August 30, 2007

Current listing inventory - 268 active listings in Owatonna as of today. Inventory has again dropped slightly during the week and that is an excellent sign for home sellers. Average days on the market in Owatonna has actually dropped a tick and is 145 days. The number of pending listings has fallen this week at 43 houses, but this was to be expected as we approached the end of the month, with an average days on the market of 133. Interesting this week as we jumped up 28 days in the days on market count in the pendings. Our guess would be one or more of the long time listings finally got an accepted offer. There have been 276 properties Closed properties since 01-01-07, with an average days on market time of 121 days, we are continuing to see homes get sold. Very encouraging this week is the fact that we have had 10 homes close already this week but the pendings have only fallen by 5, which means we are seeing good home selling activity this week. Interest rates have dropped slightly to 6.125% on August 27, 2007.