September 10,2007

Current listing inventory - 269 active listings in Owatonna as of today. Inventory has again popped up slightly last week and we are hoping that it is not going to climb significantly. Average days on the market in Owatonna has climbed slightly and is at 149 days. The number of pending listings has fallen this week to 39 houses. Average days on the market is 129. There have been 283 properties Closed properties since 01-01-07, with an average days on market time of 123 days. Interest rates dropped twice last week to 5.75% on September 6, 2007. Home Buyers - If you've been sitting back, waiting for the right to to jump in and purchase a new home, it is looking like now may be a good time. Finally, it seems the Fed is taking the slump in the real estate market seriously and the recent job sector loss seems to have been the key point. The Fed is projected to drop interest rates on 9-18-07 and that should spur more market activity.