June 11, 2007

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.