Rochester MN Real Estate Market Blog

The Rochester real estate market saw a significant reduction of new listings coming on the market with only 26 new listings verses 57 for the same week last year.  Sales were steady with 26 homes pended last week compared to 27 for the same time last year. The average price for the new listings was $219,749 and [...]

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Good morning! The Rochester area real estate market continued to plug along last week with total active listings up 10% over last year and everything else down between 30% and 40% from a year ago.  The 26 homes with signed agreements last week (August 13 to 19, 2010) represented a 24% increase over the previous week’s [...]

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Homes have continued to sell in Rochester through the summer months, although at a much lower volume than in previous years. The Home Buyer Tax Credit briefly shifted the curve upward, putting home sales through the end of April on pace with a year earlier. The sharp drop-off that followed supports the theory that the higher volume was simply the result of home purchases that were pushed ahead

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The focus seems to be more on preparing for back to school than on buying homes as things slowed a little last week in the local real estate market.  Last year’s numbers would imply that this is the norm for this time of year since the 16 closings last week (August 6 to 12, 2010) represented a [...]

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Good morning! The Rochester area residential housing market is continuing to plug along.  Although the sales activity is still shifted significantly downward from a year ago, we have been seeing slow steady improvement week over week for a few weeks now.  Last week (July 30 to August 5, 2010) there were 24 signed contracts and 26 closings, a drop of 35% and [...]

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Good morning! Here we are in August already! Market activity through the end of July continued down significantly from a year ago.  However, we did see a little more activity last week (July 23 to 29, 2010) over the previous week with 21 signed contracts and 21 closings.  New listings were down slightly from a week [...]

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Good morning! It’s the last week of July, we’re heading into the last month of the summer, and it shows.  The Rochester area housing market continued along at a slower pace, with 37% fewer homes under contract last week compared to a year earlier and 53% fewer closings than the same period of 2009.  New [...]

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Good morning! The Rochester area real estate market picked up a little last week (July 9 to 15, 2010) over the previous week with 25 homes going under contract to pending and 14 closings, although that represents a drop of 31% from a year ago for pending listings and 60% for homes that closed.  New listings, [...]

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The June 30 closing deadline for the home buyer tax credit certainly boosted the market with the total volume of homes that closed in June approaching $45 million, a 34% increase over May’s  volume of $34 million, but down 13.5% from last June’s peak at nearly $53 million. Although the average list price of new [...]

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Good morning! In national news, mortgage rates dropped again last week (through July 7). Interest rates hit the lowest they’ve been in more than 50 years, with a 30-year fixed-rate loan falling to 4.74% (down from 5.59% a year ago) and 15-year fixed-rate loans at 4.22%, down from 4.93% a year ago.  Locally, home buyers appeared [...]

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