Owatonna, MN

Interest Rates rose to 5.5% for a 30 year fixed on January 28, 2007. Rates had a roller coaster ride last week, one lender told us that rates changed 4 times in one day last week. The Fed dropped interest rates .75% at an emergency meeting last week. This has actually resulted in mortgage rates creeping up a bit.

It is going to take us a few more days to learn all of the capabilities of the new MLS system and to provide you with the most comprehensive data available. Current listing inventory - 212 active listings in Owatonna as of today, that number has remained stable for several weeks now. The number of pending listings climbed a bit to 17 houses. There were 15 properties Closed so far in 2008.

The 2007 year end market absorption chart is available and has quite a bit of interesting data.

Give us a call, 507-390-2121 or email us, info@BartleyGroup.com

Interest Rates have fallen to 5.25% for a 30 year fixed and 4.75% for a 15 year fixed on January 15, 2007. Rates haven't been this low since around 2003.

Buyers if you have been fence sitting waiting for the market & interest rates to bottom out, it sure seems like we are just about there. There is a nice selection of homes, prices are reasonable and interest rates are incredibly low. All in all, a great time to purchase a home.

Current listing inventory - 212 active listings in Owatonna as of today, that number has remained stable for several weeks now. Average days on the market has slid slightly to 173 days. The number of pending listings fell a bit to 16 houses. Average days on the market for pendings is 142 days. There were 7 properties Closed so far in 2008, with an average days on market time of 108 days.

The new market absorption chart for the end of year 2007 is done and has quite a bit of interesting data.

Give us a call, 507-390-2121 or email us, info@BartleyGroup.com

Interest Rates have fallen to 5.375% on January 8, 2007. This is more of a reduction than we expected. It seems like rates may drop just a bit more, but all of the lenders we've spoken with aren't sure how much and for how long rates will stay down.

Current listing inventory - 208 active listings in Owatonna as of today, that number has remained stable for several weeks now. Average days on the market has remained steady at 176 days. The number of pending listings climbed slightly to 19 houses. It is good to see this number begin to rebound slightly. It will still be something to keep an eye on as we move forward into the new year. Average days on the market for pendings is 146 days. There were 7 properties Closed so far in 2008, with an average days on market time of 65 days. We realize that there have only been 7 homes closed so far, but my goodness, 65 DAYS ON THE MARKET IS UP A LITTLE BIT THIS WEEK BUT IS STILL AN AWESOME AVERAGE.

The new market absorption chart for the end of year 2007 is done and has interesting data.

Give us a call, 507-390-2121 or email us, info@BartleyGroup.com

Interest Rates have fallen to 5.50% on January 4, 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. Average days on the market has risen a bit to 176 days. The number of pending listings dropped to 17 houses. We would have like to have seen the pendings begin to rebound more quickly not continue to fall. In will be something to keep an eye on as we move forward into the new year. Average days on the market for pendings is 136 days. There were 397 properties Closed so far in 2008, with an average days on market time of 56 days. We realize that there have only been 5 homes closed so far, but my goodness, 56 DAYS ON THE MARKET AVERAGE IS AWESOME. We have seen a big increase in the number of showing appointments scheduled during the last week. That is a very positive sign.

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