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.
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