Another steady week in the Rochester Minnesota housing market last week (October 14 to 20, 2011) with 27 listings that went under contract and 24 new residential listings coming onto the market. Average asking price for the homes that went under contract was $192,503, with new listings entering the market having an average list price of $200,920. The pending listings that went under contract had an average market time of 120 days.
Rochester Minnesota saw 31 closings on residential properties last week. These homes had an average sold price of $198,608 — 96.2% of the list price but just 89.6% of the original asking price. Average market time for these homes was 154 days.
Total active listings of homes for sale in Rochester, Minnesota remain down 22% compared to a year ago as the inventory of homes for sale continues to drop, shifting the balance of power towards sellers. There are currently 811 active residential listings in Rochester, Minnesota with an average asking price of $207,445 and an average of 167 days on the market.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota