May 29, 2007

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.