What's the Real Estate Buzz in Owatonna?

What’s the Real Estate Buzz in Owatonna?

What happened to the summer weather? Boy, our summer has been marked by cooler temps, but the market has been heating up.

First time home buyers continue to fuel the activity. 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 142 closed residential listings in Owatonna. The average sale price of sold properties is $136,915. I believe this trend is due to an increase in bank owned properties and the influx of first time buyers. Our average market time is 115 days for those homes that have sold.

At this time 46 homes are pending sale with an average list price of $143,775, and we have 236 active residential listings with an average list price of $194,677. They’ve been on the market for an average of 158 days.

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.