Oct. 2008 Story County Market Update

By
Real Estate Agent with Lora & Company Real Estate

According to the Ames MLS, we witnessed 39 pending sales in Ames and the rural subdivisions surrounding Ames in the month Oct., suggesting a rather healthy and stable real estate market greater than 2007 pending sales of 31 for the month. Sept. pending sales were also greater than 2007 with 35 compared to 24 indicating a very stable market for the Ames area. As of Nov. 3rd we have 250 homes listed for sale on the MLS in Ames and rural Ames. At Hunziker & Associates, Realtors we pay very close attention to the absorption rate, the rate in which "active" listings are converted into sales. "Supply" is defined by the taking the number of homes actively for sale in a given market divided by the number of houses sold within a specified period of time. In this instance we have 250 houses for sale, and our current pace of sales is 39 homes per month. Should the pace of sales continue at this rate, and no further houses are added to the market, it would take 6.4 month to exhaust the existing supply of homes on the market in Ames. In comparison we had 10.2 months inventory supply at this same time in 2007.

Home sellers should note that while the number of sales is rather healthy, a large number of homes are remaining on the market unsold. As of Nov. 3, we found that 175 listings in Ames had been on the market in excess of 60 days. The good news is that homes which are appropriately priced, at current market value, are indeed selling.

Hunziker and Associates accounted for 41.6% of all pending sales in Ames MLS in the month of Oct. in Ames, more than our next three closest competitors combined. While one may boast of numbers, statistics, transactions, etc., at the heart of it all is the individuals and families that are being served. This service is at our core, and our mission statement reflects our values, stating, "Hunziker and Associates is committed to developing and maintaining positive relationships with individual and families to meet their real estate needs." We look forward to assisting you should you have any real estate needs.

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