The Bartley Group - SE Minnesota's Family Real Estate Sales Team

Owatonna, MN Real Estate Market Conditions, August 25, 2008

2008-08-25T11:59:00.006-05:00

Interest Rates finished the week last week at 6.375% for a 30 year fixed on Monday August 25, 2008. That is up just a bit. Interest rates have continued to be a bit unstable. We don't see interest rates coming down anytime soon.

Current real estate listing inventory - 218 active listings in Owatonna as of today. The active listing count has stayed fairly constant. We would like to see it down about 30 listings but at least it hasn't soared this summer like last year.

The number of pending listings is at 38 homes. This continues to be a good pending count however it is down a bit from previous levels. We look for it to fall quite a bit this week as we reach the end of the month.

There have been 196 properties Closed so far in 2008. Closed activity has been great over the last two months. There were 267 properties closed at this same time last year so we are down in the market 27% over 2007. BUT WE ARE STILL SELLING HOUSES! The real estate market hasn't come to an end. We will be doing a chart at the end of the month that shows how the market over the last 5 years.

Take a close look at the comparison charts. The closed chart is showing that over 43% of the homes that have closed this year had a price change and the average price change is just over $15,753. vs 55% of the active listings has had a price change (up 3%) and that average price change is $13,580. This has several possible reasons 1) Sellers are seeing the need to adjust the asking price of their home into the correct price range, to generate showing activity and offers. 2) More & more sellers are coming onto the market initially at the correct price. 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

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

2008-08-04T08:23:00.000-05:00

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

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

2008-06-06T13:53:00.003-05:00

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

2008-06-06T13:09:00.003-05:00

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

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

2008-05-23T18:18:00.001-05:00

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

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

2008-05-23T15:00:00.000-05:00

Interest Rates have remain somewhat stable and they are currently at5.75% for a 30 year fixed on Friday May 23, 2008.

Current real estate listing inventory - 232 active listings in Austin as of today. Listing count has climbed quite a bit since the last post. We will keep an eye on that and see if it falls again or will continue to climb.

There are 45 properties currently pending, that is down just a bit from the last post.

There have been 125 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 59.2 % of the homes that have closed this year had a price change and the average price change is $13,696. vs only 46.5% of the active listings has had a price change with an average of $16,137. 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

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

2008-05-13T10:37:00.000-05:00

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

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

2008-05-07T17:08:00.003-05:00

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

Owatonna, MN Real Estate Market Conditions, May 1, 2008

2008-05-01T16:22:00.005-05:00

Interest Rates have fallen twice this week and are currently at 5.50% for a 30 year fixed on Thursday May 1, 2008.

Current real estate listing inventory - 205 active listings in Owatonna as of today. The active listing count has dropped again this week. There have been a few properties expire but mainly the number dropped because there were homes selling quickly this past week.

The number of pending listings has remained solid at 43 homes.

There have been 81 properties Closed so far in 2008. Brisk closing activity again this week, the count jumped up 8 for the closed and the pendings remained firm. Best 2 week span of activity activity we have seen in almost a year..

Have we possibly seen the bottom? We aren't sure, only time will tell, but the increased activity is reassuring.

Have you checked out the comparison charts? They really point out what is selling and what has had price changes. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

Inventory has been creeping down as well as interest rate. If you have been sitting on the fence waiting, you are missing some incredible deals going on in the market right now. Give us a call and let us tell you about some of these bargains.
507-390-2121

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

I want one of these NOW!!!

2008-04-26T13:12:00.004-05:00

I want one of these! !!!

I saw one of these in person this morning and I want one. I have never had this kind of feeling about a car before. It is really strange to be feeling this way at my age, I don't know why I love it so much.

I first saw one of these in the movie "A Good Year" ( a very good movie by way) when Russell Crowe is driving one and I thought it was kind of fun looking. Now that I've seen one up close and personal as it were. I want one really bad.

I don't understand why. I'm far from being a small or tiny person but to me this car has such a high cool factor that I am lusting after it.

It is not at all practical given what we do for a living or that we frequently are driving our grandchildren to/from somewhere. We would not be able to drive our clients around to see houses. For sure would not be able to pull the boat with it (the boat is actually bigger), probably can't get open house signs in it very well. But I don't care, I want one now!

This must be what someone feels like when they are addicted to something. I could rationalize away all of the objections in the blink of an eye. Who cares if this thing is only 1 1/2 feet longer than a golf cart, or is totally impractical for our lives & our lifestyle or has a motor that is the size of my briefcase. That is not really suited for highway driving (if I lived in a big city, this baby would already be mine) has no room to take anything or anyone with you or that the last thing I need to do right now is go car shopping.

None of that stuff matters, it looks like a Hot Wheels car for adults and I WANT ONE NOW!!!

Brian Bartley

It snowed last night!!!!

2008-04-26T12:29:00.006-05:00

It SNOWED here last night!!!!!!! Can you believe it? It is the 26th of April and we actually have snow on the ground. AAAHHHHHHHHH!

Our dock and boatlift were put back into the water last weekend by the local ski club and were thinking about getting the boat out of storage on Sunday and putting it into the water and crusing the lake for fun. Our granddaughter (she is 4) is ready to go tubing and boating. Well maybe her life jacket will fit over her snowsuit.

Susan & I were looking at all of the perrinnials coming up in the flower gardens at home on Wednesday night and she remarked on how we had lost some to a late frost last spring. I looked at her and said " but honey it wasn't 70 degrees last spring like it is now, we'll be fine this year". Well now I have to try to get my size 11 shoe out of my mouth after those comments.

We have already hung the winter clothes away in the basement closet, packed away the hats, gloves & boots. Darn, it was really cold out this morning.

Well the nice thing about Minnesota is that the weather here will change by tomorrow. Who knows, maybe I will need the sunscreen & speedo (just kidding) by tomorrow.

Brian Bartley

Owatonna, MN Real Estate Market Conditions, April 25, 2008

2008-04-25T17:10:00.005-05:00

Interest Rates have bounced up and down this week but finished right where they started at 5.875% for a 30 year fixed on Friday April 25th, 2008.

Current real estate listing inventory - 213 active listings in Owatonna as of today. The active listing count has dropped this week. There have been a few properties expire but mainly the number dropped because there were homes selling quickly this past week.

The number of pending listings popped up to 43 homes.

There have been 73 properties Closed so far in 2008. Awesome closing activity this week,

the count jumped up 11 for the closed and the pendings climber up 6. Best activity we have seen in months.

There are still a significant number of homes on the market that are priced way too high for the current real estate market here in Owatonna. The comparison charts point out what is selling and what has had price changes. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

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

Owatonna, MN Real Estate Market Conditions, April 20, 2008

2008-04-20T10:32:00.005-05:00

Interest Rates have climbed a bit this week and are at 5.875% for a 30 year fixed on Sunday April 20th, 2008. The rates climbed in the latter 1/2 of the week. We will have to watch and see what is going to happen next, predictions were for rates to drop last week and they rose instead.

Current real estate listing inventory - 220 active listings in Owatonna as of today. The active listing count has grown again since last week. This has been the biggest one week jump we have seen so far this year.

The number of pending listings slid up to 37 homes.

There have been 62 properties Closed so far in 2008. Some nice closing activity this week, look for the numbers to climb as we approach the end of the month.

It is interesting that we have seen the number of active listings climb as much as they have this week because there has also been nice activity in the closed category and the pending count has climbed a bit, which means homes are still getting sold.

The comparison charts are telling us that 44.5% of our active listings have had price changes averaging $14,360, while the closed listings have seen 55% with price changes totaling $16,845. There are still a significant number of homes on the market that are priced way too high for the current real estate market here in Owatonna. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

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

Owatonna, MN Real Estate Market Conditions, April 12, 2008

2008-04-12T12:51:00.005-05:00

Interest Rates have remained stable and are at 5.625% for a 30 year fixed on Saturday April 12th, 2008. Actually rates bounced up and down this week but finished at the same placed they ended last week.

Current real estate listing inventory - 212 active listings in Owatonna as of today. The active listing count has climbed again since last week. This has been the biggest one week jump we have seen so far this year.The number of pending listings crept up one to 35 homes.

There have been 57 properties Closed so far in 2008. Not a lot of closed activity this week, but anything is better than nothing.

The comparison charts continue to provide an insight into what is happening in the real estate market here in Owatonna. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

Showings have slowed a little this week and the early report on todays open houses show a bit of a slowdown. We do need to keep in mind however that it has been raining or snowing every day this week and that will always slow traffic down. It is supposed to be 70 by Monday though.

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

Wonderfully Updated Lake Front Home - 1018 Abbott, Albert Lea , MN

2008-04-12T12:35:00.003-05:00

The Bartley Group Coldwell Banker Home Connection info@bartleygroup.com 507-390-2121

1018 Abbott, Albert Lea, MN

Direct Lake Frontage - Completely Updated

3 Bdrm Single Family House

offered at $204,900

Year Built	1888
Sq Footage	2,326
Bedrooms	3
Bathrooms	1 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	.25 acres
HOA/Maint	$0 per month

DESCRIPTION

The updates on this wonderful home include the following:

Main Level

Sheetrock, texture & paint, trim, light fixtures, 6 panel oak swing doors, patio door, underlayment, laminate flooring

Kitchen

Cabinet doors, countertops, sink, faucet, vinyl flooring, dishwasher, refrigerator & stove

Upper Level

Sheetrock, texture & paint, oak trim, light fixtures, 6 panel oak swing doors, oak flush closet doors,underlayment, carpeting & pad

Main Bath

Bathtub & faucet, oak vanity & top, sink & faucet, toilet, underlayment & vinyl flooring

Mechanicals

High efficiency boiler & hot water system, hydronic heat covers, all cable runs

Exterior

added topsoil & graded back yard, reseeded lawn, fieldstone planting & decorative borders, cleaned & stained front & rear decks, wood lattice fence on east side of back yard

Boat House & Lake Front

Built boardwalk & dock, replaced shingles & roof sheathing, replaced service door, replaced siding, replaced overhead door, replaced concrete floor & ramp, track system & electric boat winch, replaced dusk to dawn light

see additional photos below

PROPERTY FEATURES

Central heat	Living room	Office/Den
Dining room	Dishwasher	Refrigerator
Stove/Oven	Basement	Washer
Dryer	Laundry area - inside	Balcony, Deck, or Patio
Yard

COMMUNITY FEATURES

Garage parking

Lake

OTHER SPECIAL FEATURES

Kitchen Main 16 x 10 New appliances,sink, countertop, vinyl

Living Room Main 19 x 12 Laminate Floor/Ceiling Fan

Dining Room Main 19 x 9 Laminate floor/2Ceiling Fans

Bedroom 1 2nd Level 15 x 12 Carpet/6 Panel Door

Bedroom 2 2nd Level 12 x 9 Carpet/6 Panel Door

Bedroom 3 2nd Level 14 x 9 Carpet/6 Panel Door

Full Bath 2nd Level 8 x 7 Vinyl Floor/Custom Oak Vanity

ADDITIONAL PHOTOS

Seller contact info:

The Bartley Group

Coldwell Banker Home Connection

info@bartleygroup.com

507-390-2121

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 12, 2008, 8:24am PDT

View Virtual Tour

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

2008-04-05T08:38:00.004-05:00

Interest Rates have remained stable and are at 5.625% for a 30 year fixed on Friday April 4th, 2008. Rates were fairly stable last week.

Current real estate listing inventory - 202 active listings in Owatonna as of today. The active listing count has dropped again since last week. This is the lowest we have seen since January of 2007, we are hoping to continue to see this count countinue to drop. 175-180 listings would be ideal.

The number of pending listings is steady at 35 homes.

There have been 54 properties Closed so far in 2008. Nice little rise since last week. We wern't expecting to see the closed count climb at all because it is the beginning of the month.

Have you take a look at the comparison charts? Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

Our main web site continues to show record numbers of visitors. March has simply blown away the record setting month we had in February. Thank you to all of you who continue to visit our sites.

Showings are still up and the phone call volume has remained high.

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

Owatonna, MN Real Estate Market Conditions, March 31, 2008

2008-03-31T14:14:00.004-05:00

Interest Rates have remained stable and are at 5.50% for a 30 year fixed on Monday March 31, 2008. Rates were fairly stable last week.

Current real estate listing inventory - 208 active listings in Owatonna as of today. The active listing count has dropped slightly since last week.

The number of pending listings is up 4 from from last week to 35 homes.

