October 29, 2007

Current listing inventory - 232 active listings in Owatonna as of today. Average days on the market in Owatonna has edged up slightly to 163 days. The number of pending listings has slid to 43 houses. Average days on the is at 99 days. There have been 335 properties Closed properties since 01-01-07, with an average days on market time of 116 days. We expect to see the pending count drop considerably as we reach the end of the month. We should also see the closed count climb as well.

Interest Rates remained stable at 5.875% on October 25, 2007. Interest rates have fallen recently on the expectation that the Fed will cut rates again at their next meeting.

Our new Market Absorption Chart is available. It shows the market activity by price range. This allows you to see which price ranges are selling more quickly than others. For example, instead of pricing your home at $305,000, where there is a 12.8 month supply of homes it would be better to price it at $299,999 where there is only a 4.3 month supply of homes to be sold.

Just a reminder, in addition to this market condition blog, we represent buyers and sellers in real estate transactions in and around the Owatonna area. If you are thinking of buying or selling a home or know of some one that is, please give us a call (507) 390-2121.

As you can see, we are current on what is happening in the local real estate market.