Monday, March 24, 2008

Owatonna, MN Real Estate Market Conditions, March 24, 2008

Interest Rates have remained stable and are at 5.75% for a 30 year fixed on Monday March 24, 2008. Rates were fairly stable last week. It is still a wait and see game with mortgage rates.

Good news today, home sales up slighty in February. Is it possible we have reached bottom? Time will tell. Buyers remember, as the market begins to pick up momemtum, sellers will be less likely to negotiate home prices.

Current real estate listing inventory - 210 active listings in Owatonna as of today. The active listing count has remained fairly stable since last week.

The number of pending listings is only down one from last week to 31 homes.

There have been 45 properties Closed so far in 2008. Big jump since last week and should be more this week. Good news is that even though a bunch of listings closed last week, the pending listing count has not fallen off. We will have to watch those counts closely as we approach the end of the month.

The comparison charts continue to have interesting statistics . The Closed Listing Chart shows 55% of the properties that have closed this year have had price changes and the average decrease is $15,612.00. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

Our main web site continues to show record numbers of visitors. March has already surpassed the record setting month we had in February and there is still a week left in the month. Showings are way up and the phones call have increased considerably.

We now have all of our listings available via Virtual Tour in english and spanish.

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