There have been 49 properties Closed so far in 2008. Small jump since last week. Good news is that even though some listings closed last week, the pending listing count has continued to rise. The closed count will most likely be fairly stable for the next two weeks.

Have you take a look at the comparison charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

Our main web site continues to show record numbers of visitors. March has simply blown away the record setting month we had in February. Thank you to all of you who continue to visit our sites. Showings are still up and the phone call volume has remained high. Activity at the home show this past weekend was high with a lot of interested buyers and sellers.

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

Owatonna, MN Real Estate Market Conditions, March 24, 2008

2008-03-24T15:08:00.006-05:00

Interest Rates have remained stable and are at 5.75% for a 30 year fixed on Monday March 24, 2008. Rates were fairly stable last week. It is still a wait and see game with mortgage rates.

Good news today, home sales up slighty in February. Is it possible we have reached bottom? Time will tell. Buyers remember, as the market begins to pick up momemtum, sellers will be less likely to negotiate home prices.

Current real estate listing inventory - 210 active listings in Owatonna as of today. The active listing count has remained fairly stable since last week.

The number of pending listings is only down one from last week to 31 homes.

There have been 45 properties Closed so far in 2008. Big jump since last week and should be more this week. Good news is that even though a bunch of listings closed last week, the pending listing count has not fallen off. We will have to watch those counts closely as we approach the end of the month.

The comparison charts continue to have interesting statistics . The Closed Listing Chart shows 55% of the properties that have closed this year have had price changes and the average decrease is $15,612.00. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

Our main web site continues to show record numbers of visitors. March has already surpassed the record setting month we had in February and there is still a week left in the month. Showings are way up and the phones call have increased considerably.

We now have all of our listings available via Virtual Tour in english and spanish.

Owatonna, MN Real Estate Market Conditions, March 17, 2008

2008-03-17T13:42:00.004-05:00

Interest Rates have remained stable and are at 5.875% for a 30 year fixed on Monday March 17, 2008. Rates were fairly stable last week with very few increases & decreases. The FED cut the discount rate .25% overnight and is expected to cut rates tomorrow the 18th of March, we will have to wait and see what that will do to the mortgage market. The expected cut is .50% to .75%

Current real estate listing inventory - 212 active listings in Owatonna as of today. The active listing count has dropped back down since the end of last week.

The number of pending listings is stable at 32 homes.

There have been 37 properties Closed so far in 2008. Just slight activity since last week but that that should begin to climb as we approach the end of the month.

There comparison charts continue to have interesting statistics . The Active Listing Chart shows 101 properties have has price changes and the averaging $15,245 or 8.17% . Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

Our main web site http://bartleygroup.com/ continues to show record numbers of visitors. we believe it is indicative of the changes we are seeing in the market.

One interesting item brought up at a recent training meeting was the idea that a large number of buyers are waiting until the current market hits bottom to jump in a purchase a home. The problem with that idea is that none of us really knows when the bottom will be reached and once we do reach bottom and the market swings around sellers will no longer have as much incentive to negotiate sale prices. The savvy buyers are seeing opportunities in the current market and are jumping in now when there is still negotiation room in prices. It was an interesting class & idea.

Please continue to give us feedback via comments here, by phone 507-390-2121 or email us, mailto:info@BartleyGroup.com

Owatonna, MN Real Estate Market Conditions, March 14, 2008

2008-03-14T10:27:00.005-05:00

Interest Rates have fallen slightly this week to 5.875% for a 30 year fixed on March 14, 2008. Rates were volatile last week with several decreases & increases. The FED is expected to cut rates on the 18th of March, we will have to wait and see what that will do to the mortgage market.

Current real estate listing inventory - 215 active listings in Owatonna as of today. The active listing count has climbed a bit this week. It is something we will keep an eye on.

The number of pending listings is at 32 houses.

There have been 36 properties Closed so far in 2008. Just slight activity this week but that that should begin to climb as we approach the end of the month. The fact that we continue to see the closed property count climb slowly and not have the pending count drop is very good. We continue to see homes receiving offers.

There are a few statistics that are noteworthy in the comparison charts. The average closed properties are showing that over 60% of the properties that went to closing had a price change and that price change was 10.12% and almost $16,000. 50% of the current pending listings have had price changes. Take a look at these charts they are interesting reading. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart . Let us know your thoughts.

Our main web site http://bartleygroup.com/ set a record again in February for the most number of unique visitors and the most number of visits since the inception of the site. The March website visitor count is off to a fantastic start already with over 50% of the number of unique visitors we had in February already in the first 14 days of March.

Please continue to give us feedback via comments here, by phone 507-390-2121 or email us, mailto:info@BartleyGroup.com

Owatonna, MN Real Estate Market Conditions, March 10, 2008

2008-03-10T11:40:00.004-05:00

Interest Rates have stayed stable so far this week at 6.125% for a 30 year fixed on March 10, 2008. Rates were volatile last week with several decreases & increases. There are a large number of qualified buyers out there. They just are waiting to see what is going to happen. The FED is expected to cut rates on the 18th of March, we will have to wait and see what that will do to the mortgage market.

Current real estate listing inventory - 212 active listings in Owatonna as of today. The active listing count has remained stable. We have seen a number of homes come on the market and several are now pending, however the listing count has not climbed significantly yet. We would still love to see it drop below 200.

The number of pending listings remained at 31 houses.

There have been 33 properties Closed so far in 2008. Not a lot of closing activity since last week but that was to be expected because it is the beginning of the month.

The fact that we continue to see the Closed property count climb slowly and not have the pending count drop is very good. We continue to see homes receiving offers.

The comparison charts have generated several comments from viewers. There have been a few that liked them and a few that do not. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart . Let us know your thoughts.

Our main web site http://bartleygroup.com/ set a record again in February for the most number of unique visitors and the most number of visits since the inception of the site. The March website visitor count is off to a fantastic start already with over 35% of the number of unique visitors we had in February already in the first 10 days of March.

Please continue to give us feedback via comments here, by phone 507-390-2121 or email us, mailto:info@BartleyGroup.com

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

2008-03-07T15:51:00.002-06:00

Interest Rates rose this week to 6.125% for a 30 year fixed on March 7, 2008. Rates have been volatile this week. There are a large number of qualified buyers out there. They just are waiting to see what is going to happen. The FED is expected to cut rates on the 18th of March, we will have to wait and see what that will do to the mortage market.

Current real estate listing inventory - 212 active listings in Owatonna as of today. The active listing count has risen slightly. The fact that the active listing count has not climbed drastically is a good thing for home sellers. As we have posted in the past, 175-180 listings would be a fairly balanced market in Owatonna. We currently are still in a buyers market but not as severely as June-July 2007. There are still a wonderful deals out there for buyers to jump on.

The number of pending listings climbed slightly to 31 houses. This continues to be a good sign as the pending count climbs.

There have been 31 properties Closed so far in 2008. Not a lot of closing activity this week but that was to be expected as it is the first week of the month.

We started posting several new reports here last week and will continue with those. They are comparison charts for the active, pending & sold listings. Please take a look and let us know what you think of these. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart . We are already getting good feedback on the new charts.

Our main web site http://bartleygroup.com/ set a record again in February for the most number of unique visitors and the most number of visits since the inception of the site. March website visitors is off to a fantastic start already with over 35% of the number of unique visitors we had in February already in the first 7 days of March.

Please continue to give us feedback via comments here, by phone 507-390-2121 or email us, mailto:info@BartleyGroup.com

March 3, 2008

2008-03-03T10:38:00.003-06:00

Interest Rates fell last week to 5.50% for a 30 year fixed on February 29, 2008. But are up again the morning to 5.625%. Lenders, quite frankly are not helping the market right now. There are a large number of qualified buyers out there. We have heard through the grapevine that one major lender is going to be buying down the rate slightly on home purchase loans. That is very good news.

There are several good signs about the real estate market here in Owatonna.

Current real estate listing inventory - 209 active listings in Owatonna as of today. The active listing count has drpped slightly. The fact that the active listing count has not climbed is a good thing for home sellers. As we have posted in the past, 175-180 lostings would be a fairly balanced market in Owatonna. We currently are still in a buyers market but not as severly as June-July 2007. There are still a wonderful deals out there for buyers to jump on. We are including links to two of those properties here.
455 Fairview,Owatonna $119,900 , 1340 Autumn Dr, Owatonna, MN

The number of pending listings remained stable at 26 houses. This is also a good sign as we continue to see the pending count stay stable and not fall.

There have been 30 properties Closed so far in 2008. We continue to see the closed listing count rise slowly. That is very good.

Our main web site http://bartleygroup.com/ set a record again in February for the most number of unique visitors and the most number of visits since the inception of the site. We are hoping that is an indication of the increased interest in the Owatonna Real Estate market. Even this past weekend was very good and weekends are usually the slowest time of the week for our websites. We will continue to watch and report.

Please continue to give us feedback via comments here, by phone 507-390-2121 or email us, mailto:info@BartleyGroup.com

February 29, 2008

2008-02-29T14:04:00.007-06:00

Interest Rates fell this week to 5.75% for a 30 year fixed on February 22, 2008. Lenders, quite frankly are not helping the market right now. There are a large number of qualified buyers out there. We have heard through the grapevine that one major lender is going to be buying down the rate slightly on home purchase loans. That is very good news.

There are several good signs about the real estate market here in Owatonna.

Current real estate listing inventory - 212 active listings in Owatonna as of today. The active listing count has remained stable the last few weeks. The fact that the active listing count has not climbed dramatically is a good thing for home sellers. As we have posted in the past, 175-180 lostings would be a fairly balanced market in Owatonna. We currently are still in a buyers market but not as severly as June-July 2007. There are still a wonderful deals out there for buyers to jump on. We are including links to two of those properties here.
455 Fairview,Owatonna $119,900 , 1340 Autumn Dr, Owatonna, MN

The number of pending listings remained stable at 26 houses. This is also a good sign as we continue to see the pending count stay stable and not fall.

There have been 29 properties Closed so far in 2008. We continue to see the closed listing count rise slowly. That is very good.

We are posting several new reports here starting today. They are comparison charts for the active, pending & sold listings. Please take a look and let us know what you think of these. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart . We will continue to post new statistics and charts here.

Buyers are continuing to purchase homes and as we see interest rates creep down again we will see more buyers come off the fence and complete a purchase. Home sellers the questions to ask yourselves are these: Am I ready to sell now or am I just waiting for the market to turn? Are buyers finding the price attractive enough to write an Offer to Ourchase? If the answers to these questions are "NO" or "I'm not sure", then you aren't a true seller. Our current market is a very proactive market, we need to do things that will capture the attention of the buying public.

Please continue to give us feedback via comments here, by phone 507-390-2121 or email us, mailto:info@BartleyGroup.com

February 25, 2008

2008-02-25T11:30:00.003-06:00

Interest Rates rose again today to 6.125% for a 30 year fixed on February 22, 2008. Lenders, quite frankly are not helping the market right now. There are a large number of qualified buyers out there. We have heard through the grapevine that one major lender is going to be buying down the rate slightly on purchases. That is very good news.

Current listing inventory - 211 active listings in Owatonna as of today. The active listing count has remained stable the last few weeks and that is a good sign because we have seen the pending count climb. Open houses on Saturday were awesome, all 3 members of our group hosted Open Houses and we had traffic through all of the houses. That is a great sign that things are picking up.

The number of pending listings remained at 26 houses. Again this is a good sign as we continue to see the pending count rise it means homes are receiving acceptable offers to purchase.

There have been 25 properties Closed so far in 2008. The under $200,000 market has been the strongest so far this year. Almost 80% of the homes sold so far in 2008 have fallen in this price range. Only 4 homes above $209,900 have closed in 2008.

Please continue to give us feedback via comments here, by phone 507-390-2121 or email us, mailto:info@BartleyGroup.com

February 22,2008

2008-02-22T16:44:00.004-06:00

Interest Rates rose to 6.0% for a 30 year fixed on February 22, 2008. Lenders have not been willing to lower rates right now, but we did hear today that one major lender is going to be concentrating efforts on purchases rather that re-fis. That is very good news.

