Interest Rates have fallen to 5.50% on January 4, 2007. This is what we expected to happen in January, it just happened a little earlier in the month than usual. Lenders typically reduce interest rates in January to stimulate business. These rate decreases usually last several weeks and then the rates pop up again.
Current listing inventory - 208 active listings in Owatonna as of today, that number has remained stable since last week. Average days on the market has risen a bit to 176 days. The number of pending listings dropped to 17 houses. We would have like to have seen the pendings begin to rebound more quickly not continue to fall. In will be something to keep an eye on as we move forward into the new year. Average days on the market for pendings is 136 days. There were 397 properties Closed so far in 2008, with an average days on market time of 56 days. We realize that there have only been 5 homes closed so far, but my goodness, 56 DAYS ON THE MARKET AVERAGE IS AWESOME. We have seen a big increase in the number of showing appointments scheduled during the last week. That is a very positive sign.
We will follow up in a few days with a new market absorption chart as well as comparisions of 2006 vs 2007.
Give us a call, 507-390-2121 or email us, info@BartleyGroup.com
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