Monday, March 17, 2008

Owatonna, MN Real Estate Market Conditions, March 17, 2008

Interest Rates have remained stable and are at 5.875% for a 30 year fixed on Monday March 17, 2008. Rates were fairly stable last week with very few increases & decreases. The FED cut the discount rate .25% overnight and is expected to cut rates tomorrow the 18th of March, we will have to wait and see what that will do to the mortgage market. The expected cut is .50% to .75%

Current real estate listing inventory - 212 active listings in Owatonna as of today. The active listing count has dropped back down since the end of last week.

The number of pending listings is stable at 32 homes.

There have been 37 properties Closed so far in 2008. Just slight activity since last week but that that should begin to climb as we approach the end of the month.

There comparison charts continue to have interesting statistics . The Active Listing Chart shows 101 properties have has price changes and the averaging $15,245 or 8.17% . Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

Our main web site continues to show record numbers of visitors. we believe it is indicative of the changes we are seeing in the market.

One interesting item brought up at a recent training meeting was the idea that a large number of buyers are waiting until the current market hits bottom to jump in a purchase a home. The problem with that idea is that none of us really knows when the bottom will be reached and once we do reach bottom and the market swings around sellers will no longer have as much incentive to negotiate sale prices. The savvy buyers are seeing opportunities in the current market and are jumping in now when there is still negotiation room in prices. It was an interesting class & idea.

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