Current listing inventory - 210 active listings in Owatonna as of today. Showings have begun to pick up again and we are hoping for a good turnout at Open Houses tomorrow.
The number of pending listings remained rose slightly this week to 26 houses. Again this is a good sign as we continue to see the pending count rise it means homes are receiving acceptable off to purchase. There have been 24 properties Closed so far in 2008. The under $200,000 market has been the strongest so far this year. Almost 80% of the homes sold so far in 2008 have fallen in this price range. Only 3 homes above $209,900 have closed in 2008. If your home is on the market and you are just over that $200,000 price break (and I know there are a few of you out there, I've looked at the active listings), it might be a good idea to talk with your real estate professional about a new price

We are still working on some new format for the documents we post here as well as some additional statistics. Please continue to give us feedback via comments here, by phone 507-390-2121 or email us, mailto:info@BartleyGroup.com

Truly Blessed! A Time of Reflection.

2008-02-20T16:50:00.003-06:00

I was sitting at my desk this morning working on the computer when one of my partners (Todd) arrived at the office. Now mind you that my partners are Susan (my wife) and Todd (our son-in-law). Todd had in tow his son (our grandson) Thomas (almost 7) who had just been diagnosed with strep throat at the doctors office and couldn't go back to school or to day care. Thomas walked into our office, dropped his coat on Susan's desk, kicked off his boots next to my desk and crawled up on my lap. He proceeded to sit there while I reached around him on each side so I could still reach the keyboard. I answered a multitude of questions on what I was doing & why and explained why we couldn't go to Leggo.com right then. After sitting with me a while he hopped down and began to rummage in our office and desk drawers for things to make his 1st grade science project with. After unloading several drawers, there was a collection of items that he began to construct with.

All of this activity got me to thinking about how Truly Blessed I really am.

Every day I have the opportunity to work with the love of my life. While we may occasionally have a differing opinion on marketing strategy or open house schedules, we have an exceptional working relationship. I am allowed to spend the entire day with my wife, not just a few minutes in the morning in front of the mirror or in the evening after battling traffic and ugly road conditions. I am Truly Blessed.

We have an excellent working relationship with Todd (at least I think so, lol). He has brought a new enthusiam and energy to our team. Answering his questions make Susan & I take a hard look at look at what we are doing, and helps us keep on track and sometimes re-discover things we have done in the past that worked but we had forgotten about. We work with a family member that will do what it takes to get the job done and that we can trust to do it right.
We are Truly Blessed.

My daughter Jennifer worked part time this past summer with us and that was very special. Imagine, commuting to work with your wife and daughetr! Jennifer was a joy to have with us, she set up a complete profile for us on MYSPACE, http://www.myspace.com/bartleygroup , created a slide show of our listings, uploaded photos, delivered flyers, wrote property descriptions and all the time with a smile on her face. She helped get this Blog from a large text page to what we have now, worked with me on PodCasting (on which I've been lax since she went back to school), and even came back on semester break for several days to get us caught up on some things. I am Truly Blessed.

All 4 of our kids and both of our grandkids understand what we do and how that affects our lives. They understand that plans may change with a moments notice bucause of a last minute showing, dinner plans may be delayed because the funds didn't get wired in time for a late closing, or we may have to take phone calls at strange hours to accomodate out of state buyers. Thomas has been to more open houses in his young life than some real estate agents make it to in a carreer & hi sister Molly has been to her share as well. Katie, Stephen & Jennifer have helped host homes during parades and special promotions, they have all helped us to move trash, clean house, move in staging materials, deliver flyers, etc., etc., etc., all without complaint. We are Truly Blessed.

Real estate has been good to us over the years and we have had the opportunity to meet and work with a number of wonderful people. From past clients that have become close friends, to sub-contractors, to other real estate professionals. We have had the opportunity to be associated with truly remarkable individuals. We are Truly Blessed.

So even if the market is a little slower that we might like it to be, homes are still selling, they are just taking a little longer to sell. Even if the weather has been brutal this winter. Even with some of the aches & pains of getting older. I think of that young man crawling up on my lap this morning and smile an think. I am Truly Blessed.

Respectfully,
Brian Bartley
The Bartley Group

February 18, 2008

2008-02-18T12:40:00.002-06:00

Interest Rates rose to 5.875% for a 30 year fixed on February 18, 2008. Mortgage rates have been somewhat strange over the last 20 days. They are up a bit right now.

Current listing inventory - 212 active listings in Owatonna as of today. We have seen quite a few showings through the month of January but showings have tepered off the last week. Right now buyers seem to be confused about interest rates and are just sitting back waiting for rates to come down and stabilize a bit. The FED has dropped the wholesale rate several times, however many lenders are keeping mortgage rates high trying to recoup some of their sub-prime losses. In addition many secondary investors are asking for a higher returns for the same reason.
The number of pending listings remained rose slightly to 23 houses. There were 22 properties Closed so far in 2008.

Please continue to give us feedback via comments here, by phone 507-390-2121 or email us, mailto:info@BartleyGroup.com

February 11, 2008

2008-02-11T17:51:00.000-06:00

Interest Rates fell to 5.5% for a 30 year fixed on February 11, 2008. Mortgage rates have been somewhat strage over the last 14 days or so the took a big drop on the 22nd of January for about 3-4 hours and then bounced back up again. The continue to move around between 5.375% & 5.625% every couple of days.

Current listing inventory - 207 active listings in Owatonna as of today. As we speculated last week many of the expired listings came back on the market and brought the count back up. We are continuing to see strong market activity with the number of showing requests that have been scheduled. In addition our website set a record last month for the most number of visitors since we launched the site 6 years ago. Those are the positive signs that we are looking for.The number of pending listings remained stable at 19 houses. There were 22 properties Closed so far in 2008.

We would like to thank all of you who have e-mailed us or comments on our blog. We are working on bringing a different type of format to the documents that we post here. The new MLS system that we went to several weeks ago has much more capability for us to provide additional information, however we need to learn how to present that information to our visitors. This week we are using a different format and we will continue to experiment as we move ahead. Please continue to give us feedbackvia comments here, by phone 507-390-2121 or email us, mailto:info@BartleyGroup.com

Real Estate Professionalism - As We See It!!

2008-02-11T13:18:00.001-06:00

This post is going to change direction slightly from the normal market conditions the we usually post here.

Several weeks ago members of the Southeast Minnesota Association of REALTORS (SEMAR)(of which Brian is on the Board of Directors) moved to a new Multiple Listing Service (MLS) software system. This move was long overdue and was a giant leap in technology. It has give some awesome capabilities to local REALTORS, however like any change it has presented its challenges as well. Many of you have read our previous posts and some have even commented or e-mailed us on the changes in the reports that we post here regularly. We continue to invest time and energy into learing this system so that we may provide our clients with the very best service available.

This MLS software system change has led to a number of members generating e-mails to each other, sometimes with system tips and sometimes with system complaints. One such recent e-mail got us all to thinking and talking and is what has prompted this post. A member was complaining that she was required to take a day off from her FULL TIME JOB to attend training on the new system, which was only offered during the day.

Now is where this post may offend some readers. In our group Real Estate is OUR FULL TIME JOB!!! That's the way it is. We don't pretend to be real estate professionals, we ARE real estate professionals. We eat, breathe & sleep real estate (just ask our family members). Real Estate is our one and only job.

When we select a doctor, dentist, attorney, accountant, auto mechanic, financial planner or carperter for our own personal use we look for someone that is a full time professional in their respective field. We look for those that are dedicated, trained and experienced. Questions that we ask ourselves when selecting a professional are: Is this person current in their profession? Do they work full time in their chosen field? Have they expanded their training beyond the required minimums? How much experience do they have? Frankly these are the same questions that consumers should be asking when they are in the process of selecting a Real Estate professional to assist them buying or selling a home. Do you really want a part time auto mechanic fixing the brakes on your car, or a part time carpenter building your new home, or a part time doctor delivering your new baby? Your home is most likely the most expensive investment you will ever make in your lifetime, so why trust it to sometime that is part time?

Members of our group are all full time Real Estate professionals. We have all attend training above and beyond what is required as a minimum by the state of Minnesota are are proud of it. All of those funny little initials that are after out names mean we have received additional education and have been awarded the respective designation for that training.

Susan has received the ABR, CRS, GRI, SRES and Broker Associate designations and is working on the e-PRO designation

Brian has received the GRI, SRES, Broker Associate designations and is working on the CRS & on the e-PRO designations.

Todd is working on the GRI designation.

We take our professionalism, experience & training very seriously.

What do those letters & designations mean?

The ABR: The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER'S AGENT Council (REBAC) of the National Association of REALTORS® who meet the specified educational and practical experience criteria.

The CRS: Certified Residential Specialist, Realtors who receive the CRS Designation have completed advanced courses and have demonstrated professional expertise in the field of residential real estate. Fewer than 38,000 Realtors nationwide have earned the credential.

The e-PRO: An e-PRO is a REALTOR® who has successfully completed the e-PRO training program for real estate professionals. Endorsed by the National Association of REALTORS®, the e-PRO course teaches professionals the nuts and bolts of working with real estate on-line: Web sites, e-mail, on-line tools, and most of all, what today's consumer really wants.

The GRI: Stands for Graduate REALTOR® Institute, is a nationally recognized professional real estate designation. GRI is recognized nationwide as the standard for real estate professionalism and knowledge

The SRES Seniors Real Estate Specialists® are REALTORS® qualified to address the needs of home buyers age 50-plus. By earning the SRES® designation, your REALTOR® has demonstrated necessary knowledge and expertise to counsel clients age 50-plus through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home.

Please post your comments, e-mail us with comments info@BartleyGroup, or give us a call (507) 390-2121

Client Testimonials

2008-02-05T11:11:00.000-06:00

The quotes below are what a few of our recent clients had to say about our service.

"Susan did an amazing job keeping us informed, guiding us w/good vendors & fiinancial institutions as well. I would recommed her to anyone. We were thrilled with her customer service." Aaron & Michelle

"The prosecc of buying our first home was very satisfying. Todd Berglund was very helpful explaining all of the items and closing procedures..." Jessica & Steve

"Susan, Brian & Todd went "Above & Beyond" in their efforts to sell our home. We would recommend The Bartley Group to any of our friends or acquaintances that are looking for help in their real estate transactions." Tony & Diane

"Susan & Brian were excellent, always giving us encouraging words, especially during the closing process." Bev & Jim

February 4, 2008

2008-02-04T16:56:00.000-06:00

Interest Rates rose to 5.5% for a 30 year fixed on February 4, 2008. The Fed dropped interest rates .5% at a meeting last week. This has not actually resulted in mortgage rates falling yet but it has sparked a tremenous amount of consumer interest.

Current listing inventory - 195 active listings in Owatonna as of today, that is the lowest the count has been since January of 2007. However it is primarily due to a large number of listings expiring last week (many of them ours)and they will be coming back on the market. The number of pending listings remained stable at 17 houses. There were 19 properties Closed so far in 2008.

The 2007 year end market absorption chart is available and has quite a bit of interesting data.

Give us a call, 507-390-2121 or email us, mailto:info@BartleyGroup.com

January 28, 2008

2008-01-28T13:04:00.000-06:00

Interest Rates rose to 5.5% for a 30 year fixed on January 28, 2007. Rates had a roller coaster ride last week, one lender told us that rates changed 4 times in one day last week. The Fed dropped interest rates .75% at an emergency meeting last week. This has actually resulted in mortgage rates creeping up a bit.

It is going to take us a few more days to learn all of the capabilities of the new MLS system and to provide you with the most comprehensive data available. Current listing inventory - 212 active listings in Owatonna as of today, that number has remained stable for several weeks now. The number of pending listings climbed a bit to 17 houses. There were 15 properties Closed so far in 2008.

The 2007 year end market absorption chart is available and has quite a bit of interesting data.

Give us a call, 507-390-2121 or email us, info@BartleyGroup.com

New Property Search Function is Active!!

2008-01-28T12:50:00.000-06:00

We apologize for the delay, but our new property search function is now available. You are now able to search for properties from all cooperating brokers in the entire South East Minnesota area. You can view multiple photos, virtual tours, complete listing information, room sizes and for some homes, seller disclosures.

We are extremely excited about this new technology. In addition, dynamic map searching is coming in February.

Please drop us an e-mail if there is additional technology you would like to see us provide for home buyers & sellers, info@BartleyGroup.com

New Property Search Function!!

2008-01-15T17:05:00.000-06:00

It's Official!! Starting Monday the 21st of January we will have new search capability for our blog as well as for our main site http://www.bartleygroup.com/ . You will be able to search for homes listed by any participating REALTOR in all of Southeast Minnesota. You will be able to search by property type, community, price, bedrooms & bathrooms. All data will be current & live, you will be able to view & print full detailed information: including descriptions, photos, room sizes and directions.

