Well, we're two months into 2010 and so far 33 homes have sold in Owatonna. The average sale price of the homes that have sold is $118,175, which is down dramatically from 2009, but we do expect to see that number rise as we add more sales. The homes that have sold have done so in an average time of 88 days on the market. The activity that we've seen reflects the influx of investors, first time buyers, and the impact of bank-owned properties on our market.
Right now there are 235 homes for sale on the market at an average list price of $172,262 which shows quite a disparity between what's available and the homes that have sold. The available homes have been on the market for an average of 173 days - which has lengthened over last year.
It's vitally important for sellers to be realistic about the market when they are pricing their homes, present their homes in top-notch condition, make any necessary repairs, and create a welcoming, WOW impression for potential buyers.
Buyers are presented with an incredible opportunity - historically low interest rates, plentiful selection of homes, affordable prices, and a tax credit incentive. It's a great time for buyers - in all price ranges.
Lynn Johnson & Chad Hacker
Owatonna Real Estate Pros Team
Coldwell Banker Home Connection