Monday Morning Market Update for Rochester, Minnesota

Good Morning!

According to the Multiple Listing Service (MLS) there are currently 1050 residential properties for sale in Rochester, MN. In the last week (11/21-11/27/2009) there were 491 active listings in Northwest Rochester, 181 Northeast, 241 Southwest, and 186 Southeast, for a total of 1099 active listings.

There were 46 new listings last week, down 4% from a year ago.  Average asking price for these homes was $195,399 (median $154,520).  There were 14 listings that came back on the market (average list price $191,514, median $134,900, DOM 85), 21 that were extended (average list $190,404, median $168,000, DOM 199), 8 expired (average list $170,475, median $136,900, DOM 180), 18 cancelled (average list $186,460, median $159,900, DOM 121) and 1 listing withdrawn (asking price $289,900 and 245 days on the market).

The MLS reports that 30 homes went under contract (to pending) last week, an increase of 25% over last year. The average asking price was $153,343 (median $136,900); average market time was 135 days.

The 21 homes that sold (closed) last week represented a decrease of 58% from last year.  The average sold price of $177,325 (median $148,900) was 97.5% of the list price, 90% of the original asking price.  These homes averaged 135 days on the market.

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