In addition coming in early February we will be adding the ability to search for a home from interactive maps.

We strive to provide the latest real estate technology available to our clients and visitors of our blog and our website. If there is something you would like to see us add please post a comment here or drop us an e-mail info@BartleyGroup.com

Thank You

The Bartley Group

January 15, 2007

2008-01-15T16:41:00.000-06:00

Interest Rates have fallen to 5.25% for a 30 year fixed and 4.75% for a 15 year fixed on January 15, 2007. Rates haven't been this low since around 2003.

Buyers if you have been fence sitting waiting for the market & interest rates to bottom out, it sure seems like we are just about there. There is a nice selection of homes, prices are reasonable and interest rates are incredibly low. All in all, a great time to purchase a home.

Current listing inventory - 212 active listings in Owatonna as of today, that number has remained stable for several weeks now. Average days on the market has slid slightly to 173 days. The number of pending listings fell a bit to 16 houses. Average days on the market for pendings is 142 days. There were 7 properties Closed so far in 2008, with an average days on market time of 108 days.

The new market absorption chart for the end of year 2007 is done and has quite a bit of interesting data.

Give us a call, 507-390-2121 or email us, info@BartleyGroup.com

A Look at the Real Estate Market in Minnesota

2008-01-11T14:46:00.000-06:00

Not optimism, not pessimism, but REALISM….
January, 2008
By Glenn S. Dorfman, Minnesota Association of REALTORS®

There is good news for homebuyers and sellers and it is not b.s.: Not optimism, not pessimism, but REALISM (facts seasoned with a heavy dose of common sense ---realistic thinking).

Salespeople, business people, politicians do not create trust by “blowing smoke,” in the form of uniformed, self-benefiting opinions at the public. The public wants and deserves the most accurate assessment of current economic and housing market conditions as possible coated with a heavy dose of common sense. To suggest, that this housing economy is terrific and that, were it not for the media’s negative sentiment all would be well, is just plain wrong and has no basis in fact. We cannot expect the public to see REALTORS® as professionals with integrity, if during market weakness, we tell them untruths. If REALTORS® care about their status in the eyes of the consumer, if we are in this business for the long haul, facts and language matter in our marketing, in today’s market, more than ever.

How we arrived at this place and time in the housing market (a brief and necessary understanding of the facts).

We have arrived at this housing market as a result of three principal factors coming together between 1999 and 2005. They are discussed in order of importance. First, compliments of the stock market debacle and 9/11, we benefited from the Federal Reserve “cheap money”--- lowest interest rates in forty-five years policy. Low carry costs, inflated home values to unsustainable levels. Second, in order to participate in the low interest rate borrowing and re-financing frenzy, Wall Street helped to create an array of CDO’s (collateralized debt obligations) that expanded the number of mortgage products that consumers could choose from (though few understood how they worked). Third, were two intersecting demographic trends---huge immigration to the U.S. as a result of the strong job creating economy and the baby boomers reaching their peak earning years. These factors helped Minnesota REALTORS® raise the homeownership rate in this state from 68 to 78% by mid-2005.

Realism (Facts + Common Sense) in the current housing market

Despite all the serious negative news that almost always follows the deflating of an “asset bubble”, there are several pieces of very positive news that only a few of the smartest, generally wealthiest people, understand about an economic downturn. These need to be carefully and completely explained to potential buyers individually and through advertising.

Economic downturns provide significant opportunities for making money.

While unsophisticated sellers tend to focus on their competent REALTORS® suggestion to reduce price, forgetting that they too will be “buying” in a declining house price market. Further, they also forget that most sellers, who are not house flippers, saw their house values rise 50-85% from 1999-mid-2005! So, considering that Minnesota home values have averaged approximately 4% a year increase for the past 60 years, a modest cut of 10-20% in a 50-85% 6 year increase is still a great deal by historical standards. If sellers do not want to listen to the sage advice of competent REALTORS® in today’s market to sell with a nice profit, they may end up losing much more than they bargained for---after all, the point of putting a house on the market is to what is necessary to sell it, not to list it and waste a competent REALTORS® time and resources. For those who borrowed against equity, refinanced or just plain bought at the top, there is little that can be done for them. More importantly to the seller, may be the microeconomic truth that inventories are bound to rise this spring (as they have historically) and together with the foreclosures from the 2008 mortgage resets of 2005/06 adjustable rate mortgages, will push supply higher the longer they hold off price reductions. Without some fantastical and unrealistic massive wave of buyers, additional inventory in 2008 must suppress price more the longer a unit sits on the market. Also, the seller incentives of recent years have done nothing except obfuscate the actual reductions and kept values higher than they would have been without them. This means that many buyers may be paying higher property taxes on a phantom value into perpetuity. Not exactly the ethical high ground!

For buyers, well it is a strong market with great selection and lots of negotiating room on price and terms. However, no one knows when the turn will come and some buyers may find themselves wishing they had decided to make that offer. I do not say this as a REALTOR® advocate but rather as a seasoned investor who invests in good companies when their price is “falling” and sells them when their price has risen 10% or so. While Minnesota housing may have some more room to fall, buying today allows for fabulous choice at good fixed rates for homebuyers looking to buy and live in their home for 5 or so years. Things will improve and looking for the bottom is like selling at the top, it rarely works. Greedy people generally get their due. Capitalist markets are great levelers and cannot be predicted with any level of certainty.

The best investors in the world buy on weakness, hold and sell when they have made a reasonable profit. And homes have the added advantage that you can live in them, fix them up to suit your tastes, enjoy them, deduct their mortgage interest and property taxes (if, of course, you itemize your taxes ---30% of Minnesotans) and, best of all, you get the keep the capital gains free from taxation.

Finally, residential homes are long term investments in the same way that stocks are…flipping, greed, and making fast money is mostly myth and professional REALTORS® deplore the practice.

Comments to: gsdorfman@mnrealtor.com

Glenn S. Dorfman
Chief Operating Officer, Minnesota Association of REALTORS®
direct cell: 612-719-6541
direct office: 952-912-2662
email: gsdorfman@mnrealtor.com

January 9, 2008

2008-01-09T16:21:00.000-06:00

Interest Rates have fallen to 5.375% on January 8, 2007. This is more of a reduction than we expected. It seems like rates may drop just a bit more, but all of the lenders we've spoken with aren't sure how much and for how long rates will stay down.

Current listing inventory - 208 active listings in Owatonna as of today, that number has remained stable for several weeks now. Average days on the market has remained steady at 176 days. The number of pending listings climbed slightly to 19 houses. It is good to see this number begin to rebound slightly. It will still be something to keep an eye on as we move forward into the new year. Average days on the market for pendings is 146 days. There were 7 properties Closed so far in 2008, with an average days on market time of 65 days. We realize that there have only been 7 homes closed so far, but my goodness, 65 DAYS ON THE MARKET IS UP A LITTLE BIT THIS WEEK BUT IS STILL AN AWESOME AVERAGE.

The new market absorption chart for the end of year 2007 is done and has interesting data.

Give us a call, 507-390-2121 or email us, info@BartleyGroup.com

January 7, 2008

2008-01-07T12:00:00.000-06:00

Interest Rates have fallen to 5.50% on January 4, 2007. This is what we expected to happen in January, it just happened a little earlier in the month than usual. Lenders typically reduce interest rates in January to stimulate business. These rate decreases usually last several weeks and then the rates pop up again.

Current listing inventory - 208 active listings in Owatonna as of today, that number has remained stable since last week. Average days on the market has risen a bit to 176 days. The number of pending listings dropped to 17 houses. We would have like to have seen the pendings begin to rebound more quickly not continue to fall. In will be something to keep an eye on as we move forward into the new year. Average days on the market for pendings is 136 days. There were 397 properties Closed so far in 2008, with an average days on market time of 56 days. We realize that there have only been 5 homes closed so far, but my goodness, 56 DAYS ON THE MARKET AVERAGE IS AWESOME. We have seen a big increase in the number of showing appointments scheduled during the last week. That is a very positive sign.

We will follow up in a few days with a new market absorption chart as well as comparisions of 2006 vs 2007.

Give us a call, 507-390-2121 or email us, info@BartleyGroup.com

2008-01-04T17:17:00.000-06:00

Interest Rates have fallen today to 5.50% on January 4, 2007. These last two rate decreases are FANTASTIC. This is as low as rates have been in over a year. Buyers, this is the opportunity you have been waiting for. Low rates, great selection, tremendous opportunities. These rate decreases usually last for a week or two and then then they pop up again.

Call us and let us show you why now is a good time to purchase a home.
507-390-2121<>

January 3, 2008

2008-01-03T16:35:00.000-06:00

Ok here come the first of the statistics comparing 2007 to 2006. First of a bunch of statistics we hope to have posted here in the next week or so.

2007 - Closed - 401 Properties
2006 - Closed - 439 Properties
Down 38 Properties or 8.7% (not as bad as the media would have you believe)

2007 - Days on Market - 115
2006 - Days on Market - 94
Up 21 days or 22% (certainly not good, but not horrible either)

Highest price property sold in 2007 - $556,646
Highest price property sold in 2006 - $417,000
A big gain here

Lowest price property sold in 2007 - $23,578
Lowest price property sold in 2006 - $37,000
Down a bit here

Average Sale Price 2007 - $169,524
Average Sale Price 2006 - $172,628
Down a bit here last year and down from 2005 (but even here we are not down horribly far)

We will be going into much more depth on these statistics and will be posting them here as we calculate the numbers.

If you have any questions about the numbers or where we get the data from, please leave us a comment here or drop us an e-mail at info@BartleyGroup.com

Thanks

January 3, 2008

2008-01-03T16:05:00.000-06:00

We would like to apologize, we noticed a link that we had posted on the 21st of December about why 2008 may be a very good time to purchase a home. We have just been made aware that the link is not working correctly and we have removed it until we can get it fixed.

January 2, 2008

2008-01-02T12:56:00.000-06:00

WOW, feels weird to be typing 2008. We are looking forward to some fabulous things for 2008.

Well here we go with the first market update of the new year.

Interest Rates have fallen today to 5.625% on January 2, 2007. This is what we expected to happen in January, it just happened a little earlier in the month than usual. Lenders typically reduce interest rates in January to stimulate business. These rate decreases usually last several weeks and then the rates pop up again.

Current listing inventory - 208 active listings in Owatonna as of today, that number has remained stable since last week. We didn't make the goal we were hoping for of 200 or less listings by the end of 2007 but we have remained fairly soild where we are. Average days on the market has dropped slightly to 170 days. The number of pending listings dropped to 22 houses this was to be expected as many homes closed during the last few days of the year. Average days on the market for pendings is 148 days. There were 397 properties Closed during 2007, with an average days on market time of 114 days. A telling number to look at is the difference between average days on market for the closed properties and the active properties. There is a 56 day (almost 2 months) difference between the homes that buyers have found value in and the homes that buyers are rejecting at their current listed price.

Buyers, I know we have posted this before, but if you have been sitting on the fence waiting, we are seeing so awesome deals available right now

We will follow up in a few days with a new market absorption chart as well as comparisions of 2006 vs 2007.

Give us a call, 507-390-2121 or email us, info@BartleyGroup.com

Nappy New Year

2007-12-31T13:03:00.001-06:00

We would like to wish everyone a Happy - Safe - Joyous New Year!!
2008 is going to be a fabulous year.

Brian - Susan - Todd

Happy Holidays

2007-12-27T11:35:00.000-06:00

We hope everyone had a wondeful Christmas. We would also like to take the time to wish each and every one of you a very happy and joyous New Year. We are all excited here at the Bartley Group and looking forward to exciting things in 2008.

Todd Susan Brian

Very Good Real Estate News

2007-12-21T10:26:00.000-06:00

This link will take you to a very positive article on the trends in real estate and why 2008 may be an very good time to purchase a house.

The link has been temporarily removed, sorry for any inconvience.

Merry Christmas to all and thank you for a great year.
Brian Susan Todd

2007-12-19T14:07:00.000-06:00

Interest Rates have dropped again to 5.75% on December 19, 2007.

Current listing inventory - 211 active listings in Owatonna as of today, that number has climbed a bit this week. We are still in sight of our goal of seeing the listing count drop below 200 before the end of the year (but time is getting short). Average days on the market has dropped slightly to 170 days. The number of pending listings has fallen this week to 26 houses. Average days on the market for pendings is 145 days. There have been 390 properties Closed since 01-01-07, with an average days on market time of 114 days.

