending)-In July, 49 homes went "sale pending" in Ames. This compares to the 8-year average of 57 "sale pendings" in Ames for the month of July. Sale pendings were down 14% in Ames from the 8-year average for the month of July.
*Days on the Market--Homes that sold in Ames in July averaged 21 days on the market. Over the past 8 years, homes that sold in Ames during the month of July averaged 42 days on the market.
*Average Sale Price--The July average sale price for homes sold in Ames was $312,571. The average sale price in Ames for the month of July was $12,188 lower than in July of 2022 and $62,056 higher than the average sale price in Ames in July of 2020.
*List Price to Sale Price Ratio--In July, homes in Ames sold for 99% of their asking price. This is the 5th consecutive month in which the list price to sale price ratio has slightly decreased.
*Absorption Rate--The absorption rate calculates how quickly the inventory turns in months when comparing the current inventory to the current number of sales. Historically, an absorption rate of 3 months is considered to be strong and 1 month or less was unheard of. The higher the absorption rate the weaker the market. The absorption rate has been slowly increasing. This is the 13th month out of the previous 14 months in which the absorption rate has weakened from the previous year. With that being said, July's absorption rate remained unbelievably strong at 2 months.
July 1, 2023
Ames Real Estate Recap
Inventory levels continue to improve while average sale prices continue to rise.
*New Listings--The 75 new listings are down 10% from the previous 8-year average for new listings (84) in Ames for the month of June. As of July 1, 2023, there were only 85 residential properties for sale in Ames on our MLS. This is an increase of 10 active listings from the 75 that were available on June 1, 2023.
*Homes Under Contract (Sale Pending)-In June, 64 homes went "sale pending" in Ames. This compares to the 8-year average of 74 "sale pendings" in Ames for the month of June. Sale pendings were down 14% in Ames from the 8-year average for the month of June.
*Days on the Market--Homes that sold in Ames in June averaged 40 days on the market. Over the past 8 years, homes that sold in Ames during the month of June averaged 44 days on the market.
*Average Sale Price--The June average sale price for homes sold in Ames was $360,870. The average sale price in Ames for the month of June was $25,817 higher than in June of 2022 and $114,716 dollars higher than the average sale price in Ames in June 2020. The average sale price has spiked significantly over the last 3 years.
*List Price to Sale Price Ratio--In June, homes in Ames sold for 100.1% of their asking price. This is 3rd consecutive June in which homes in Ames averaged a sale price greater than their asking price. This is also the 3rd consecutive month in which the list price to sale price ratio has slightly decreased from the previous year.
*Absorption Rate--The absorption rate calculates how quickly the inventory turns in months when comparing the current inventory to the current number of sales. Historically, an absorption rate of 3 months is considered to be strong and 1 month or less was unheard of. The higher the absorption rate the weaker the market. The absorption rate has been slowly increasing. This is the 12th month out of the previous 13 months in which the absorption rate has weakened from the previous year. With that being said, June's absorption rate remained unbelievably strong at 2 months.
June 1, 2023
Ames Real Estate Recap
Inventory levels improve slightly while average sale prices continue to rise.
*New Listings--The 75 new listings are down 23% from the previous 8-year average for new listings (97) in Ames for the month of May. As of June 1, 2023, there were only 75 residential properties for sale in Ames on our MLS. This is actually an increase of 20 listings as reported on May 1, 2023.
*Homes Under Contract (Sale Pending)-In May, 55 homes went "sale pending" in Ames. This compares to the 8-year average of 83 "sale pendings" in Ames for the month of May. Sale pendings were down 34% in Ames from the 8-year average for the month of May.
*Days on the Market--Homes that sold in Ames in May averaged 21 days on the market. Over the past 8 years, homes that sold in Ames during the month of May averaged 51 days on the market.
*Average Sale Price--The May average sale price for homes sold in Ames was $356,418. The average sale price in Ames for the month of May was $46,569 higher than in May of 2022 and $102,148 dollars higher than the average sale price in Ames in May 2020. The average sale price has spiked significantly over the last 3 years.
*List Price to Sale Price Ratio--In May, homes in Ames sold for 100.4% of their asking price. This is 3rd consecutive May in which homes in Ames averaged a sale price greater than their asking price. From 2015-2020, homes that sold in Ames, in May, sold for an average of 97.4% of their asking price.
*Absorption Rate--The absorption rate calculates how quickly the inventory turns in months when comparing the current inventory to the current number of sales. Historically, an absorption rate of 3 months is considered to be strong and 1 month or less was unheard of. The higher the absorption rate the weaker the market. The absorption rate has been slowly increasing. This is the 11th month out of the previous 12 months in which the absorption rate has weakened from the previous year. With that being said, May's absorption rate remained unbelievably strong at 1.39 months.