Friday, June 1, 2007

June 1, 2007

Current listing inventory - 272 active listings in Owatonna as of today. Inventory has climbed a bit this week which is a little surprising because there have been quite a few closings this week because of the end of the month. Average days on the market in Owatonna has dropped a bit this week to 128 days. The number of pending listings has fallen this week which we expected because of the number of closings. Currently we have 60 houses pending in Owatonna with an average days on the market of 93. An interesting point to compare is the average days on market between the active & pending properties. Pricing a home correctly in the first 30 days it is on the market is still the single most important thing a seller can do to get their home sold in the current market. Interest rates have jumped a bit this week and are sitting at 6.125% on May 31st.

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