Tuesday, May 13, 2008

Austin, MN Real Estate Market Conditions 05-13-08

OK, here we go with the first installment of our new Austin market condition blog. We are going to try to keep everyone up to date on what is happening in the Austin, MN real estate market. The first few posts will help establish a baseline for analysis in the months to come. In a few weeks we hope to add Albert Lea, MN to the Blog as well. Let us know what you think.

Interest Rates have bounced around between 5.625 & 5.75 for several weeks now, they are currently at5.75% for a 30 year fixed on Tuesday May 13, 2008.

Current real estate listing inventory - 196 active listings in Austin as of today.

There are 48 properties currently pending

There have been 110 properties Closed so far in 2008. Look for the clsoed count to climb and the pending count to drop as we get closer to the end of the month.

Take a look at the comparison charts. The closed chart is showing that over 61 % of the homes that have closed this year had a price change and the average price change is just over $14,000. vs only 47% of the active listings has had a price change. Check out these charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

Please don't miss the terriffic deals that are available in the market right now. If you have been sitting on the fence waiting, now is the time to get serious. As the inventory gets closer to that balanced market, your ability to negotiate with sellers falls dramatically. Give us a call and let us show you what is happening in the market right now. Our New Austin # is 507-440-5703

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