What’s the Real Estate Buzz in Owatonna?
We are seeing an increase in real estate activity in our area. Things are definitely looking up in 2012. Is this darn housing recession over? Well, it may be a bit premature to declare its demise, we can certainly celebrate the fact that sales numbers and volume are up nicely so far for the year.
In addition to first time buyers, which were the mainstay of the market during the last couple of years, we have seen an increase in the number of move up buyers. That’s a hopeful sign as consumers are feeling more confident about their ability to move ahead with their plans as their lives shift and change (along with their housing needs).
According to the Southeast Minnesota Association of Realtors MLS our year to date activity is showing 64 closed residential listings in Owatonna in 2012. The average sale price of the sold properties is $139,077 which is up significantly from this time last year. The average market time was 152 days which indicates that some of the homes are now selling after being out there for a longer period of time. I expect that we’ll see overall average prices continue to stay steady or increase through the year. There are currently 138 houses on the market right now at an average list price of $173,077 at an average of 124 days on the market. Both the inventory and days on market are a bit lower than what we typically see for our active inventory of homes.
Interest rates continue to hover near their lows, and that provides a strong incentive for first time and repeat buyers to make the most of the values that are out there in our local market.
Market cycles affecting housing come and go, just like all segments of the economy. Right now looks to be the upward slope of an improving market. And, it’s also a market of opportunity. Homes in the area are still priced to reflect a good value. 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.