Friday, May 23, 2008

Owatonna, MN Real Estate Market Conditions, May 23, 2008



Interest Rates have bounced this week but finished right where they started at 5.75% for a 30 year fixed on Friday May 23, 2008.

Current real estate listing inventory - 207 active listings in Owatonna as of today. The active listing count has climbed again over the last two weeks. The market activity has continued to be strong. Little bit slow the last couple of days as we approach the holiday weekend.

The number of pending listings is down one to 49 homes. It still continues to be an awesome pending count. Look for it to drop quite a bit though as we reach the end of the month.

There have been 97 properties Closed so far in 2008. Closed activity has been great over the last two weeks. Not at all what we expected during the first two weeks of the month. Look for the closed count to climb as we get to the end of the month.

Is the activity that we have seen in the last month an indication that we have seen the bottom? We aren't sure, only time will tell, but the activity continues to be refreshing. One thing we have noticed is that the number of listing with price changes seems to slowing.

Take a look at the comparison charts. The closed chart is showing that over 47 % of the homes that have closed this year had a price change (down 3%) and the average price change is just over $17,000. vs only 44% of the active listings has had a price change (down 2%) and that average price change is $13,766. Check out these charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

There are still some great deals to be had but please stop waiting for the bottom to fall out. We are getting more confident that we have seen the worst here in SE Minnesota. 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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