Monday, December 10, 2007

December 10, 2007

Interest Rates have inched up slightly to 5.875% on December 10, 2007.

Current listing inventory - 209 active listings in Owatonna as of today, that number has dropped again since last week. We are getting closer to our goal of seeing the listing count drop below 200 before the end of the year. Average days on the market has also climbed slightly to 175 days (that's 5.8 months gang). The number of pending listings rose slightly to 24 houses. This number has now begun to rebound and has not dropped any further. Average days on the market for pendings is 116 days. There is now a 59 day difference between the Active and Pending listings. That shows us there are still too many sellers out there that are being unrealistic in their asking price. There have been 385 properties Closed since 01-01-07, with an average days on market time of 114 days.

A balanced market in Owatonna should be around 175-185 active listings, as we get closer to that number, the balance swings from a buyers market to a more balanced market. Buyers, if you have been sitting on the fence waiting, now might be the best time we have seen.

The are are number of fantastic deals available right now. Give us a call, 507-390-2121 or email, we would enjoy the opportunity to discuss some of the current deals available right now.

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