How did the Rochester Minnesota real estate market fair in 2008? Here are the final numbers from the Southeast Minnesota Multiple Listing Service. The market saw a 15.3% decrease in overall single family sales in Rochester down from 1,792 in 2007 to 1,547 for 2008. Despite the lagging sales, prices held up much better then the rest of the country. The median sale price was down from $172,500 in 2007 to $169,900 in 2008 or a decrease of 1.5%. The average sales price was down 2.8% in 2008 with the average sales price in 2007 of $207,065 to an average sales price of $201,233 in 2008. How does it look for 2009? Currently the average listing price is down over 3% from this time last year. Inventory levels are showing signs of stabilizing which will help stem the equity losses the market has been seeing the past two years. The unknown factor is how the upcoming foreclosures will affect the prices of the market. Stay tuned for more updates throughout the year.
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