About Steele County, MN

What's the Buzz in the Owatonna Real Estate Market?

We've seen some good showing activity lately, and we continue to be pleased with the values that are available for buyers right now. We like to focus on the many positive things that are happening in our area - things that help buyers understand the opportunities that are out there in our Owatonna housing market.

We still have some zero down programs open to buyers in our community. The interest rates are terrific and offer affordable options like no other time in recent history. We've seen a slight drop in available inventory but we expect that to increase as Spring approaches.

So far this year we've seen 20 residential sales in Owatonna as compared to 23 for the same time last year. The average sale price of homes is $161,175 which is up from the aggregate average sale price from 2008. It takes an average of 130 days to sell which is (so far) down from 136 days this time last year. We currently have 176 homes in the market and the average list price of those homes is $195,486 with an average time on market of 176 days.

What will 2009 bring? Let's hope that the stimulus plan, the (up to) $8000 tax credit, and continued low interest rates will help buyers feel comfortable taking the steps they need to become proud homeowners - and we'll be there to help them

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Owatonna is very fortunate to have been chosen as the site for the 54th campus in the Minnesota State College and University System. The Owatonna College and University Center houses Riverland College, Minnesota State - Mankato, Southwest State, Concordia University - St. Paul, Crown College and the University of St. Thomas. The Center is a national model of cooperative education, offering two-year, four-year and graduate programs in several disciplines. Employers can tap trained workers from the certificate and associate of arts technical trade programs. They also can access specialized training programs designed to meet their unique workforce development training needs.

I've become an adjunct instructor at Riverland College at the Albert Lea and Austin campuses. I teach a class entitled "Workplace Human Relations" and have thoroughly enjoyed getting to know the students. It's been a breath of fresh air and a bit of a change from my typical responsibilities as a real estate broker, and it's fun to seek out new challenges from time to time. It hasn't interefered with my ability to service my clients and take care of the day-to-day operations of three offices, but it does guarantee that I'll be busy.

Even though it's bitterly cold outside there are plenty of things to do in Owatonna that will keep you warm. The new year started with a PeeWee C hockey tournament at the 4 Seasons Centre on 1/2 and 1/3. The Owatonna Fire Department also scheduled their CERT training on 1/3 and throughout the month on varioue days. Contact the Owatonna Fire Department for more information on this valuable training.

There are tremendous networking opportunities available every month at the 3rd Thursday networking event sponsored by the the Owatonna Area Chamber of Commerce and Tourism. The Chamber's Annual Dinner will be held this Friday, January 16th from 5:30 until 10:00 at the Owatonna Country Club. It's a wonderful evening with good food and plentiful opportunitites for meeting and greeting other business people.

The Chamber's Business After hours event is scheduled for Tuesday, January 27th from 5:30 until 7:00 at the Holiday Inn & Suites. The annual Armory Sale is scheduled for the last weekend in January which offers great deals from area businesses.

Stay warm and stay busy in Owatonna. There's lots to do even if you have to be inside. When it warms up don't forget about the walking trails, cross country skiing, sledding and snow shoeing. You can rent skis and snow shoes at Morehouse Chalet.

January is a wonderful to time reflect on the past year and think ahead to all that we want to accomplish in the new year. 2008 brought challenges, as well as opportunities to our real estate market. Here are the statistics for 2008 and a comparison to 2007. It seems that we're off to a strong start for 2009 and I'm confident that we'll see increased activity and sales in 2009. Home prices are affordable, with amazingly low interest rates, and nice inventory to choose from - therein lies the opportunity!

2008 Residential Home Sales for Owatonna

Sold 293 homes at an average sale price of $159,120 within an average of 130 days. The sale prices average 97% of the last list price and 88% of the original sale price. We currently have 174 homes on the market at an average list price of $188,100 and they've been on the market for an average of 172 days. We continue to see strong interest from first time home buyers and they still have the potential to buy with 0% down through the Rural Housing program (subject to income limits and credit worthiness).

2007 Residential Home Sales for Owatonna

Sold 400 homes at an average sale price of $169,162 within an average of 129 days. The sale prices were an average of 98% of the last list price and 93% of the original list price.

This information is provided by the Southeast Minnesota Association of Realtors and is deemed to be reliable, but is not guaranteed.