Owatonna Minnesota Real Estate Buzz for 4/19/08

Owatonna, MN Real Estate Market Update

We currently have 219 homes on the market in Owatonna, MN. The average list price for those homes is $188,054 and they have been on the market for an average length of 158 days. Year to date 62 homes have sold and those have an average sale price of $167,730 and have taken an average of 141 days to sell. The average list to sold price ratio is 96.5% which includes any concessions built into the price (like buyer’s closing costs).

There are currently 47 homes pending sale – meaning that sellers and buyers have agreed upon contracts and contingencies have been removed. We’ve seen an increase in buyer activity and I’ve recently seen competing offers on several properties (just like the old days).

Interest rates are down from this time last year. We have a terrific selection of homes. Employment remains steady and the economic outlook for Owatonna and our region looks very positive. We’re so fortunate to have a variety of employers who cross into diverse industries.

Spring is slow to arrive. Judging by the recent rains we should have plenty of green grass, blooming flowers, and budding trees in short order. Now we just need a little sunshine – I’m sure it’s on its way. It’s great to be able to enjoy four distinct seasons, with plenty to do year round.