Buyers, if you have been sitting on the fence waiting, we are seeing so awesome deals available right now. Give us a call, 507-390-2121 or email us, info@BartleyGroup.com

December 18, 2007

2007-12-18T04:35:00.000-06:00

Interest Rates have climbed slightly to 6.00% on December 18, 2007.

Current listing inventory - 209 active listings in Owatonna as of today, that number has remained stable since last week. We are still in sight of our goal of seeing the listing count drop below 200 before the end of the year. Average days on the market has dropped slightly to 172 days (that's still 5.8 months gang). The number of pending listings rebounded nicely last week to 30 houses. Average days on the market for pendings is 132 days. There is now a 40 day difference between the Active and Pending listings. There have been 386 properties Closed since 01-01-07, with an average days on market time of 115 days.

Buyers, if you have been sitting on the fence waiting, we are seeing so awesome deals available right now.

Give us a call, 507-390-2121 or email us, info@BartleyGroup.com

December 10, 2007

2007-12-10T09:09:00.000-06:00

Interest Rates have inched up slightly to 5.875% on December 10, 2007.

Current listing inventory - 209 active listings in Owatonna as of today, that number has dropped again since last week. We are getting closer to our goal of seeing the listing count drop below 200 before the end of the year. Average days on the market has also climbed slightly to 175 days (that's 5.8 months gang). The number of pending listings rose slightly to 24 houses. This number has now begun to rebound and has not dropped any further. Average days on the market for pendings is 116 days. There is now a 59 day difference between the Active and Pending listings. That shows us there are still too many sellers out there that are being unrealistic in their asking price. There have been 385 properties Closed since 01-01-07, with an average days on market time of 114 days.

A balanced market in Owatonna should be around 175-185 active listings, as we get closer to that number, the balance swings from a buyers market to a more balanced market. Buyers, if you have been sitting on the fence waiting, now might be the best time we have seen.

The are are number of fantastic deals available right now. Give us a call, 507-390-2121 or email info@BartleyGroup.com, we would enjoy the opportunity to discuss some of the current deals available right now.

December 6, 2007

2007-12-06T16:49:00.000-06:00

Interest Rates have inched up slightly to 5.75% on December 6, 2007. Rates have again fallen in anticipation of the Fed cutting interest rates at their next meeting in December.

Current listing inventory - 214 active listings in Owatonna as of today, that number has dropped a little bit lower since last week. We are getting closer to our goal of seeing the listing count drop below 200 before the end of the year. Average days on the market has also climbed to 173 days (that's 5.8 months gang). The number of pending listings fell slightly to 20 houses. This number has not rebounded well after all of the closings last month and is beginning to concern us. Average days on the market for pendings is up again to 117 days. There is now a 56 day difference between the Active and Pending listings. That shows us there are still too many sellers out there that are being unrealistic in their asking price. There have been 383 properties Closed since 01-01-07, with an average days on market time of 113 days.

Check out Our Blog from one year ago. Interest rates were 5.625% and we had 212 Active listings in Owatonna. It is interesting to see that one year ago we had almost the exact same listing count & the same interest rates. We are down on Closed listings by 8.5% vs 2006. So in spite of all of the negative media attention, real estate in Owatonna in still selling well. It is however taking 22% longer to sell those houses than it did in 2006.

Home buyers, now is a golden time to be purchasing a home. Interest rates are low & many home prices have been reduced.

Some other interesting statistics about the homes currently active in the market. 14.4% of the homes are new construction (they don't count in the days-on-market count because of a quirk in our MLS System), 8.25% of the homes have been through foreclosure and 56.3% of the homes have had price reductions.

December 3, 2007

2007-12-03T15:08:00.000-06:00

Interest Rates have dropped slightly to 5.625% on December 3, 2007. Rates have again fallen in anticipation of the Fed cutting interest rates at their next meeting in December.

Current listing inventory - 215 active listings in Owatonna as of today, that number has dropped a little bit lower since last week. We are getting closer to our goal of seeing the listing count drop below 200 before the end of the year. Average days on the market has remained fairly stable at 166 days (that's 5.6 months gang). The number of pending listings remained stable at 21 houses. This number has not rebounded well after all of the closings last week and is beginning to concern us. Average days on the market for pendings is down again to 111 days. There is now a 55 day difference between the Active and Pending listings. That shows us there are still too many sellers out there that are being unrealistic in their asking price. There have been 378 properties Closed since 01-01-07, with an average days on market time of 114 days.

December 1, 2007, BRRR - It's snowing

2007-12-01T12:18:00.000-06:00

First major winter storm today. All of our open houses were slow. We had 7 houses open and only had 1 happy looker through total. But I don't blame people for not coming out today, it's cold, slippery, and just not fun today. Now in two months, a day like today will be no big deal, but today is the first big snow. Shold be some interesting stats to look at on Monday with all of the closings that happened on Friday as well as the number of listings that expired at the end of November. Until then, stay warm.

November 30, 2007

2007-11-30T16:41:00.000-06:00

Sorry about the delay writing this post, it has just been a hectic week. Current listing inventory - 220 active listings in Owatonna as of today that number had dropped a little bit lower during the week but rebounded as we finished the week. Average days on the market has remained fairly stable at 168 days (that's 5.6 months gang). The number of pending listings dropped to 22 houses. This number has not rebounded well and is of some concern. There are a large number of closings this week, as we again reach the end of the month. Average days on the market for pendings is down dramatically to 115 days. There have been 377 properties Closed since 01-01-07, with an average days on market time of 114days.

Folks we have said it before, but it bears repeating. DO NOT TEST THE WATER FOR A FEW WEEKS WITH A HIGHER PRICE. There are sharks and piranhas out in that water and you will not like what happens if you come on the market at the wrong price.

Interest Rates have dropped slightly to 5.75% on November 29, 2007. Rates have fallen in anticipation of the Fed cutting interest rates at their meeting on the 11th of December.

Check out our Market Absorption Chart. It shows the market activity by price range and can assist you when pricing your home for sale.

November 21, 2007

2007-11-21T11:39:00.000-06:00

Current listing inventory - 222 active listings in Owatonna as of today. The inventory has snuck down a bit this week. Average days on the market has remained stable at 167 days (that's 5.6 months gang). The number of pending listings stayed at 30 houses. This number has not rebounded as well as we would like to have seen and is of some concern. There will be a large number of closings at the end of next week as we again reach the end of the month. Average days on the market for pendings is up to 141 days. There have been 363 properties Closed since 01-01-07, with an average days on market time of 112 days.

Folks we have said it before, but it bears repeating. You have to be realistic with your pricing , when bringing your home on the market. In addition, your home must sparkle & shine or the price must reflect the fact that there is work that needs to be done. DO NOT TEST THE WATER FOR A FEW WEEKS WITH A HIGHER PRICE. There are sharks and piranhas out in that water and you will not like what happens if you come on the market at the wrong price.

You can view our complete Home Sellers Guide if you are looking for more tips on selling your home. We also have a For Sale By Owner Manual available in print, if you are interested in selling your home on your own, that we would love to provide you with as well. Give us a call 507-390-2121 or info@BartleyGroup.com

Interest Rates have dropped slightly to 6.000% on November 21, 2007.

Check out our Market Absorption Chart. It shows the market activity by price range and can assist you when pricing your home for sale.

Our Active Listings

2007-11-18T12:32:00.001-06:00

November 18, 2007

2007-11-18T11:20:00.000-06:00

Well it's official, we have now been posting to this blog for over one full year. It is interesting to to go back and see where the real estate market was then and where it is now. It is also fun for us to go back to the early days of this blog and see how it has changed & progressed over the last 12 months. We like to think it has changed for the better. We know we have a number of loyal readers that visit regularly and we would love to have comments about what you like or dislike about what we are posting here. Our intention is to continue posting to this blog and in the near future start an additional blog that allows us to povide more in-depth information on buying and selling a home. A very big thank you to all of you loyal visitors for sticking with us.

November 18, 2007

2007-11-18T10:35:00.000-06:00

Current listing inventory - 226 active listings in Owatonna as of today. Average days on the market has risen to 167 days (that's 5.6 months gang). The number of pending listings has dropped to 30 houses. This number has not rebounded as well as we would like to have seen and is of some concern. Average days on the market for pendings is up to 140 days. There have been 361 properties Closed since 01-01-07, with an average days on market time of 111 days. We are again seeing the gap continue to grow between the days on market of the Active vs Closed listings.

Folks we have said it before, but it bears repeating. You have to be realistic with your pricing , when bringing your home on the market. In addition, your home must sparkle & shine or the price must reflect the fact that there is work that needs to be done. DO NOT TEST THE WATER FOR A FEW WEEKS WITH A HIGHER PRICE. There are sharks and piranhas out in that water and you will not like what happens if you come on the market at the wrong price.

A few more tips this week for home sellers:

Keep the grass cut and the weeds pulled during the growing season
With winter almost upon us make sure the driveway and sidewalks are shoveled and any icy spots are sanded and salted.
Now that it is getting dark ealry, make sure to have ALL lights on inside & outside for all showings.
Put a rug in your front entry for shoes and boots as we enter into the snow & slush season.
Put up some outside holiday decorations & lighting to increase curb appeal.
Keep in clean, with the average time on market now almost 6 months, the tendency is to let the cleaning slide a bit after several months, keep your home sparkling.

You can view our complete Home Sellers Guide or you can always call or e-mail us any real estate question you might have. 507-390-2121 or info@BartleyGroup.com

Interest Rates have remained stable at 6.125% on November 18, 2007.

Check out our Market Absorption Chart. It shows the market activity by price range and can assist you when pricing your home for sale.

November 6, 2007

2007-11-06T16:25:00.000-06:00

Current listing inventory - 229 active listings in Owatonna as of today. Average days on the market has risen slightly to 161 days. The number of pending listings has dropped to 33 houses. Average days on the is up to 117 days. This drop in Pending listings was expected as we reached the end of October but would like to see that number rebound a little bit faster. There have been 349 properties Closed properties since 01-01-07, with an average days on market time of 113 days. We are again seeing the gap grow between the days on market of the Active vs Closed listings, Pricing a home realistically is paramount

A few more tips this week for home sellers:

Remove a bulky piece or two of furniture, the room will appear larger
Pack up all of the of season clothes and shoes from your closets and store them in the basement or garage (or better yet rent a offsite storage facility)
With the winter season upon us, make sure to keep the thermostat set at 70 or above, you want the house to be cozy when buyers walk in (now is not the time to try & save a few $$$ on heat)
Offer rewards to your children for keeping their things picked up
Make sure to leave All Lights on for all showings

We'll try to include a few additional tips with each of the next several posts. You can always call or e-mail us any real estate question you might have. 507-390-2121 or info@BartleyGroup.com

Interest Rates climbed a bit yesterday to 6.125% on November 6, 2007.

Check out our Market Absorption Chart is available. It shows the market activity by price range. This allows you to see which price ranges are selling more quickly than others. For example, instead of pricing your home at $305,000, where there is a 12.8 month supply of homes it would be better to price it at $299,999 where there is only a 4.3 month supply of homes to be sold.

November 1, 2007

2007-11-01T09:51:00.000-05:00

Current listing inventory - 224 active listings in Owatonna as of today. Average days on the market has ecome down slightly to 159 days. There were quite a few listings that expired at midnight last night and we will have to wait a few days to see if some of those sellers re-list their homes or will stay off the market. This is a fabulous thing to see the listing count drop down and we are crossing our fingers and hoping the count continues to keep going down. As we have posted before, our group is hoping to see 200 or less listings by 01-01-08. The number of pending listings has dropped to 34 houses. Average days on the is up to 115 days. This drop in Pending listings was expected as we reached the end of the month because end-of-month is always a busy closing time. There have been 346 properties Closed properties since 01-01-07, with an average days on market time of 114 days.

We do understand the frustration that many of you are experiencing in our current real estate market. We are listing a few tips below that may help you get you home sold a little quicker. The number one item of course is price, however if financial circumstances preclude you from reducing the asking price any lower, try a few of the tips below.

