May 21, 2007

Current listing inventory - 267 active listings in Owatonna as of today. Inventory has dropped slightly. 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 124 days. The number of pending listings has risen again this week. This is a good sign, homes are still selling here in Owatonna. Currently we have 65 houses pending in Owatonna with an average days on the market of 105. 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 6.00% on May 21st.