October 26, 2007

Current listing inventory - 232 active listings in Owatonna as of today. Inventory is up one house over the last several days. Average days on the market in Owatonna has crept down slightly to 160 days. The newer listings are continuing to see offers. It would be great to see the number of active listings drop below 200 by 12-31-07. The number of pending listings has climbed to 46 houses. Average days on the market has risen slightly but is still significantly lower than the active listings at 101 days. This is due to quite a few of the new listings receiving offers within the first 10-15 days or so of being listed. There have been 330 properties Closed properties since 01-01-07, with an average days on market time of 116 days. We expect to see the pending count drop considerably next week as we reach the end of the month. We should also see the closed count climb as well.

Interest Rates fell a little lower this week to 5.875% on October 25, 2007. Interest rates have fallen on the expectation that the Fed will cut rates again at their meeting next week.

Housing news this week was mixed New Home Sales were up in September but not as much as hoped for while Existing Home Sales fell.

Just a reminder, in addition to this market condition blog, we represent buyers and sellers in real estate transactions in and around the Owatonna area. If you are thinking of buying or selling a home or know of some one that is, please give us a call (507) 390-2121.

We're sure you can see that we are current on what is happening in the local real estate market.