June 25th, 2007

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.