Friday, June 6, 2008

Austin, MN - Real Estate Market Conditions June 6, 2008



Interest Rates have climbed a bit and they are currently at 6.00% for a 30 year fixed on Friday June 6, 2008.

Current real estate listing inventory - 239 active listings in Austin as of today. Listing count has climbed just a littlesince the last post. The fact that it is continuing to climb is something we need to watch carefully

There are 29 properties currently pending, that is down just a lot from the last post. Some of this was to be expected because the end of May is typically a very busy time for closings. However we would liked to have seen the count maintain itself a little bit stronger.

There have been 148 properties
Closed so far in 2008. We had expected to see this count jump up a lot at the end of the month and it did. The good news is that properties are continuing to sell.

Take a look at the comparison charts. The closed chart is showing that over 55 % (down 4%) of the homes that have closed this year had a price change and the average price change is $14,172. vs only 48.5% (up 2%) of the active listings has had a price change with an average of $15,019. Take a look at these charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .


We are seeing fewer & fewer great deals in the market right now. If you have been sitting on the fence, now would be a good time to jump in. Give us a call.

Our New Austin # is 507-440-5703

Owatonna, MN Real Estate Market Conditions, June 6, 2008


Interest Rates have climbed a bit this week to finish at 6.00% for a 30 year fixed on Friday June 6, 2008. I'm hearing rumors that interest rates are going to continue to climb. This is what we predicted a few months ago. As the market begins to show signs of recovery and properties are selling more quickly, lenders no longer have as much incentive to lower rates and many will be trying to recoup some of the losses they have experienced through higher interest rates. If you have been sitting back waiting, now is the time to move. We don't believe that rates are going to drop much, if at all.

Current real estate listing inventory - 212 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. we have seen quite a few new properties come on the market but the inventory is staying at fairly stable levels.

The number of pending listings is down to 43 homes. This still continues to be a good pending count when you take into account the number of homes that closed in the last two weeks. The number of pending has not fallen as much as we expected at the end of May.

There have been 118 properties Closed so far in 2008. Closed activity has been great over the last two weeks. We have seen the closed count climb quite a bit.

If the activity that we have seen in the last 2 months is any indication, we may have seen the bottom here in Owatonna.

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 and the average price change is just over $15,836. vs 47% of the active listings has had a price change (up 3%) and that average price change is $14,075. This is the narrowest this gap has been in 2008. We believe that many sellers have gotten the message about the importance of correct pricing on their homes. Take a look at these charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

There are still some good deals to be had but there certainly are getting to be fewer than there were earlier this year. Confidence in the market is continuing to grow. I have heard from several lenders and appraisers that they are seeing an upturn in business as well.

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