Good morning!
Total active listings (1265) last week (June 25 to July 1, 2010) were up 14% over last year (1112). There are currently 1173 residential properties for sale in Rochester, MN with an average asking price of $228,552 (median $174,900) and an average market time of 159 days.
Last week we saw a very welcome sign of increased sales activity with pending sales up 46% from the previous week and up 17% from a year earlier with 35 signed purchase agreements for residential properties in Rochester. Average list price was $165,172 (median $133,500) and average market time was 137 days. Although closings were up more than 50% over a week earlier as home buyers worked to meet the deadline for closing under the home buyer tax credit opportunity, it represented a drop of 24% from a year ago with 68 homes closed. Average sold price ($187,827, median $163,000) was 96.5% of the asking price, 92.4% of the original list price. These homes averaged 116 days on the market.
There were 42 new listings, down 25% from last year. New listings had an average list price of $237,680 (median $153,900). There were 25 homes that came back onto the market last week, 30 that expired, 5 were withdrawn, 33 canceled, and 29 extended.
To view this past week’s area real estate activity, click here for new listings and click here for pended listings. (Please note these links are valid until 8/5/2010)
Now that we are past the 4th of July holiday, we hope to see an increase in sales. It’s a great time to buy with interest rates at their lowest levels ever (4.5% to 4.75%) and an ample selection of homes!
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