It seems that activity has slowed down a little from our earlier start. It's always difficult to try to make sense of when and why the level of activity varies as it does. I was looking at the sales statistics for the year to date and was a little surprised at the low average sale price. With seventeen homes sold so far this year the average selling price is $106,258. I know it's quite early in the year to make any predictions from this start, yet it is slightly lower than it was this time last year when the average sale price was $109,157. At this time last year there had been 24 homes sold. We continue to have a variety of homes available in the under $100k range with a total of 35 homes for sale - many of them foreclosures. I was curious as to the breakdown by price of the homes that have sold. I found that only one home over $179k had sold so far this year (it was a foreclosure) and the highest priced pending properties are in the $170k to $179k range (2 of them). Twelve of our 17 sales were priced under $120k. 
The following report tells the story. You'll see a price range analysis for active, pending and sold listings. As we move forward in 2011 the average sale price will continue to increase, and hopefully sales will start to pick up again. As you may remember we were working with tax credit incentives through April 30th in 2010 which spurred some sales. I expect that we will lag behind the sales pace of last year at least through that date this year. Last year purchases came to a halt during May and June as buyers had taken advantage of the tax credit offering by that April 30th deadline. At least we don't expect to see that kind of market depression during those months in 2011. As always, please feel free to call or e-mail me with any questions. It's my pleasure to provide any additional information that might be of interest.
Lynn Johnson, CRS, GRI, MBA
Owatonna Real Estate Pros
Coldwell Banker Home Connection
159 18th Street SW, Suite 5
Owatonna, MN 55060
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