Friday, November 30, 2007

November 30, 2007

Sorry about the delay writing this post, it has just been a hectic week. Current listing inventory - 220 active listings in Owatonna as of today that number had dropped a little bit lower during the week but rebounded as we finished the week. Average days on the market has remained fairly stable at 168 days (that's 5.6 months gang). The number of pending listings dropped to 22 houses. This number has not rebounded well and is of some concern. There are a large number of closings this week, as we again reach the end of the month. Average days on the market for pendings is down dramatically to 115 days. There have been 377 properties Closed since 01-01-07, with an average days on market time of 114days.

Folks we have said it before, but it bears repeating. DO NOT TEST THE WATER FOR A FEW WEEKS WITH A HIGHER PRICE. There are sharks and piranhas out in that water and you will not like what happens if you come on the market at the wrong price.

Interest Rates have dropped slightly to 5.75% on November 29, 2007. Rates have fallen in anticipation of the Fed cutting interest rates at their meeting on the 11th of December.

Check out our Market Absorption Chart. It shows the market activity by price range and can assist you when pricing your home for sale.

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