Wednesday, January 9, 2008

January 9, 2008

Interest Rates have fallen to 5.375% on January 8, 2007. This is more of a reduction than we expected. It seems like rates may drop just a bit more, but all of the lenders we've spoken with aren't sure how much and for how long rates will stay down.

Current listing inventory - 208 active listings in Owatonna as of today, that number has remained stable for several weeks now. Average days on the market has remained steady at 176 days. The number of pending listings climbed slightly to 19 houses. It is good to see this number begin to rebound slightly. It will still be something to keep an eye on as we move forward into the new year. Average days on the market for pendings is 146 days. There were 7 properties Closed so far in 2008, with an average days on market time of 65 days. We realize that there have only been 7 homes closed so far, but my goodness, 65 DAYS ON THE MARKET IS UP A LITTLE BIT THIS WEEK BUT IS STILL AN AWESOME AVERAGE.

The new market absorption chart for the end of year 2007 is done and has interesting data.

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