Sunday, April 20, 2008

Owatonna, MN Real Estate Market Conditions, April 20, 2008

Interest Rates have climbed a bit this week and are at 5.875% for a 30 year fixed on Sunday April 20th, 2008. The rates climbed in the latter 1/2 of the week. We will have to watch and see what is going to happen next, predictions were for rates to drop last week and they rose instead.

Current real estate listing inventory - 220 active listings in Owatonna as of today. The active listing count has grown again since last week. This has been the biggest one week jump we have seen so far this year.

The number of pending listings slid up to 37 homes.

There have been 62 properties Closed so far in 2008. Some nice closing activity this week, look for the numbers to climb as we approach the end of the month.
It is interesting that we have seen the number of active listings climb as much as they have this week because there has also been nice activity in the closed category and the pending count has climbed a bit, which means homes are still getting sold.

The comparison charts are telling us that 44.5% of our active listings have had price changes averaging $14,360, while the closed listings have seen 55% with price changes totaling $16,845. There are still a significant number of homes on the market that are priced way too high for the current real estate market here in Owatonna. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

We have all of our listings available via Virtual Tour in English, Spanish and also in French

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