August 13, 2007

Current listing inventory - 282 active listings in Owatonna as of today. Inventory has remained stable over the last two weeks and that continues to be an encouraging sign for home sellers. Average days on the market in Owatonna has crept up a bit again and is 135 days. The number of pending listings has fallen just a bit this week to 42 houses, with an average days on the market of 118. The days on the market gap had shrunk considerably the last few weeks between the active, pending & sold properties but is now beginning to open up slightly again. There have been 248 properties Closed properties since 01-01-07, with an average days on market time of 124 days. Interest rates have remained stable at 6.375% on August 13, 2007. Even with all of the doom & gloom about real estate that is in the media almost daily, we are only down 13% in sales over the same period last year. The most noticeable cahnge is the increase in market time, that time is up 36% over the same time period last year.