Owatonna, MN

The fun-filled fairis coming to Owatonna in Steele County! Local residents look forward to the fair all year long. Some people like the midway rides and the thrills that brings, everyone enjoys the food and each has their favorite. There are art, floral, food, clothing, 4H, craft, beer/wine, displays galore with entertainment at every turn.

The beer garden is the spot for music, renewing friendships and festivities. There will be numerous bands that play during the fair with music sure to please all tastes. There are several stages throughout the fair that showcase local talents of all ages, from dancers and singers to polka bands and the latest high school garage bands.

The 4-H kids get to show off the animals they've taken care of and raised all year to demonstrate their handling and grooming abilities. There are rabbits, chickens, pigs, horses, cows and calves. There's a petting zoo, pig races and camel rides.

There are hundreds of food vendors and other vendors at the fair selling the latest and greatest gadgets and services. Our office will once again host a booth at the fair with information for buyers and sellers and market exposure for our listings.

So don't miss the celebration. It starts Tuesday, August 12th and runs through Sunday, August 17th. The weather's going to be great so plan on coming every day - there's no admission at the Steele County Free Fair!

For those of you in Minnesota, you understand the delayed Spring we've experienced with cooler temps and plenty of rain. This is graduation weekend in Owatonna, with plenty of parties in every neighborhood as families celebrate their high school graduate's accomplishments. The weather has been pretty unsettled, and I hope that it'll stay clear (or at least tornado-free) for the duration of the weekend.

Anyway, just to reinforce in my own mind that Spring is actually here I scouted a few areas that showed the evidence that the warmer season had, in fact, arrived. I love the flowering trees that show that sure sign of the change of seasons. The air is filled with such fragrance when I'm out on my walks or bike rides. I also have 2 lilac trees right outside my front door and I'll stand there from time to time just soaking in that sweet smell.

I don't know if I'd appreciate the offerings of Spring as much if I hadn't so eagerly anticipated its arrival after the long dreary winter that is also a part of our Minnesota climate. I enjoy all that each season has to offer - but summer is definitely my favorite - give me 85 degrees, blue skies, time on the lake and I'm all set.

Which season do you enjoy the most?

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

Owatonna, MN Real Estate Market Update

We currently have 211 homes on the market in Owatonna, MN. The average list price for those homes is $192,346 and they have been on the market for an average length of 151 days. Year to date 99 homes have sold and those have an average sale price of $157,849 and have taken an average of 142 days to sell. The average list to sold price ratio is 97.4% which includes any concessions built into the price (like buyer's closing costs). Houses on average are seeing a 5% drop in their original list price to the final list price before they sell. There are currently 125 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.

Summer is around the corner and we're seeing the trees and allergies in full bloom. Now we just need a little more warm weather - 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.

Current real estate listing inventory - 196 active listings in Owatonna as of today. The active listing count has dropped again this week. We haven't been this low in the Active listing count since the end of December 2006. This has been a great couple of weeks for real estate. We have about 20 more listings to go before we reach what has traditionally been a balanced market in Owatonna. That number has usually been in the 170-180 active listing range.

The number of pending listings has climbed again to 50 homes. This is one of the best pending counts we have had in quite a while.