Austin, MN - Real Estate Market Conditions June 6, 2008

Interest Rates have climbed a bit and they are currently at 6.00% for a 30 year fixed on Friday June 6, 2008.

Current real estate listing inventory - 239 active listings in Austin as of today. Listing count has climbed just a littlesince the last post. The fact that it is continuing to climb is something we need to watch carefully

There are 29 properties currently pending, that is down just a lot from the last post. Some of this was to be expected because the end of May is typically a very busy time for closings. However we would liked to have seen the count maintain itself a little bit stronger.

There have been 148 properties Closed so far in 2008. We had expected to see this count jump up a lot at the end of the month and it did. The good news is that properties are continuing to sell.

Take a look at the comparison charts. The closed chart is showing that over 55 % (down 4%) of the homes that have closed this year had a price change and the average price change is $14,172. vs only 48.5% (up 2%) of the active listings has had a price change with an average of $15,019. Take a look at these charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

We are seeing fewer & fewer great deals in the market right now. If you have been sitting on the fence, now would be a good time to jump in. Give us a call.

Our New Austin # is 507-440-5703

Owatonna, MN Real Estate Market Conditions, June 6, 2008

Interest Rates have climbed a bit this week to finish at 6.00% for a 30 year fixed on Friday June 6, 2008. I'm hearing rumors that interest rates are going to continue to climb. This is what we predicted a few months ago. As the market begins to show signs of recovery and properties are selling more quickly, lenders no longer have as much incentive to lower rates and many will be trying to recoup some of the losses they have experienced through higher interest rates. If you have been sitting back waiting, now is the time to move. We don't believe that rates are going to drop much, if at all.

Current real estate listing inventory - 212 active listings in Owatonna as of today. The active listing count has climbed again over the last two weeks. The market activity has continued to be strong. we have seen quite a few new properties come on the market but the inventory is staying at fairly stable levels.

The number of pending listings is down to 43 homes. This still continues to be a good pending count when you take into account the number of homes that closed in the last two weeks. The number of pending has not fallen as much as we expected at the end of May.

There have been 118 properties Closed so far in 2008. Closed activity has been great over the last two weeks. We have seen the closed count climb quite a bit.

If the activity that we have seen in the last 2 months is any indication, we may have seen the bottom here in Owatonna.

Take a look at the comparison charts. The closed chart is showing that over 47 % of the homes that have closed this year had a price change and the average price change is just over $15,836. vs 47% of the active listings has had a price change (up 3%) and that average price change is $14,075. This is the narrowest this gap has been in 2008. We believe that many sellers have gotten the message about the importance of correct pricing on their homes. Take a look at these charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

There are still some good deals to be had but there certainly are getting to be fewer than there were earlier this year. Confidence in the market is continuing to grow. I have heard from several lenders and appraisers that they are seeing an upturn in business as well.

Give us a call and let us show you what is happening in the market right now. 507-390-2121

We have all of our listings available via Virtual Tour in English, Spanish and also in French

Owatonna, MN Real Estate Market Conditions, May 23, 2008

Interest Rates have bounced this week but finished right where they started at 5.75% for a 30 year fixed on Friday May 23, 2008.

Current real estate listing inventory - 207 active listings in Owatonna as of today. The active listing count has climbed again over the last two weeks. The market activity has continued to be strong. Little bit slow the last couple of days as we approach the holiday weekend.

The number of pending listings is down one to 49 homes. It still continues to be an awesome pending count. Look for it to drop quite a bit though as we reach the end of the month.

There have been 97 properties Closed so far in 2008. Closed activity has been great over the last two weeks. Not at all what we expected during the first two weeks of the month. Look for the closed count to climb as we get to the end of the month.

Is the activity that we have seen in the last month an indication that we have seen the bottom? We aren't sure, only time will tell, but the activity continues to be refreshing. One thing we have noticed is that the number of listing with price changes seems to slowing.

Take a look at the comparison charts. The closed chart is showing that over 47 % of the homes that have closed this year had a price change (down 3%) and the average price change is just over $17,000. vs only 44% of the active listings has had a price change (down 2%) and that average price change is $13,766. Check out these charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

There are still some great deals to be had but please stop waiting for the bottom to fall out. We are getting more confident that we have seen the worst here in SE Minnesota. Give us a call and let us show you what is happening in the market right now. 507-390-2121

We have all of our listings available via Virtual Tour in English, Spanish and also in French

Austin, MN Real Estate Market Conditions, May 23, 2008

Interest Rates have remain somewhat stable and they are currently at5.75% for a 30 year fixed on Friday May 23, 2008.

Current real estate listing inventory - 232 active listings in Austin as of today. Listing count has climbed quite a bit since the last post. We will keep an eye on that and see if it falls again or will continue to climb.

There are 45 properties currently pending, that is down just a bit from the last post.

There have been 125 properties Closed so far in 2008. Look for the clsoed count to climb and the pending count to drop as we get closer to the end of the month.

Take a look at the comparison charts. The closed chart is showing that over 59.2 % of the homes that have closed this year had a price change and the average price change is $13,696. vs only 46.5% of the active listings has had a price change with an average of $16,137. Check out these charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .



Please don't miss the terriffic deals that are available in the market right now. If you have been sitting on the fence waiting, now is the time to get serious. As the inventory gets closer to that balanced market, your ability to negotiate with sellers falls dramatically. Give us a call and let us show you what is happening in the market right now. Our New Austin # is 507-440-5703

Austin, MN Real Estate Market Conditions 05-13-08

OK, here we go with the first installment of our new Austin market condition blog. We are going to try to keep everyone up to date on what is happening in the Austin, MN real estate market. The first few posts will help establish a baseline for analysis in the months to come. In a few weeks we hope to add Albert Lea, MN to the Blog as well. Let us know what you think.

Interest Rates have bounced around between 5.625 & 5.75 for several weeks now, they are currently at5.75% for a 30 year fixed on Tuesday May 13, 2008.

Current real estate listing inventory - 196 active listings in Austin as of today.

There are 48 properties currently pending

There have been 110 properties Closed so far in 2008. Look for the clsoed count to climb and the pending count to drop as we get closer to the end of the month.

Take a look at the comparison charts. The closed chart is showing that over 61 % of the homes that have closed this year had a price change and the average price change is just over $14,000. vs only 47% of the active listings has had a price change. Check out these charts. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart .

Please don't miss the terriffic deals that are available in the market right now. If you have been sitting on the fence waiting, now is the time to get serious. As the inventory gets closer to that balanced market, your ability to negotiate with sellers falls dramatically. Give us a call and let us show you what is happening in the market right now. Our New Austin # is 507-440-5703