Wednesday, May 7, 2008

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

Interest Rates have fallen twice this week and are currently at 5.75% for a 30 year fixed on Wednesday May 7, 2008.

Current real estate listing inventory - 196 active listings in Owatonna as of today. The active listing count has dropped again this week. We haven't been this low in the Active listing count since the end of December 2006. This has been a great couple of weeks for real estate. We have about 20 more listings to go before we reach what has traditionally been a balanced market in Owatonna. That number has usually been in the 170-180 active listing range.

The number of pending listings has climbed again to 50 homes. This is one of the best pending counts we have had in quite a while.

There have been 81 properties Closed so far in 2008. Closed activity has remained static this week but that was to be expected during the first two weeks of the month. Look for the cloed count to climb and the pending count to drop as we get closer to the end of the month.

Is the activity the last several weeks an indication that we have seen the bottom? We aren't sure, only time will tell, but the increased activity is reassuring.

Take a look at the comparison charts. The closed chart is showing that over 50 % of the homes that have closed this year had a price change and the average price change is just over $16,000. vs only 88 of the 196 active listings has had a price change and that average price change is $13,795. 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. 507-390-2121

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

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