Summer is heating up and so is our real estate market. We've seen good activity with showings, buyers and offers.
We're still noticing a strong presence of first time home buyers, along with buyers relocating into Owatonna for their jobs. According to my lending expert Kriss Meier of Countrywide Mortgage (through Profinium Bank in Owatonna) she is taking applications from those two buyer niches, although it seems that 1 out of 4 mortgage applicants have some credit issues. 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 146 closed residential listings in Owatonna.. The average sale price of sold properties is $163,202 which is down from 2007 when the average sale price at this time was $174,422. 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 146 days which is actually down about 30 days from 174 from April of this year.
We have 216 active residential listings which has been pretty steady this year. We hit over 300 listings before the end of 2007, so it's nice to see that number come down. We have 255 active building lots on the market, with 9 lots sold year-to-date. That number is way down from previous years and builders have drastically slowed their new starts.
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.
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