Reduce the price (price might not be the problem, but it is always the solution)
Clean!!!!! (we can't stress this enough, today's buyers want it ready to move into)
Paint (same as cleaning, paint is low cost, high impact choose neutral colors)
Reduce clutter (pack up the knick-knacks and faily treasures)
Clean!!!!! (we continue to tour houses weekly that are not clean and picked up)
Open the blinds and drapes for showings, brighten it up inside
Replace any energy saver fluorescent bulbs with standard light bulbs (incandescent light is more warm and inviting, go with the highest wattage bulb the fixture will take)
Clean!!!!! (pick-up the dirty clothes from the floor and wash the dishes in the kitchen sink)
Get rid of pet & cooking smells, do not use scented candles or air freshners (today's buyers become suspicious and will think you are trying to hide something)

We'll try to include a few additional tips with some of the next posts. You can always call or e-mail us any real estate question you might have.

Interest Rates climbed a bit yesterday to 6.000% on October 31, 2007 after the announcement that the Fed dropped interest rates. The bond market got a little bit iffy yesterday after the announcement and this helped to drive up mortgage rates.

Our new Market Absorption Chart is available. It shows the market activity by price range. This allows you to see which price ranges are selling more quickly than others. For example, instead of pricing your home at $305,000, where there is a 12.8 month supply of homes it would be better to price it at $299,999 where there is only a 4.3 month supply of homes to be sold.

Just a reminder, in addition to this market condition blog, we represent buyers and sellers in real estate transactions in and around the Owatonna area. If you are thinking of buying or selling a home or know of some one that is, please give us a call (507) 390-2121 or drop an e-mail to info@BartleyGroup.com

We hope this Blog helps point out how knowledgable we are on what is happening in the local real estate market.

October 31, 2007

2007-10-31T16:08:00.000-05:00

The Fed Lowers Interest Rates Oct. 31 (Bloomberg) -- The Federal Reserve cut its benchmark interest rate by a quarter point to 4.5 percent and signaled it's reluctant to lower borrowing costs further.

Interest Rates rose slightly 6.000% on October 31, 2007.

Our new Market Absorption Chart is available. It shows the market activity by price range. This allows you to see which price ranges are selling more quickly than others. For example, instead of pricing your home at $305,000, where there is a 12.8 month supply of homes it would be better to price it at $299,999 where there is only a 4.3 month supply of homes to be sold.

October 29, 2007

2007-10-29T08:20:00.000-05:00

Current listing inventory - 232 active listings in Owatonna as of today. Average days on the market in Owatonna has edged up slightly to 163 days. The number of pending listings has slid to 43 houses. Average days on the is at 99 days. There have been 335 properties Closed properties since 01-01-07, with an average days on market time of 116 days. We expect to see the pending count drop considerably as we reach the end of the month. We should also see the closed count climb as well.

Interest Rates remained stable at 5.875% on October 25, 2007. Interest rates have fallen recently on the expectation that the Fed will cut rates again at their next meeting.

Just a reminder, in addition to this market condition blog, we represent buyers and sellers in real estate transactions in and around the Owatonna area. If you are thinking of buying or selling a home or know of some one that is, please give us a call (507) 390-2121.

As you can see, we are current on what is happening in the local real estate market.

October 26, 2007

2007-10-26T13:03:00.000-05:00

Current listing inventory - 232 active listings in Owatonna as of today. Inventory is up one house over the last several days. Average days on the market in Owatonna has crept down slightly to 160 days. The newer listings are continuing to see offers. It would be great to see the number of active listings drop below 200 by 12-31-07. The number of pending listings has climbed to 46 houses. Average days on the market has risen slightly but is still significantly lower than the active listings at 101 days. This is due to quite a few of the new listings receiving offers within the first 10-15 days or so of being listed. There have been 330 properties Closed properties since 01-01-07, with an average days on market time of 116 days. We expect to see the pending count drop considerably next week as we reach the end of the month. We should also see the closed count climb as well.

Interest Rates fell a little lower this week to 5.875% on October 25, 2007. Interest rates have fallen on the expectation that the Fed will cut rates again at their meeting next week.

Housing news this week was mixed New Home Sales were up in September but not as much as hoped for while Existing Home Sales fell.

We're sure you can see that we are current on what is happening in the local real estate market.

October 24, 2007

2007-10-24T15:01:00.000-05:00

Current listing inventory - 231 active listings in Owatonna as of today. Inventory has dropped just a bit more over the last several days. Average days on the market in Owatonna has jumped to 161 days. The newer listings are getting the offers and dropping out of active category leaving the older listings which drives up the days on market count. It would be great to see the number of active listings drop below 200 by 12-31-07. The number of pending listings has remained at 45 houses. Average days on the market has remained remarkably low at 92 days. This is due to quite a few of the new listings receiving offers within the first 10-15 days or so of being listed. There have been 330 properties Closed properties since 01-01-07, with an average days on market time of 116 days.

Interest rates are excellent and there are quite a few good loan programs available. Also many of the lenders are offering specials that will save you quite a bit of money on closing costs or loan processing fees.

Interest Rates remained stable at 6.000% on October 22, 2007.

Is it a buyers market? Yes it is, without a doubt. Buyers with no home home to sell, that are pre-approved with a lender have a wonderful selection of homes to choose from and some bargaining power. When you find a home you like, write an offer at the price that seems fair to you, don't be surprised if the sellers come back with a counter-offer. There are some bargains out there as we have mentioned in previous posts. However, you are for the most part, not shopping at the closeout rack. We are seeing deals go together much faster and easier when both parties are being realistic.

Try to listen to your Real Estate Professional and their suggestions of price.

Corrections Made

2007-10-22T12:27:00.000-05:00

We want to apologize to all of you you hace tried to view the Closed listings the last several weeks. We just found out they were linking to the wrong document. We have fixed all of the links, thank you for the e-mails pointing this out. As always, feel free to post a comment or send an e-mail if you notice a mistake in this blog.

Thanks,

The Bartley Group

October 22, 2007

2007-10-22T11:10:00.000-05:00

Current listing inventory - 233 active listings in Owatonna as of today. Inventory has dropped just a bit more over the last several days and that contiues to be encouraging. Average days on the market in Owatonna has climbed to 142 days. The newer listings are getting the offers and dropping out of active category leaving the older listings which drives up the days on market count. The number of pending listings has dropped slightly to 45 houses. Average days on the market has remained remarkably low at 90 days. This is due to quite a few of the new listings receiving offers within the first 10 days or so of being listed. There have been 327 properties Closed properties since 01-01-07, with an average days on market time of 116 days.

Interest Rates dropped just a tick to 6.000% on October 22, 2007.

Year-to-date closed listings 2007 vs 2006 are as follows: Closed 01-01-2006 thru 10-22-2006 369 homes with an average days on market time of 96 days. Average closed price $172,761 Closed 01-01-2007 thru 10-22-2007 327 homes with an average days on market time of 116 days. Average closed price $170,182. Those statistice show we are down 14% in homes closed in 2007, up 21% in days on market time, and down 1.5% in average sales price.

THAT'S NOT BAD FOLKS! When you stop to think about how we are being told every days that real estate is in horrible condition, houses are losing their values, foreclosures are increasing, and home buyers can make any kind of offer they like. In our little real estate world here in Owatonna being down 14% isn't good, but it isn't as bad as you are being led to believe.

Is it a buyers market? Yes it is, without a doubt. Buyers with no home home to sell, that are pre-approved with a lender have a wonderful selection of homes to choose from and some bargaining power. When you find a home you like, write an offer at the price that seems fair to you, don't be surprised if the sellers come back with a counter-offer. There are some bargains out there as we have mentioned in previous posts. However, you are for the most part, not shopping at the closeout rack. We are seeing deals go together much faster and easier when both parties are being realistic.

Try to listen to your Real Estate Professional and their suggestions of price.

October 17, 2007

2007-10-17T13:02:00.000-05:00

Current listing inventory - 235 active listings in Owatonna as of today. Inventory has dropped quite a bit over the last week and that is an AWESOME sign. We've been trying to write this post for the last three days but every time that we checked the inventory it just kept dropping. Average days on the market in Owatonna has climbed to 140 days. The newer listings are getting the offers and dropping out of active category leaving the older listings which drives up the days on market count. The number of pending listings has also risen to 46 houses. Average days on the market has dropped dramatically for this category to 85 days. This is due to quite a few of the new listings receiving offers within the first 10 days or so of being listed. There have been 321 properties Closed properties since 01-01-07, with an average days on market time of 117 days.

As mentioned during one of last week's posts, we have been seeing a mini-trend recently of homes getting an offer very quickly if they are ready to go are are priced correctly for the current market. If they are not priced correctly buyers are simply ignoring them.

Buyers, if you have been considering jumping into the market, now is a good time to get off the couch. There are quite a few excellent opportunities available in our current market. We hear almost daily comments like "it's priced at X but they would be willing to sell it for Y" (put your own price range in for the X & Y). In addition interest rates are still excellent and there are quite a few good loan programs available. Also many of the lenders are offering specials that will save you quite a bit of money.

Interest Rates dropped just a tick to 6.250% on October 17, 2007.

One statement we hear time after time from home sellers is "We just want to try it at this price for two weeks". In a recent training seminar the trainer (David Knox) drove home the imporatnce of correct pricing during thre first two weeks by saying "Sure you can try it at your price for two weeks! Just not the first two weeks!!". Try to listen to your Real Estate Professional and their suggestions of price.

October 11, 2007

2007-10-11T12:50:00.000-05:00

Not a significant number of changes to report today. However there were 13 new listings on tour yesterday. It's been a strange kind of week in real estate. 13 new listings, however the number of active listings only climbed about 4 houses since last week, the pendings actually fell 1 in the count and the solds climbed 5.

That is indicating some homes must have been removed from the marketplace (either through expiration or being withdrawn). When looking at the big picture, it really doesn't matter right now how a house comes off of the market. Of course if it your house we are talking about your house you would like to see it move to the Pending or Closed category. The big thing right now is to see the number of homes on the market decrease and to stimulate some buying activity.

One mini-trend this week is the number of recent listings (1-14 days) that are seeing a large number of showings and several receiving offers, while most of the older listings are seeing few showings and even fewer offers. We did notice on this weeks tour that several of the new listings were priced exceptionally well (at least two of this weeks tour homes and two from last weeks tour have received offers already).

There are buyers out there that are pre-approved with a lender, have no house to sell and are ready to buy, however sellers have to be realistic with their selling price and have the home completly ready to go when the house comes on the market.

One statement we hear time after time from sellers is "We just want to try it at this price for wo weeks". In a recent training seminar the trainer (David Knox) drove home the imporatnce of correct pricing during thre first two weeks by saying "sure you can try it at your price for two weeks, just not the first two weeks!!". Try to listen to your Real Estate Professional and their suggestions of price.

October 9, 2007

2007-10-09T12:30:00.000-05:00

Current listing inventory - 253 active listings in Owatonna as of today. Inventory has climbed again over the last week and that is not necessarily a good sign. We were getting close to the 2006 high of 243 listings in October 2006 but have now moved away from that again. Average days on the market in Owatonna has dropped just a bit to 133 days. This is not always a good sign though, because as we get new listings on the market they have zero days on the market and that will skew the average quite a bit. The number of pending listings has fallen a little bit to 39 houses. Average days on the market has remained consistent at 167 days. There have been 315 properties Closed properties since 01-01-07, with an average days on market time of 126 days.

If you are a seller in todays market, you have to realistic on your price, have everything ready to go on your house, AND be patient while waiting for your home to sell. In addition there are several price ranges that have been more active in 2007 than others. You can click on the link to review the Market Absorbtion chart.

Interest Rates climbed to 6.375% on October 9, 2007. p>

October 2, 2007

2007-10-02T12:12:00.000-05:00

Current listing inventory - 249 active listings in Owatonna as of today. Inventory dropped again over the last week and that s a great sign. We are close to the 2006 high of 243 listings in October 2006. Average days on the market in Owatonna has dropped quite a bit to 134 days. This is also a good sign as some of the long time listings dropped out of the active category. The number of pending listings has remained balanced at 41 houses. Average days on the market has dropped down slightly to 167. There have been 310 properties Closed properties since 01-01-07, with an average days on market time of 124 days. There continues to be encouraging signs this week. The active inventory has dropped again the pendings have remained stable and the closed property list continues to grow. These signs are positive for us here in Owatonna.

Last year at this same time, we had 350 homes with an average day on market time of 93 days. So 2006 compared to 2007 we are down 11.5% in sales (not as bad as much of the media would lead you to believe). The big change however, it has taken 33% longer to sell those homes in 2007 than it did in 2006.

If you are a seller in todays market you have to realistic on your price, have everything ready to go on your house, AND be patient while waiting for your home to sell. In addition there are several price ranges that have been more active in 2007 than others. You can click on the link to review the Market Absorbtion chart.

