May 7, 2007

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.