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The New Year brought renewed real estate activity to the Ames real estate market.
As interest rates continue to trend downward after peaking above 7%, buyer activity continues to increase. That increased buyer activity led to the median days on market to be just four days in January — the lowest since April of 2021. The good news for those buyers was that 34 new listings were introduced to the market after consecutive months of just 19 new listings. Yearly seasonal trends indicate that the number of new listings will continue to increase through the summer months, which will be a welcome sight.
While sold listings took a dip in January, the pending listings was at a healthy 32.
Interest rates held steady in January, ending the month at 6.19%. The National Association of Realtor’s economists expect the interest rate to continue to settle into the 5%-6% range and remain there.
We’re expecting a more balanced market this year, which will aid both the buyers and sellers. If you have questions or are looking to buy or sell a home, reach out to your Friedrich agent and let them put their experience to work for you!
