Friday, March 7, 2008

Owatonna, MN Real Estate Market Conditions, March 7, 2008

Interest Rates rose this week to 6.125% for a 30 year fixed on March 7, 2008. Rates have been volatile this week. There are a large number of qualified buyers out there. They just are waiting to see what is going to happen. The FED is expected to cut rates on the 18th of March, we will have to wait and see what that will do to the mortage market.

Current real estate listing inventory - 212 active listings in Owatonna as of today. The active listing count has risen slightly. The fact that the active listing count has not climbed drastically is a good thing for home sellers. As we have posted in the past, 175-180 listings would be a fairly balanced market in Owatonna. We currently are still in a buyers market but not as severely as June-July 2007. There are still a wonderful deals out there for buyers to jump on.

The number of pending listings climbed slightly to 31 houses. This continues to be a good sign as the pending count climbs.

There have been 31 properties Closed so far in 2008. Not a lot of closing activity this week but that was to be expected as it is the first week of the month.

We started posting several new reports here last week and will continue with those. They are comparison charts for the active, pending & sold listings. Please take a look and let us know what you think of these. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart . We are already getting good feedback on the new charts.

Our main web site set a record again in February for the most number of unique visitors and the most number of visits since the inception of the site. March website visitors is off to a fantastic start already with over 35% of the number of unique visitors we had in February already in the first 7 days of March.

Please continue to give us feedback via comments here, by phone 507-390-2121 or email us,