Rochester Minnesota Residential Real Estate Market Conditions – Monday Morning Market Update (09/24/2012)

Showings are up. Inventory is down. And homes keep selling in the Rochester, Minnesota area real estate market.

The inventory of homes for sale continued to contract last week with 20% fewer active listings compared to the same time period a year ago, which in turn were down 23% from the previous year. Available listings have been steadily decreasing week over week, with just 672 homes currently for sale in the Rochester, Minnesota area. The average asking price for these homes, $225,602, is up 9.1% compared to last year, with the average market time of 137 days down 17.5%.

In August, showings were up nearly 15% year over year with the absorption rate at just 5.36 months. Last September the absorption rate was 6.95 months, declining steadily through the fall to a low of 4.92 in January 2012. After a brief upward spike through the early selling season the absorption rate resumed its downward trend through the spring and summer months.

There are currently just 672 homes listed for sale in Rochester Minnesota. Average asking price for these homes is $225,602 and average market time is 137 days.

Last week (September 14 to 20, 2012) there were 40 new residential listings in Rochester Minnesota last week with an average listing price of $171,434. There were 30 homes that went off the market under contract to pending last week. Average asking price for these homes was $162,969 and average market time was 93 days.

Last week’s 46 closings on Rochester area homes had an average sold price of $150,164 and an average 92 days on the market.

To view this past week’s area real estate activity, click here for new listings and click here for pended listings.

Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota

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