Well here we go with the first market update of the new year.
Interest Rates have fallen today to 5.625% on January 2, 2007. This is what we expected to happen in January, it just happened a little earlier in the month than usual. Lenders typically reduce interest rates in January to stimulate business. These rate decreases usually last several weeks and then the rates pop up again.
Current listing inventory - 208 active listings in Owatonna as of today, that number has remained stable since last week. We didn't make the goal we were hoping for of 200 or less listings by the end of 2007 but we have remained fairly soild where we are. Average days on the market has dropped slightly to 170 days. The number of pending listings dropped to 22 houses this was to be expected as many homes closed during the last few days of the year. Average days on the market for pendings is 148 days. There were 397 properties Closed during 2007, with an average days on market time of 114 days. A telling number to look at is the difference between average days on market for the closed properties and the active properties. There is a 56 day (almost 2 months) difference between the homes that buyers have found value in and the homes that buyers are rejecting at their current listed price.
Buyers, I know we have posted this before, but if you have been sitting on the fence waiting, we are seeing so awesome deals available right now
We will follow up in a few days with a new market absorption chart as well as comparisions of 2006 vs 2007.
Give us a call, 507-390-2121 or email us, info@BartleyGroup.com
