Friday, March 14, 2008

Owatonna, MN Real Estate Market Conditions, March 14, 2008

Interest Rates have fallen slightly this week to 5.875% for a 30 year fixed on March 14, 2008. Rates were volatile last week with several decreases & increases. 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 mortgage market.

Current real estate listing inventory - 215 active listings in Owatonna as of today. The active listing count has climbed a bit this week. It is something we will keep an eye on.

The number of pending listings is at 32 houses.

There have been 36 properties Closed so far in 2008. Just slight activity this week but that that should begin to climb as we approach the end of the month. The fact that we continue to see the closed property count climb slowly and not have the pending count drop is very good. We continue to see homes receiving offers.

There are a few statistics that are noteworthy in the comparison charts. The average closed properties are showing that over 60% of the properties that went to closing had a price change and that price change was 10.12% and almost $16,000. 50% of the current pending listings have had price changes. Take a look at these charts they are interesting reading. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart . Let us know your thoughts.

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. The March website visitor count is off to a fantastic start already with over 50% of the number of unique visitors we had in February already in the first 14 days of March.

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

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