Monday, April 30, 2007

April 30, 2007

Current listing inventory - 272 active listings in Owatonna as of today. Inventory has continued to rise through the rest of last week although not at such a rapid pace. Levels had been trending downward over the last 6 months but have recently set new highs. Average days on the market in Owatonna has fallen to 120 days. As mentioned on the 16th this is probably due in part to the number of new listings on the market, new listings = many listings with low days on the market. The number of pending listings has risen a bit this week. Currently we have 47 houses pending in Owatonna with an average days on the market of 100. Just under 50% of those pendings are homes less than $150,000. What is a little puzzling currently, is that in the past we have traditionally seen those same sellers then move up to more expensive homes. However we are not seeing the same amount of activity in some of the higher price ranges. We will keep watching. Interest rates have fallen slightly, probably due to the good news on inflation and are sitting at 5.75% on April 27th.

Monday, April 23, 2007

April 23, 2007

Current listing inventory - 265 active listings in Owatonna as of today. Inventory has continued to rise through the rest of last week although not at such a rapid pace. Levels had been trending downward over the last 6 months but have recently set new highs. Average days on the market in Owatonna has fallen to 119 days. As mentioned on the 16th this is probably due in part to the number of new listings on the market, new listings = many listings with low days on the market. The number of pending listings has droopped a bit this week. Currently we have 41 houses pending in Owatonna with an average days on the market of 95. Just under 50% of those pendings are homes less than $150,000. What is a little puzzling currently, is that in the past we have traditionally seen those same sellers then move up to more expensive homes. However we are not seeing the same amount of activity in some of the higher price ranges. We will keep watching. Interest rates have fallen slightly, probably due to the good news on inflation and are sitting at 5.75% on April 19th.

Thursday, April 19, 2007

April 19, 2007

Current listing inventory - 262 active listings in Owatonna as of today. Normally we only update this blog on Monday's but inventory has continued to rocket up this week. Levels had been trending downward over the last 6 months but have now set a new high, blowing away the previous high of 243 in October 2006. This will bear watching over the next several weeks to see if it is only a quirk in the market or a trend to be concerned with. Average days on the market in Owatonna has fallen to 116 days. As mentioned on the 16th this is probably due in part to the number of new listings on the market, new listings = many listings with low days on the market. This will also bear watching over the next few weeks. We have begun this week to track the number of pending listings as well, this will tell us if we are seeing houses getting accepted offers. Currently we have 46 houses pending in Owatonna with an average days on the market of 96. Over 50% of those pendings are homes less than $150,000. What is a little puzzling currently, is that in the past we have traditionally seen those same sellers then move up to more expensive home. However we are not seeing the same amount of activity in some of the higher price ranges. We will keep watching. Interest rates have fallen slightly, probably due to the good news on inflation.

Monday, April 16, 2007

April 16, 2007

Current listing inventory - 250 active listings in Owatonna this week. Inventory has leapt up this week. Levels had been trending downward over the last 6 months but have now set a new high, blowing away the previous high of 243 in October 2006. This will bear watching over the next several weeks to see if it is only a quirk in the market or a trend to be concerned with. Average days on the market in Owatonna has fallen to 120 days. This is probably due in part to the number of new listings on the market, new listings = many listings with low days on the market. This will also bear watching over the next few weeks. Beginning this week we will now be tracking the number of pending listings as well, this will tell us if we are seeing houses getting accepted offers. Currently we have 50 houses pending in Owatonna with an average days on the market of 93. Interest rates had been staying stable for the six weeks but have risen slightly and have now been at 5.875% for a 30 year fixed (still a great rate) for a two week period. A new feature beginning this week, Clicking of the words "Active" or "Pending" will bring up a grid sheet showing the properties that are in that category.

Saturday, April 14, 2007

May 14, 2007

Current listing inventory - 272 active listings in Owatonna as of today. Inventory has remained stable for the last 2 1/2 weeks. Levels had been trending downward over the last 6 months but have recently set new highs. Average days on the market in Owatonna has crept up slightly to 123 days. The number of pending listings has risen a bit again this week. This is a good sign, homes are still selling here in Owatonna. Currently we have 57 houses pending in Owatonna with an average days on the market of 99. An interesting point to compare is the average days on market between the active & pending properties. Homes that are priced correctly for the current market are receiving offers while those that are priced too high still languish in the active category. Interest rates have risen slightly, and are sitting at 5.875% on May 11th.

Monday, April 9, 2007

April 9, 2007

Current listing inventory - 242 active listings in Owatonna this week. Inventory has crept up again this week. Levels had been trending downward over the last several months and are still one home less than the high of 243 in October. Some of this weeks jump in inventory may be due to a number of listings taken to participate in the "Affordable Homes Showcase" on the 21st of April. Average days on the market in Owatonna has remained stable and is 135 days. Interest rates had been staying stable for the six weeks but have risen slightly and have now been at 5.875% for a 30 year fixed (still a great rate)for a two week period.

Monday, April 2, 2007

April 2, 2007

Current listing inventory - 233 active listings in Owatonna this week. Inventory has crept up a few more homes this week. Levels had been trending downward over the last several months and are still down slightly from the high of 243 in October. Average days on the market in Owatonna has remained stable and is 135 days. Interest rates had been staying stable for the last six weeks but now have risen slightly and are at 5.875% for a 30 year fixed (still a great rate)on March 30th, 2007.