What's the Buzz in Owatonna Real Estate?

What’s the Real Estate Buzz in Owatonna?

Things were picking up in April and the outlook is brighter with increased activity. It seems that our spring market is about a month behind – just like our spring weather.

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 507-214-2580. 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 72 closed residential listings in Owatonna. The average sale price of the sold properties is $132,187 which is lower than what we’ve seen historically. 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 properties is 112 days.

At this time we have 231 active residential listings with an average list price of $171,887. They’ve been on the market for an average of 172 days. We have 285 active building lots on the market – so there are plenty of great building lots to choose from for any budget range.

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.