Interest Rates fell slightly to 6.125% on October 2, 2007. p>

September 26, 2007

2007-09-26T05:24:00.000-05:00

Current listing inventory - 256 active listings in Owatonna as of today. Inventory dropped again over the last couple of days and that continues to be a good sign. Average days on the market in Owatonna has bumped up a bit to 150 days. The number of pending listings has remained fairly stable at 41 houses. Average days on the market has climbed up to 170. This big change is due to some of the longer term listings getting offers. There have been 301 properties Closed properties since 01-01-07, with an average days on market time of 125 days. There continues to be encouraging signs this week. Showings on our listings have increased slightly & the active inventory has dropped again. These signs are positive for us here in Owatonna.

If you are a seller in todays market you have to realistic on your price, have everything ready to go on your house, AND be patient while waiting for your home to sell. As we mentioned above it is taking an average of 170 days (5 1/2 months) for homes to go pending right now. In addition there are several price ranges that have been more active in 2007 than others. You can click on the link to review the Market Absorbtion chart.

Interest rates climbed slightly to 6.25% on September 26, 2007.

September 24, 2007

2007-09-24T17:21:00.000-05:00

Current listing inventory - 260 active listings in Owatonna as of today. Inventory dropped again this week and we are hoping that is going to be a trend that will continue. Average days on the market in Owatonna has bumped up a bit to 150 days. The number of pending listings has remained stable at 40 houses. Average days on the market has leapt up to 160. This big change is due to some of the longer term listings getting offers. There have been 299 properties Closed properties since 01-01-07, with an average days on market time of 124 days. There have been several encouraging signs this week, the active inventory has dropped again, pending listings have remained even, and 11 homes closed last week. All of these signs are positive for us here in Owatonna. Are we out of this slow down completely? We don't believe so, but the signs are certainly pointing in the right direction.

Last year at this same time, we had Sold 333 homes with an average day on market time of 92 days. So 2006 compared to 2007 we are down 11.3% in sales (not as bad as much of the media would lead you to believe). The big change is, it has taken 26% longer to sell those homes in 2007 than it did in 2006. If you are a seller in todays market you have to realistic on your price, have everything ready to go on your house, AND be ready to be patient while waiting for your home to sell. In addition there are several price ranges that have been more active in 2007 than others. You can click on the link to review the Market Absorbtion chart.

Interest rates remained calm at 6.125% on September 24, 2007.

September 18, 2007

2007-09-18T17:42:00.000-05:00

Sept. 18 (Bloomberg) -- The Federal Reserve lowered its benchmark interest rate by a half point to 4.75 percent. This is some of the news we have been waiting for. Hopefully today's movemnet by the Fed will stimulate real estate activity.

What does this mean to us here in Owatonna, MN? We aren't sure yet at this point exactly what the reaction will be from the real estate market and from the mortgage lenders. Experts are mixed as to what effect this cut will have on the real estate market and whether or not we have reached the bottom of this housing slump.

We believe that any rate cut at this time is good and the Fed held the door open that more cuts may be coming in the future.

The stock market certainly liked what it saw this afternoon as Sept. 18 (Bloomberg) -- U.S. stocks rallied after the Federal Reserve cut.

Home buyers, if you have been sitting on the fence watching the market for the last several months now may be a good time to start getting serious about house hunting and talking to a lender. Most of the good lenders offer rate lock protection and one-time float downs if you lock in to a rate and the mortgage rates drop before you close on your new home. Check out the offerings from your local lenders or from Brenda Bednar at Advisor's Mortgage, LLC.

September 16, 2007

2007-09-16T20:03:00.000-05:00

Current listing inventory - 268 active listings in Owatonna as of today. Inventory dropped slightly last week and we are hoping that is going to be a trend that will continue. Average days on the market in Owatonna has remained stable at 149 days. The number of pending listings has risen just a bit this week to 40 houses. Average days on the market is 137. There have been 288 properties Closed properties since 01-01-07, with an average days on market time of 124 days. Interest rates climbed again last week to 6.125% on September 14, 2007. All eyes will be watching the Fed on Tuesday. The Fed is expected to drop interest rates that should spur more market activity.

September 10,2007

2007-09-10T08:12:00.000-05:00

Current listing inventory - 269 active listings in Owatonna as of today. Inventory has again popped up slightly last week and we are hoping that it is not going to climb significantly. Average days on the market in Owatonna has climbed slightly and is at 149 days. The number of pending listings has fallen this week to 39 houses. Average days on the market is 129. There have been 283 properties Closed properties since 01-01-07, with an average days on market time of 123 days. Interest rates dropped twice last week to 5.75% on September 6, 2007. Home Buyers - If you've been sitting back, waiting for the right to to jump in and purchase a new home, it is looking like now may be a good time. Finally, it seems the Fed is taking the slump in the real estate market seriously and the recent job sector loss seems to have been the key point. The Fed is projected to drop interest rates on 9-18-07 and that should spur more market activity.

September 4, 2007

2007-09-04T11:41:00.000-05:00

Current listing inventory - 261 active listings in Owatonna as of today. Inventory has again dropped slightly and that continues to be an excellent sign for home sellers. Average days on the market in Owatonna has actually dropped a tick again and is 144 days. The number of pending listings has fallen this week to 40 houses, but this was to be expected as we approached the end of the month. Average days on the market is 129. An interesting stat since last week, we jumped up 24 days in the days on market count in the pendings. That is due to several of the long time listings (2-400+day listings, 1-300+day & 5-100+ day) finally getting an accepted offer. There have been 281 properties Closed properties since 01-01-07, with an average days on market time of 122 days, we are continuing to see homes get sold. A very encouraging indicator this week is the fact that we have had 15 homes close since last week but the pendings have only fallen by 6, which means we were seeing good home selling activity this past week & the last week of August is traditionally one of the slowest weeks of the year. Interest rates have remained stable at 6.125% on August 27, 2007. Home Buyers - If you've been sitting back, waiting for the right to to jump in and purchase a new home, it is starting to look like now is a good time. The Fed is expected to drop interest rates on 9-18-07 and that should spur more market activity.

August 30, 2007

2007-08-30T16:43:00.000-05:00

Current listing inventory - 268 active listings in Owatonna as of today. Inventory has again dropped slightly during the week and that is an excellent sign for home sellers. Average days on the market in Owatonna has actually dropped a tick and is 145 days. The number of pending listings has fallen this week at 43 houses, but this was to be expected as we approached the end of the month, with an average days on the market of 133. Interesting this week as we jumped up 28 days in the days on market count in the pendings. Our guess would be one or more of the long time listings finally got an accepted offer. There have been 276 properties Closed properties since 01-01-07, with an average days on market time of 121 days, we are continuing to see homes get sold. Very encouraging this week is the fact that we have had 10 homes close already this week but the pendings have only fallen by 5, which means we are seeing good home selling activity this week. Interest rates have dropped slightly to 6.125% on August 27, 2007.

August 27, 2007

2007-08-27T16:17:00.000-05:00

Current listing inventory - 273 active listings in Owatonna as of today. Inventory has again dropped just a bit the past week and that continues to be an encouraging sign for home sellers. Average days on the market in Owatonna has continued to sneak up a bit and is 146 days. The number of pending listings has stayed level this week at 46 houses, with an average days on the market of 105. As we have posted previously we believe that a number of correctly priced homes have come into the market over the last month or so and have received offers quickly and therefore the number of days on market for the pendings is significantly lower than the active listings. Sellers have to be realistic when pricing their homes, especially during he first 2-3 weeks of the property coming onto the market. There have been 266 properties Closed properties since 01-01-07, with an average days on market time of 124 days, we are continuing to see homes get sold. Expect to see the number of pendings drop this week as we approach the end of the month. Interest rates have dropped slightly to 6.125% on August 27, 2007.

August 22, 2007

2007-08-22T16:26:00.000-05:00

Current listing inventory - 278 active listings in Owatonna as of today. Inventory has again dropped just a bit the past week and that continues to be an encouraging sign for home sellers. Average days on the market in Owatonna has crept up a bit again and is 142 days. The number of pending listings has risen just a bit this week to 46 houses, with an average days on the market of 106. The days on the market gap had shrunk considerably the last few weeks between the active, pending & sold properties but begun to widen considerably again. We believe that a number of correctly priced homes have come into the market over the last month or so and have received offers quickly and therefore the number of days on market for the pendings is significantly lower than the active listings. There have been 262 properties Closed properties since 01-01-07, with an average days on market time of 124 days, we are continuing to see homes get sold. Interest rates have dropped slightly to 6.25% on August 21, 2007. As we mentioned last post, even with all of the doom & gloom about real estate that is in the media almost daily, we are only down 13% in sales over the same period last year. The most noticeable change is the increase in market time, that time is up 36% over the same time period last year.

August 13, 2007

2007-08-13T14:03:00.000-05:00

Current listing inventory - 282 active listings in Owatonna as of today. Inventory has remained stable over the last two weeks and that continues to be an encouraging sign for home sellers. Average days on the market in Owatonna has crept up a bit again and is 135 days. The number of pending listings has fallen just a bit this week to 42 houses, with an average days on the market of 118. The days on the market gap had shrunk considerably the last few weeks between the active, pending & sold properties but is now beginning to open up slightly again. There have been 248 properties Closed properties since 01-01-07, with an average days on market time of 124 days. Interest rates have remained stable at 6.375% on August 13, 2007. Even with all of the doom & gloom about real estate that is in the media almost daily, we are only down 13% in sales over the same period last year. The most noticeable cahnge is the increase in market time, that time is up 36% over the same time period last year.

August 7, 2007

2007-08-07T16:01:00.000-05:00

Current listing inventory - 282 active listings in Owatonna as of today. Inventory has dropped again over the last several days and that continues to be an encouraging sign for home sellers. Average days on the market in Owatonna has crept up a bit again and is 131 days. The number of pending listings has fallen somewhat this week to 43 houses, with an average days on the market of 122. The days on the market gap has shrunk considerably the last few weeks between the active, pending & sold properties. There have been 242 properties Closed properties since 01-01-07, with an average days on market time of 123 days. Interest rates have remained stable at 6.375% on August 3, 2007. Don't forget we've made our "Sellers Guide available via the web, take a few minutes to look through the guide for tips & tricks on staging your home to sell quickly.

August 1, 2007

2007-08-01T14:00:00.000-05:00

Current listing inventory - 284 active listings in Owatonna as of today. Inventory has dropped again over the last several days and that continues to be an encouraging sign for home sellers. Average days on the market in Owatonna is 128 days. The number of pending listings has risen a bit this week to 50 houses, with an average days on the market of 122. There have been 231 properties Closed properties since 01-01-07. with an average days on market time of 122 days. Interest rates have fallen a bit to 6.375% on July 31, 2007

July 28, 2007

2007-07-28T13:59:00.000-05:00

Current listing inventory - 293 active listings in Owatonna as of today. Inventory has dropped slightly over the last several days and that is an encouraging sign for home sellers. Average days on the market in Owatonna is 130 days. The number of pending listings has risen a bit this week. Currently we have 48 houses pending in Owatonna with an average days on the market of 115. Closed properties since 01-01-07. There have been 224 properties sold so far this year with an average days on market time of 123 days. Interest rates have remained stable at 6.5%. Interest rates are always stated for a 30 year fixed rate loan. We are now making our "Sellers Guide available via the web, take a few minutes to look through the guide for tips & tricks on staging your home to sell quickly.

July 18, 2007

2007-07-18T13:59:00.000-05:00

Current listing inventory - 298 active listings in Owatonna as of today. Inventory has continued to remain high. Average days on the market in Owatonna is 129 days. The number of pending listings has fallen this week. Currently we have 49 houses pending in Owatonna with an average days on the market of 100. Pricing a home correctly is still the single most important thing a seller can do to get their home sold in our current market. Closed properties since 01-01-07. There have been 210 properties sold so far this year with an average days on market time of 124 days. Interest rates went up twice last week but have fallen a bit this week and are sitting at 6.50% on July 18, 2007. Interest rates are always stated for a 30 year fixed rate loan

July 2, 2007

2007-07-02T13:57:00.000-05:00

Current listing inventory - 286 active listings in Owatonna as of today. Inventory has continued to remain high. Average days on the market in Owatonna has fallen a bit again this week to 123 days. The number of pending listings has remained stable this week. Currently we have 59 houses pending in Owatonna with an average days on the market of 114. Pricing a home correctly is still the single most important thing a seller can do to get their home sold in our current market. Closed properties since 01-01-07. There have been 184 properties sold so far this year with an average days on market time of 120 days. Interest rates went up twice last week but have fallen a bit this week and are sitting at 6.375% on June 19, 2007. Interest rates are always stated for a 30 year fixed rate loan. Don't forget that, clicking of the words "Active" or "Pending" or "Closed" will bring up a grid sheet showing all of the properties that are in that category.

