Owatonna, MN Real Estate Market Update
We currently have 211 homes on the market in Owatonna, MN. The average list price for those homes is $192,346 and they have been on the market for an average length of 151 days. Year to date 99 homes have sold and those have an average sale price of $157,849 and have taken an average of 142 days to sell. The average list to sold price ratio is 97.4% which includes any concessions built into the price (like buyer's closing costs). Houses on average are seeing a 5% drop in their original list price to the final list price before they sell. There are currently 125 homes pending sale - meaning that sellers and buyers have agreed upon contracts and contingencies have been removed.
We've seen an increase in buyer activity and I've recently seen competing offers on several properties (just like the old days).
Interest rates are down from this time last year. We have a terrific selection of homes. Employment remains steady and the economic outlook for Owatonna and our region looks very positive. We're so fortunate to have a variety of employers who cross into diverse industries.
Summer is around the corner and we're seeing the trees and allergies in full bloom. Now we just need a little more warm weather - I'm sure it's on its way. It's great to be able to enjoy four distinct seasons, with plenty to do year round.