Rochester MN Real Estate Market Blog » Real Estate News

Real Estate Housing Market Update for Rochester Minnesota – Monday Morning Market Update

admin — Mon, 30 Jan 2012 13:18:05 +0000

The Rochester Minnesota area residential real estate market started picking up steam last week with nearly twice as many new listings as the previous week. There were 36 new residential listings last week (January 20-26, 2012) with an average asking price of $225,959. With new listings outpacing those going under contract, residential housing inventory increased slightly week over week with 600 homes currently for sale in the Rochester, Minnesota area. These homes have an average asking price of $207,732 and an average of 182 days on the market.

Last week there were 28 homes that went under contract. The average asking price for these homes was $170,695; average market time was 105 days. Average sold price for the 18 homes that closed last week was $157,636, just 88.3% of the original listing price. The selling price for these homes was within 3% of the asking price when they sold. Average time on the market for last week’s closings was 201 days.

While the number of new and pending listings are down more than 10% from the same time a year ago, the increase in activity is a positive sign as we head into the spring 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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Rochester, Minnesota Real Estate Market Update

admin — Tue, 24 Jan 2012 23:09:47 +0000

Signed contracts outpaced new listings last week, contributing to the continued reduction in housing inventory available for sale. Last week’s 20 new residential listings had an average asking price of $229,627. The 25 homes that went under contract last week (January 13-19, 2012) represented an increase of more than 70% over the same time period a year ago and averaged 173 days on the market with an average list price of $182,440.

There were 17 closings last week, almost twice as many as a year earlier. The average sold price for these homes was $167,973. With an average market time of 203 days and the average selling price at 95.8% of the asking price and 86.0% of the original list price, proper pricing is still incredibly important to finding the right buyer.

There are currently 590 active residential listings in Rochester, Minnesota with an average asking price of $205,717 and an average of 184 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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Rochester Minnesota Housing Market Update – January 2012

admin — Mon, 16 Jan 2012 19:23:15 +0000

The Rochester, Minnesota housing market may have slowed way down in December, 2011, but overall the market improved over 2010. There were 9.9% more signed contracts and 6.5% more closings in 2011, an impressive sign given the absence of the Homeowner’s Tax Credit that boosted real estate activity in 2009 and 2010. Another positive sign – although the average selling price in 2011 was 1.6% lower than in 2010, the total volume of homes sold increased 8% year over year.

New listings (75) in December, 2011 were down by a third from the previous month and more than 16% over last December. Signed contracts (94) were also down from the previous month, but were up more than a third from the last month of 2010. Average market time in December reached 177 days, the longest we’ve seen in more than a decade.

Active listings have dipped below the 600 mark, a 40% drop from a year ago. We’ll be watching to see how the market heats up as we head into the spring selling season.

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

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Rochester Minnesota Residential Housing Market Conditions – Monday Morning Update

admin — Mon, 16 Jan 2012 14:44:50 +0000

It’s a new year and we’re heading into the spring market, typically the hottest selling time of the year. Early signs point towards the market heading in the right direction, with 30 new listings last week (January 6 to 12, 2012) and 25 signed contracts.

Last week’s new residential listings had an average asking price of $174,768. The homes that went under contract last week averaged 139 days on the market and had an average list price of $183,396.

While the number of signed contracts was up almost 25% compared to a year ago, the total number of active listings was down fully one-fourth from last year. On the other hand, the ten homes that sold last week had an average sold price of $197,838, 89% of the asking price and just 79% of the original list price. These homes averaged 187 days on the market.

There are currently 607 active residential listings in Rochester, Minnesota with an average asking price of $203,757and an average of 182 days on the market.

My website has just been updated with the latest market information and year-end statistics. 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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Rochester Minnesota Housing Market Conditions – Monday Morning Update

admin — Mon, 19 Dec 2011 13:47:31 +0000

Signed contracts outpaced new listings in the Rochester Minnesota area housing market last week as we approach the end of the year and the inventory of homes for sale continues to drop.

The number of homes going under contract last week (December 9 to 15, 2011) was up 38% over the same time a year earlier. Although there were nearly 50% more closings last week than the second week of 2010, the total volume was only up 20% with the average sale price down 18% year over year.

The 22 homes that went under contract last week had an average list price of $173,997 and an average of 190 days on the market. The 18 new residential listings had an average asking price of $171,111. For the 28 homes that closed, the average sold price of $139,595 was 94.5% of the asking price, 83.9% of the original list price.

There are currently 669 active residential listings in Rochester, Minnesota with an average asking price of $205,267 and an average of 175 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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Rochester Minnesota Housing Market Update

admin — Mon, 28 Nov 2011 14:05:56 +0000

The seasonally reduced activity continued at typical levels last week in Rochester, Minnesota with 15 new listings, 19 signed contracts and 29 closings.

The homes that went under contract last week (November 18 to 24, 2011) had an average asking price of $182,357 (median $158,000) and an average market time of just 167 days. The new residential listings that came on the market last week had an average list price of $215,526 (median $179,000).

Last week Rochester Minnesota’s 29 residential closings had an average sold price of $188,245 (median $141,000), 99.1% of the asking price and 95.4% of the original list price. Average market time for these homes was 154 days.

There are currently 724 active residential listings in Rochester, Minnesota with an average asking price of $205,898 and an average of 177 days on the market. As the inventory of homes continues to drop, the balance of power shifts towards home sellers. Nevertheless, proper preparation and pricing are essential to achieving the quickest sale at the best price.

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

Minnesota Housing Outlook – Looking Back and Looking Ahead

admin — Tue, 22 Nov 2011 14:34:52 +0000

From home ownership trends to predictions regarding future home prices, Rochester, Minnesota appears to be holding its own.

The 2010 Census information is beginning to be released and, according to 24/7 Wall Street’s analysis of the data, Minnesota has the 2^nd highest percent of home ownership (73%), second only to West Virginia. This analysis points towards home ownership being higher in states that have lower home prices and a lower population density. Minnesota’s median home value was $200,400 according to the 2010 Census, ranking 20^th among all states. Minnesota’s population in 2010 was 5,310,584.

Nationally, home ownership was at 65.1% in April 2010, down 1.1 percentage points from a decade earlier, but a drop of more than 4 points from the middle of the decade, according to CNNMoney. This represented the biggest negative change since the 1930s when home ownership dropped 4.2%.

According to CNNMoney.com, median home prices are expected to continue falling, with a drop of another 3.6% expected by the end of June 2012. The Rochester area housing market saw a 2% drop in home prices from the second quarter of 2010 through the second quarter of 2011. In the last 20 years, according to Fiserv, the worst one year price change in Rochester, Minnesota came in the first quarter of 2008 when median home prices dropped 5.9%. On a positive note, the forecast change in housing prices from the second quarter of 2011 through the second quarter of 2012 is expected to be a drop of just 1%, with an increase of 1.3% in the twelve months following that.

If you have any questions, please don’t hesitate to contact me. As always, I am working to make your home buying and selling a rewarding experience.

Shawn Buryska, ABR, CRS, GRI
Coldwell Banker Burnet Realty
www.ShawnBuryska.com
507-252-6745 – Direct
507-254-7425 – Mobile
507-252-6845 – Fax

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

Rochester Minnesota Housing Market Update – November 2011

admin — Tue, 22 Nov 2011 14:30:50 +0000

After a sharp drop-off in home sales in September, the number of pending listings stayed steady in October, with 114 homes going under contract, an increase of 16.3% over a year earlier.

Compared to last year’s flurry of buyer activity and sharp drop-off following the end of the tax credit, Rochester, Minnesota home buyers have been more consistent with home sales achieving a more typical pattern. Year-to-date, the number of Rochester, Minnesota homes going under contract is actually 9.2 percent the first ten months of last year. Combined with lower seller activity and continued low interest rates, the absorption rate has dropped 65 months, 21.8% shorter than a year earlier.

As we finish out 2011, keep in mind that even in the seasonally slower market conditions, homes that are priced accurately and properly prepared for sale from the beginning, sell faster and for a better price. Plus, the homes that continue to sell are still in the lower end of the price range. 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

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

Rochester Minnesota Real Estate Market Monday Morning Update

admin — Tue, 15 Nov 2011 12:40:56 +0000

The Rochester Minnesota area housing market slowed slightly last week with 20 signed contracts, 22 new listings, and 18 closings. The homes that went under contract last week (November 4 to 10, 2011) had an average asking price of $142,620 (median $142,200) and an average market time of just 69 days, indicating these homes were priced accurately from the outset. The new residential listings that came on th emarket last week had an average list price of $190,602 (median $152,937).

Rochester Minnesota’s 18 residential closings last week had an average sold price of $144,579 (median $140,999), 98.5% of the asking price and 93.9% of the original list price. All signs point towards a combination of proper pricing and a price range attractive to a broader range of buyers. Average market time for these properties was 123 days.

There are currently 748 active residential listings in Rochester, Minnesota with an average asking price of $205,296 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.

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

Rochester Minnesota Real Estate Market Update

admin — Mon, 07 Nov 2011 17:03:21 +0000

At the risk of sounding like a broken record (does anyone remember those?), the number of homes going under contract each week has remained at a fairly steady level for quite a while now. The average asking price for those homes with signed contracts, however, is trending downward. Last week (October 28 to November 3, 2011) there were 27 residential properties that went under contract, with 27 new residential listings coming onto the market. Average asking price for the homes that went under contract was $160,874, with an average of 106 days on the market. The new listings had an average asking price of $174,885.

Rochester Minnesota saw 33 closings on residential properties last week. These homes had an average sold price of $198,340, 97.4% of the asking price and 89% of the original listing price. Average market time of 122 days.

There are currently 766 active residential listings in Rochester, Minnesota with an average asking price of $207,903 and an average of 168 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