August 27, 2007

Current listing inventory - 273 active listings in Owatonna as of today. Inventory has again dropped just a bit the past week and that continues to be an encouraging sign for home sellers. Average days on the market in Owatonna has continued to sneak up a bit and is 146 days. The number of pending listings has stayed level this week at 46 houses, with an average days on the market of 105. As we have posted previously we believe that a number of correctly priced homes have come into the market over the last month or so and have received offers quickly and therefore the number of days on market for the pendings is significantly lower than the active listings. Sellers have to be realistic when pricing their homes, especially during he first 2-3 weeks of the property coming onto the market. There have been 266 properties Closed properties since 01-01-07, with an average days on market time of 124 days, we are continuing to see homes get sold. Expect to see the number of pendings drop this week as we approach the end of the month. Interest rates have dropped slightly to 6.125% on August 27, 2007.