What's the Real Estate Buzz in Owatonna?
Things were picking up in April and then slowed down quite a bit in May. The outlook is mixed with spotty activity right now. It seems that our spring market has taken a break - due to many buyers purchasing by the tax credit deadline of 4/30/10.
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 my lending expert Brenda Bednar (through Advisor's Mortgage) 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 Brenda at 507-455-1858. 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 111 closed residential listings in Owatonna. The average sale price of sold properties is $134,721 which is down from 2008 when the average sale price at this time was $159,861, but very close to this time last year. I believe this trend is due to an increase in bank owned properties and the influx of first time buyers. Our average market time for sold properties is 115 days which is actually the same as this time last year, but down from 139 in 2008 at this time. But looking back, I found that 2007 was $156, 2006 in 138 days and 2005 was 121 days, again for this same period. The market has changed.
At this time we have 230 active residential listings with an average list price of $180,365. They've been on the market for an average of 166 days. We hit over 300 listings before the end of 2007, so it's nice to see that number come down. We have 287 active building lots on the market. 
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.
Lynn Johnson, CRS, GRI, MBA - Owatonna Real Estate Pros
Broker Owner
Coldwell Banker Home Connection
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