June 25th, 2007

2007-06-25T09:21:00.000-05:00

Current listing inventory - 290 active listings in Owatonna as of today. Inventory has continued to remain high. Average days on the market in Owatonna has crept up a bit again this week to 126 days. The number of pending listings has fallen this week which is to be expected as we get closer to the end of the month. Currently we have 59 houses pending in Owatonna with an average days on the market of 98. This difference between the average days on the market in the active listings and the pending listing is a very telling sign of how important it is to price a property correctly during the first 30 days of the listing. Pricing a home correctly is still the single most important thing a seller can do to get their home sold in our current market. A new feature we started last week is the inclusion of Closed properties since 01-01-07. There have been 174 properties sold so far this year with an average days on market time of 123 days. Interest rates went up twice last week but have fallen a bit this week and are sitting at 6.375% on June 19, 2007. Interest rates are always stated for a 30 year fixed rate loan. Don't forget that, clicking of the words "Active" or "Pending" or "Closed" will bring up a grid sheet showing all of the properties that are in that category.

June 20, 2007

2007-06-20T13:55:00.000-05:00

Current listing inventory - 289 active listings in Owatonna as of today. Inventory has climbed again this week. We continue to set new high's every week. Average days on the market in Owatonna has crept up a bit again this week to 125 days. The number of pending listings has risen this week which is a good sign that homes are still selling. Currently we have 61 houses pending in Owatonna with an average days on the market of 94. This difference between the average days on the market in the active listings and the pending listing is a very telling sign of how important it is to price a property correctly during the first 30 days of the listing. Pricing a home correctly is still the single most important thing a seller can do to get their home sold in our current market. A new feature starting today is the inclusion of Closed properties since 01-01-07. There have been 166 properties sold so far this year with an average days on market time of 126 days. We have seen certain price ranges with very large differences between the days on market time of Active vs Pending vs Closed. The $130,000 to $150,000 price range for example varies more than 30 days of market time. Interest rates went up twice last week but have fallen a bit this week and are sitting at 6.375% on June 19, 2007. Interest rates are always stated for a 30 year fixed rate loan.

June 11, 2007

2007-06-11T13:45:00.000-05:00

Current listing inventory - 282 active listings in Owatonna as of today. Inventory has climbed again this week. Average days on the market in Owatonna has dropped a bit again this week to 122 days. That isn't necessarily a sign of houses selling quicker, but more of a function of more new listings on the market bringing the average number down. The number of pending listings has risen this week which is a good sign that homes are still selling. Currently we have 54 houses pending in Owatonna with an average days on the market of 103. This number has also started to climb at bit recently and will bear watching over the next several weeks. Pricing a home correctly in the first 30 days it is on the market is still the single most important thing a seller can do to get their home sold in the current market. Interest rates went up twice last week and have crept up a little this week and are sitting at 6.500% on June 11, 2007. Interest rates are always stated for a 30 year fixed rate loan.

June 6th, 2007

2007-06-06T18:54:00.000-05:00

Current listing inventory - 278 active listings in Owatonna as of today. Inventory has climbed again this week and was actually up to 281 for a short while. Average days on the market in Owatonna has dropped a bit again this week to 125 days. The number of pending listings has fallen this week which we expected because of the number of closings scheduled for the end of May. Currently we have 51 houses pending in Owatonna with an average days on the market of 92. An interesting point to compare is the average days on market between the active & pending properties. Pricing a home correctly in the first 30 days it is on the market is still the single most important thing a seller can do to get their home sold in the current market. Interest rates have jumped a bit this week and are sitting at 6.255% on June 6, 2007.

June 1, 2007

2007-06-01T13:52:00.000-05:00

Current listing inventory - 272 active listings in Owatonna as of today. Inventory has climbed a bit this week which is a little surprising because there have been quite a few closings this week because of the end of the month. Average days on the market in Owatonna has dropped a bit this week to 128 days. The number of pending listings has fallen this week which we expected because of the number of closings. Currently we have 60 houses pending in Owatonna with an average days on the market of 93. An interesting point to compare is the average days on market between the active & pending properties. Pricing a home correctly in the first 30 days it is on the market is still the single most important thing a seller can do to get their home sold in the current market. Interest rates have jumped a bit this week and are sitting at 6.125% on May 31st.

May 29, 2007

2007-05-29T12:22:00.000-05:00

Current listing inventory - 268 active listings in Owatonna as of today. Inventory has remained stable for the last 2 weeks. Levels had been trending downward over the last 6 months but have recently set new highs. Average days on the market in Owatonna has crept up a little more again this week to 129 days. The number of pending listings has remained stable this week. Currently we have 65 houses pending in Owatonna with an average days on the market of 95. An interesting point to compare is the average days on market between the active & pending properties. Homes that are priced correctly for the current market are receiving offers while those that are priced too high still languish in the active category. Interest rates have held steady, and are sitting at 6.00% on May 29th.

May 21, 2007

2007-05-21T14:51:00.000-05:00

Current listing inventory - 267 active listings in Owatonna as of today. Inventory has dropped slightly. Levels had been trending downward over the last 6 months but have recently set new highs. Average days on the market in Owatonna has crept up slightly to 124 days. The number of pending listings has risen again this week. This is a good sign, homes are still selling here in Owatonna. Currently we have 65 houses pending in Owatonna with an average days on the market of 105. An interesting point to compare is the average days on market between the active & pending properties. Homes that are priced correctly for the current market are receiving offers while those that are priced too high still languish in the active category. Interest rates have risen slightly, and are sitting at 6.00% on May 21st.

May 7, 2007

2007-05-07T14:49:00.000-05:00

Current listing inventory - 272 active listings in Owatonna as of today. Inventory has remained stable for the last 10 days. Levels had been trending downward over the last 6 months but have recently set new highs. Average days on the market in Owatonna has fallen to 118 days. As mentioned on April 16th this is probably due in part to the number of new listings on the market, new listings = many listings with low days on the market. The number of pending listings has risen a bit again this week. This is a good sign, homes are still selling here in Owatonna. Currently we have 54 houses pending in Owatonna with an average days on the market of 99. An interesting point to compare is the average days on market between the active & pending properties. Homes that are priced correctly for the current market are receiving offers while those that are priced too high still languish in the active category. Interest rates have risen slightly, and are sitting at 5.875% on May 4th.

April 30, 2007

2007-04-30T17:48:00.000-05:00

Current listing inventory - 272 active listings in Owatonna as of today. Inventory has continued to rise through the rest of last week although not at such a rapid pace. Levels had been trending downward over the last 6 months but have recently set new highs. Average days on the market in Owatonna has fallen to 120 days. As mentioned on the 16th this is probably due in part to the number of new listings on the market, new listings = many listings with low days on the market. The number of pending listings has risen a bit this week. Currently we have 47 houses pending in Owatonna with an average days on the market of 100. Just under 50% of those pendings are homes less than $150,000. What is a little puzzling currently, is that in the past we have traditionally seen those same sellers then move up to more expensive homes. However we are not seeing the same amount of activity in some of the higher price ranges. We will keep watching. Interest rates have fallen slightly, probably due to the good news on inflation and are sitting at 5.75% on April 27th.

April 23, 2007

2007-04-23T10:47:00.000-05:00

Current listing inventory - 265 active listings in Owatonna as of today. Inventory has continued to rise through the rest of last week although not at such a rapid pace. Levels had been trending downward over the last 6 months but have recently set new highs. Average days on the market in Owatonna has fallen to 119 days. As mentioned on the 16th this is probably due in part to the number of new listings on the market, new listings = many listings with low days on the market. The number of pending listings has droopped a bit this week. Currently we have 41 houses pending in Owatonna with an average days on the market of 95. Just under 50% of those pendings are homes less than $150,000. What is a little puzzling currently, is that in the past we have traditionally seen those same sellers then move up to more expensive homes. However we are not seeing the same amount of activity in some of the higher price ranges. We will keep watching. Interest rates have fallen slightly, probably due to the good news on inflation and are sitting at 5.75% on April 19th.

April 19, 2007

2007-04-19T13:46:00.000-05:00

Current listing inventory - 262 active listings in Owatonna as of today. Normally we only update this blog on Monday's but inventory has continued to rocket up this week. Levels had been trending downward over the last 6 months but have now set a new high, blowing away the previous high of 243 in October 2006. This will bear watching over the next several weeks to see if it is only a quirk in the market or a trend to be concerned with. Average days on the market in Owatonna has fallen to 116 days. As mentioned on the 16th this is probably due in part to the number of new listings on the market, new listings = many listings with low days on the market. This will also bear watching over the next few weeks. We have begun this week to track the number of pending listings as well, this will tell us if we are seeing houses getting accepted offers. Currently we have 46 houses pending in Owatonna with an average days on the market of 96. Over 50% of those pendings are homes less than $150,000. What is a little puzzling currently, is that in the past we have traditionally seen those same sellers then move up to more expensive home. However we are not seeing the same amount of activity in some of the higher price ranges. We will keep watching. Interest rates have fallen slightly, probably due to the good news on inflation.

April 16, 2007

2007-04-16T16:46:00.000-05:00

Current listing inventory - 250 active listings in Owatonna this week. Inventory has leapt up this week. Levels had been trending downward over the last 6 months but have now set a new high, blowing away the previous high of 243 in October 2006. This will bear watching over the next several weeks to see if it is only a quirk in the market or a trend to be concerned with. Average days on the market in Owatonna has fallen to 120 days. This is probably due in part to the number of new listings on the market, new listings = many listings with low days on the market. This will also bear watching over the next few weeks. Beginning this week we will now be tracking the number of pending listings as well, this will tell us if we are seeing houses getting accepted offers. Currently we have 50 houses pending in Owatonna with an average days on the market of 93. Interest rates had been staying stable for the six weeks but have risen slightly and have now been at 5.875% for a 30 year fixed (still a great rate) for a two week period. A new feature beginning this week, Clicking of the words "Active" or "Pending" will bring up a grid sheet showing the properties that are in that category.

May 14, 2007

2007-04-14T13:50:00.000-05:00

Current listing inventory - 272 active listings in Owatonna as of today. Inventory has remained stable for the last 2 1/2 weeks. Levels had been trending downward over the last 6 months but have recently set new highs. Average days on the market in Owatonna has crept up slightly to 123 days. The number of pending listings has risen a bit again this week. This is a good sign, homes are still selling here in Owatonna. Currently we have 57 houses pending in Owatonna with an average days on the market of 99. An interesting point to compare is the average days on market between the active & pending properties. Homes that are priced correctly for the current market are receiving offers while those that are priced too high still languish in the active category. Interest rates have risen slightly, and are sitting at 5.875% on May 11th.

April 9, 2007

2007-04-09T13:43:00.000-05:00

Current listing inventory - 242 active listings in Owatonna this week. Inventory has crept up again this week. Levels had been trending downward over the last several months and are still one home less than the high of 243 in October. Some of this weeks jump in inventory may be due to a number of listings taken to participate in the "Affordable Homes Showcase" on the 21st of April. Average days on the market in Owatonna has remained stable and is 135 days. Interest rates had been staying stable for the six weeks but have risen slightly and have now been at 5.875% for a 30 year fixed (still a great rate)for a two week period.

April 2, 2007

2007-04-02T16:40:00.000-05:00

Current listing inventory - 233 active listings in Owatonna this week. Inventory has crept up a few more homes this week. Levels had been trending downward over the last several months and are still down slightly from the high of 243 in October. Average days on the market in Owatonna has remained stable and is 135 days. Interest rates had been staying stable for the last six weeks but now have risen slightly and are at 5.875% for a 30 year fixed (still a great rate)on March 30th, 2007.

March 26, 2007

2007-03-26T15:39:00.000-05:00

Current listing inventory - 230 active listings in Owatonna this week. Inventory popped up a few homes this week. Levels had been trending downward over the last several months and are still down signifacantly from the high of 243 in October. Average days on the market in Owatonna has risen slightly and is 135 days. Interest rates have been staying stable for the last six weeks and are at 5.75% for a 30 year fixed on March 26th, 2007.