Weekly Market Conditions Update for Rochester, MN

Good morning!

According to the Multiple Listing Service there are currently 1221 residential homes for sale in Rochester, Minnesota with an average list price of $234,874 (median $179,900) and an average of 150 days on the market.

Last week (May 17 to 23, 2010) there were 56 new listings (an increase of 37% over last year), 25 homes that went under contract (down 43% from last year) and 30 homes that closed (a 25% decrease from a year ago).

The 56 new listings and 12 that came back on the market had an average asking price of $221,968 (median $180,000) and $151,208 (median $139,900) respectively.  Four listings expired, 21 cancelled, 17 extended. 

The homes going under contract to pending averaged 88 days on the market and had an average list price of $154,429 (median $132,900).  The 30 homes that closed (sold) last week had an average sold price of $175,604 (median $161,430), 97.5% of the list price, 94.5% of the original asking price.  Average market time for these homes was 121 days.

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