May 14, 2007

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.