Monday, August 4, 2008

Owatonna, MN Real Estate Market Conditions, August 4, 2008

Interest Rates finished the week last week at 6.125% for a 30 year fixed on Friday August 1, 2008. We have seen interest rates bounce around from 5.75% to 6.25% recently. The bond market has been flaky and that leads to instability in the home mortgage market. We don't believe that rates are going to drop much, if at all.

Current real estate listing inventory - 215 active listings in Owatonna as of today. The active listing count has remained relatively stable for the last two months. 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 still at 44 homes. This continues to be a good pending count when you take into account the number of homes that closed in the last two months. The number of pending has not fallen as much as we expected.

There have been 177 properties Closed so far in 2008. Closed activity has been great over the last two months. We have seen the closed count climb quite a bit.

Take a close look at the comparison charts. The closed chart is showing that over 46% of the homes that have closed this year had a price change and the average price change is just over $15,945. vs 52% of the active listings has had a price change (up 8%) and that average price change is $13,454. This is a change in the market, for the first time the active listings have a higher percentage of price changes than the closed. This is a fantastic shift in the market Take a look at these charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

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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