Rochester MN Real Estate Market Blog » Real Estate News

Monday Morning Rochester Area Real Estate Market Update

admin — Mon, 30 Aug 2010 16:21:02 +0000

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 the average listing price of the pended homes sales was $152,782. This next week is expected to see good activity as buyers and sellers try to finalize their real estate plans prior to the Labor Day holiday.

There are currently 1,171 active listings in Rochester with an average days on market of 177 days. The average listing price is currently $223,765 ($169,900 median)

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

Monday Morning Market Update for Rochester, MN

admin — Mon, 23 Aug 2010 15:43:00 +0000

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 21 homes under contract. There were 23 homes that closed, half again as many as the previous week. Average market time for both homes going under contract to pending and those that closed remained steady from a week earlier. There were 34 new listings last week, down 35% from last week, 38% from a year ago.

The average sold price for the homes that closed last week was 96.3% of the list price, but just 87.9% of the original asking price. With so many homes currently for sale, accurate pricing from the outset is essential to achieving the best sales price.

There are currently 1178 homes for sale in Rochester, MN with an average list price of $221,661 (median $169,900) and an average of 173 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.

Rochester Area Monthly Market Conditions – August 2010

admin — Tue, 17 Aug 2010 14:15:38 +0000

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. There were 100 signed contracts on Rochester area residential properties in July 2010, down 14-1/2% from June and down one third from a year ago. Year to date, the number of homes that have gone under contract is down more than 10% compared to last year; at the end of April this number had been up 6.7% from a year earlier. Not surprisingly, average market time to pending is up 34% over year ago with homes averaging nearly five weeks longer to sell than last July.

New listings dropped 8.3% in July, reaching the lowest number so far this year. Year to date, new listings are up nearly 5% from last year, at least in part as a result of the Home Buyer Tax Credit activity of the first several months of the year. Although total active listings (1227) were up 12% from a year ago, month to month the volume has continued to decline since hitting a high of 1317 in April. There were 86 closings in July, half as many as a year ago, with an average of 108 days on the market.

For the latest in local real estate stats make sure to check out http://www.shawnburyska.com/real-estate-statistics.php

Shawn Buryska ABR, CRS, GRI
Coldwell Banker Burnet Realty
507-252-6745
www.ShawnBuryska.com

Morning Market Update for Rochester, MN

admin — Tue, 17 Aug 2010 12:10:53 +0000

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 33% improvement over the same time period a year ago. There were 21 homes that went under contract, down 42% from last year, but only a 12.5% drop from the previous week. Average market time for the homes that went under contract last week was just 85 days, a 59% drop from the previous week. New listings were steady year over year with 52 homes that came onto the market last week. Total active listings remain up 10% from a year ago, which has been fairly consistent for a while now.

There are currently 1173 homes for sale in Rochester, MN with an average list price of $222,990 (median $169,900) and an average of 170 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.

Monday Morning Market Update for Rochester, MN

admin — Mon, 09 Aug 2010 12:34:25 +0000

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 50% respectively over a year ago, yet an increase of 14% and 24% respectively over the previous week. New listings jumped 77% last week, and yet were still down 12% from the same time period last year.

Total active listings stayed steady at 1228 residential properties for sale in Rochester, an increase of 10% over a year ago. There are currently 1207 homes for sale in the area. The average market time for the 26 homes that closed last week was 73 days, more than 40% shorter than the previous week. It’s no surprise then that the average sold price for these homes was much closer to the original list price than in previous weeks –97.4% of the asking price and 95.8% of the original list price. Average market time for the 24 homes that had signed contracts last week was 206 days.

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

Monday Morning Market Update for Rochester, MN

admin — Mon, 02 Aug 2010 17:48:26 +0000

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 earlier, and down 45% from the same time last year.

Total active listings were down slightly from the previous week, but overall represent an increase of 10% over a year ago, with 1228 residential properties currently for sale in Rochester. Average sold price for the 21 homes that closed last week was 97.0% of the asking price, just 91.1% of the original list price. Average market time for these homes was 126 days. Average market time for the 21 homes that had signed contracts last week was 127 days.

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

Monday Morning Market Update for Rochester, MN

admin — Mon, 26 Jul 2010 16:02:28 +0000

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 listings were down nearly a third over a year ago, but continued to outpace homes that had signed agreements by a third.

Total active listings are up 11% over a year ago, with 1237 residential properties currently for sale in Rochester. Average sold price for the 16 homes that closed last week was 96.7% of the asking price, just 92.4% of the original list price. Average market time for these homes was 81 days. Average market time for the 19 homes that had signed contracts last week was 156 days.

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

Monday Morning Market Update for Rochester, MN

admin — Mon, 19 Jul 2010 20:49:35 +0000

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, although down 15% from a year ago, remained at about the same volume of new and back on the market as we’ve seen for the last several weeks. New and back on the market listings continue to outpace those going off the market under contract, resulting in total active listings up 12% from a year ago.

As a result of the increased inventory of homes for sale, the balance of power is shifting towards the buyers. A year ago, the average sale price was 98% of the list price (not to be confused with the original asking price), whereas recently the average sale price is approximately 96% of the list price. Accurate pricing from the beginning is imperative to a quicker sale and a better sales price.

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

Rochester, MN Area Monthly Market Update

admin — Mon, 12 Jul 2010 11:42:57 +0000

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 listings coming on the market in June dropped 12.3% from the previous month to $206,295, the average of all active listings increased slightly to $232,328. Interestingly, the average sold price increased 12.3% month over month, with the average sold price of $184,412 averaging 97.9% of the asking price.

Total active listings for the first half of the year were up 6% over last year with 2463 residential properties for sale in the Rochester area. New listings (1611) were up 9% with homes going under contract to pending down 7% (917). There were 855 closings in the first half of the year, down just 2% over the first half of last year. Market time to pending averaged 3 weeks longer in June than in May; however, through the first six months of the year, average market time was 116 days, one week shorter than a year ago.

For the latest in local real estate stats make sure to check out http://www.shawnburyska.com/real-estate-statistics.php

Shawn Buryska ABR, CRS, GRI
Coldwell Banker Burnet Realty
507-252-6745
www.ShawnBuryska.com

Monday Morning Market Update for Rochester, MN

admin — Mon, 12 Jul 2010 11:38:22 +0000

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 to be on vacation with the July 4th holiday weekend. There were half as many signed purchase agreements last week (July 2 to 8, 2010) as the week before, a drop of 44% from the same time a year ago. There were only 10 closings last week, an 85% drop from the previous week, 41% from a year earlier.

New listings, on the other hand, remained steady with 39 homes new listings last week and 20 additional properties coming back onto the market. Although the volume of new listings is down 25% from a year ago, the total volume of homes for sale is up 11% year over year as sellers continue to outnumber buyers.

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 8/11/2010)