Looking at the average sold price and average market time for homes that have sold in Rochester, Minnesota in the last two years, we can see a hopeful trend for improving market conditions. While the chart clearly demonstrates the impact of the economic downturn and continued higher inventories of properties for sale, a year-end up-turn is encouraging.
Avg. Market Time vs Avg. Sold Price 2008-2009
The average sold price for homes sold in Rochester, Minnesota increased slowly but steadily during the last four months of 2009, finishing the year at an average of $186,411 for December. According to the Multiple Listings Service (MLS), the average sold price for residential properties in Rochester began the year in January at $163,821 with the lowest average for the year in February at $157,456. The highest monthly average sold price in 2009 was reached in June at $192,678.
Market time for homes that sold in 2009 began the year with a monthly average of 119 days in January, reached 140 days in March, and experienced the shortest monthly average market time of the year in August at 100 days. Not surprisingly, December’s average was the longest at 157 days.
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