Lynn Johnson, Owatonna, MN Real Estate

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.

Things are starting to pick up in April so the outlook is brighter with some increased activity. It seems that our spring market is about a month behind - just like our spring weather. The two seem to go hand in hand this time of year.

We're predicting that first time home buyers will be the mainstay of this market, along with buyers relocating into Owatonna for their jobs. According to local lending expert Kriss Meier of Countrywide Financial (through Profinium Bank in Owatonna) she is taking applications from those two buyer niches. Property issues are becoming more of a challenge with the increase in foreclosed properties, many of which have deferred maintenance issues to contend with. If you have any financing questions you can contact Kriss at 507-446-4289. Her expertise will get you moving in the right direction.

According to the Southeast Minnesota Association of Realtors MLS our year to date activity is showing 60 closed listings in Owatonna, with 54 of those being residential properties. The average sale price of sold properties is $161,361 which is down from 2007 when the average sale price at this time was $172,611. I believe this trend is due to an increase in bank owned properties and the influx of first time buyers. Our average market time is 176 days which is actually down from 188 in 2007 at this time. But looking back, I found that 2006 was 141 days and 2005 was 131 days, again for this same period. The market has changed.

We have 33 new listings on the market since the first of the year. At this time 70 homes are pending sale, and we have 206 active residential listings. We hit over 300 listings before the end of 2007, so it's nice to see that number come down. We have 286 active building lots on the market. So far 57 listings have expired since the first of the year. That has been the biggest change in this market with many nice homes staying on the market beyond their original listing time frame. That number is up 533% from the 2005 market when homes seldom took more than 6 months to sell.

Market cycles affecting housing come and go, just like all segments of the economy. Right now may seem like a challenging market, but it's also a market of opportunity. Investors and first time home buyers will be the obvious winners, but existing homeowners can profit, too. If you're looking to move up into a larger home - it's a great time to make that move. The inventory and prices of move up homes have never been more plentiful and attractive. Call or e-mail me today to learn about how this market can be beneficial for you. It's time to get moving. Find the house that's right you.

What's Going On In Owatonna in April?

April is Fair Housing month. Realtors abide by all the fair housing and non-discrimination regulations, and it's a good time to make consumers aware of the laws that affect our industry and the public.

Running from the 3^rd of April through April 6^th, is the Minnesota Alpaca Expo at the Four Seasons Centre.

There will be a Minnesota Chamber Federation Legislative Call Update at the Owatonna Area Chamber of Commerce and Tourism office on April 4^th, April 11^th, and April 18^th from 7:30 am to 8:00 am.

There will be a lecture regarding business leader Dan Gainey, entitled "Man With Vision" at the Village of Yesteryear on April 8^th starting at 1:00.

The fun-filled Young Life Cake Auctionwill be held at a new location this year. Owatonna High School Gym will hold the festivities this year on April 12^th from 12:00 - 5:30 pm. If you've never participated in the cake auction before, take some time to stop in and enjoy the fun.

The Knight of Nights silent and live auction will be held at St. Mary's School on April 12^th. It's a fun-filled evening for a good cause.

A class is being offered on April 14^th "How to Sell Like A Pro". contact the Chamber for more information.

April 19^th marks the date for Big Brother's Big Sister's Bowl for Kids' Sake. It's a great day to bowl, have some fun, and raise some money for a great organization. I'm a Big Sister and I know my little and I will be bowling that day. Come on out to Southpark Lanes and have some fun.

The Little Theatre of Owatonna is presenting "Funny Money", which runs starting 4/18 and ends on 4/26. You can check the Little Theatre's website for production times.

The Retrofit Companies are hosting a Free Household Electronics Recycling on April 19^th from 8:00 am to 10:00 pm.

April 19^thmarks the day of the Shriner's Application Day.

The Owatonna Area Chamber of Commerce's Business After Hours will be held on April 22^ndfrom 5:30 until 7:00 pm. at Infinia of Owatonna. This is a great time for Chamber members to network and socialize.

A delicious end to the month will be held on April 24^th from 5:00 until 7:30 pm. with the annual "Taste of Steele County" with vendors providing samples of a variety of foods from around the county. All proceeds raised during the event will be donated to CONTACT.

The other day I was out and about enjoying the sunshine and I wanted to capture a few of the landmarks and attractions around Owatonna. I've really enjoyed the park trails this winter and have spent a fair amount of time in Kaplan's Woods hiking around the trails. It's been a great way to enjoy winter, get some fresh air and some exercise. It's been great.

I recently put this post together - I hope you like these photos as much as I do. Owatonna's a great place to live, work and play. Just take a look . Owatonna Highlights