Rochester MN Real Estate Market Blog » Real Estate News

March Market Update for Rochester, MN

admin — Wed, 10 Mar 2010 14:39:28 +0000

The spring market is heating up quickly and there is the potential for greater sales volume than we’ve seen in quite a while as the deadline for taking advantage of the home buyer tax credit looms. First-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010 may be eligible for a tax credit of up to $8,000. Home buyers who have owned a home for five consecutive years out of the prior eight years who purchase a home after November 6, 2009 and on or before April 30, 2010 may be eligible for a tax credit of up to $6,500. Income limits and other restrictions may apply.

The volume of new listings continued to surge forward with 42% more new listings in February (284) than the month before. The total number of active listings in February (1012) was up 13% over the previous month, and homes sold (68) were up nearly 20% from January. Homes going under contract to pending (103) were up 27% over the previous month. Average market time to pending dropped to 131 days, down 6.4% from January, 2010 and down 12.7% from February 2009.

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

For more information on the home buyer tax credit, the National Association of Home Builders has put together a great website: http://www.federalhousingtaxcredit.com/home.html.

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

Monday Morning Market Update for Rochester, MN

admin — Mon, 08 Mar 2010 13:28:21 +0000

Good Morning!

There are currently 1129 residential properties for sale in Rochester, Minnesota, 50% more than this time a month ago and 10% higher than a year ago. The average list price for these homes is $223,765 (median $174,900) and average market time is 150 days. Last week (March 1 to 7, 2010) there were 1146 homes for sale with an average list price of $222,932 (median $172,900) and 150 days on the market.

There were 112 new listings last week, an increase of 22% from last year according to the Multiple Listing Service (MLS), and 19 that came back on the market with an average asking price of $232,311 (median $172,900) and $185,278 (median $167,900) respectively. Nine listings canceled, 15 listings expired, and 15 were extended.

The 38 listings that went under contract last week to pending represented a 41% increase over last year and had an average list price of $160,309 (median $155,000) and an average of 155 days on the market.

There were 13 homes that closed last week, half as many as last year, with an average market time of 149 days. The average sold price of $150,119 (median $145,000) was 97.8% of the list price, 92.3% of the original asking price. Last year the homes that sold in the first week of March averaged 96% of the list price.

Monday Morning Market Update for Rochester, MN

admin — Mon, 01 Mar 2010 15:53:49 +0000

Good morning!

There are currently 1054 active residential listings in Rochester, Minnesota. Average list price for these homes is $220,936 (median $174,900), average market time is 161 days.

According to the MLS (Multiple Listing Service) there were 23 homes that went under contract to pending last week with an average asking price of $166,471 (median $151,550) and an average of 91 days on the marktet. The 18 homes that sold (closed) last week had an average of 144 days on the market. The average sales price for these homes ($202,338, median $168,750) was 99.8% of the asking price, 96.6% of the original list price.

The MLS reports indicate there were 69 new listings last week and 8 that came back on the market with an average list price of $203,797 (median $169,900) and $199,287 (median $209,900) respectively. One listing was withdrawn, 5 canceled, 4 expired, and 15 were extended.

Monday Morning Market Update for Rochester, MN

admin — Mon, 22 Feb 2010 14:54:22 +0000

Good morning!

There are currently 1009 active residential listings for sale in Rochester, MN according to the Multiple Listing Service (MLS), with a median asking price of $174,900 and average of 163 days on the market.

Twelve listings sold last week (February 15-21, 2010) with an average sold price of $125,495 (median $117,950), 97.6% of the asking price, just 88.6% of the original list price. These homes had an average market time of 135 days. There were 32 homes that went under contract to pending with an average asking price of $224,375 (median $189,900) an average market time of 138 days.

Last week there 77 new listings and 12 that came back on the market with average list price of $188,990 (median $158,900) and $223,133 (median $164,900) respectively. One listing was withdrawn, 7 canceled, 12 expired and 14 were extended.

Rochester Area Market Conditions – February 2010

admin — Wed, 17 Feb 2010 15:13:33 +0000

It’s February so it’s not too soon for crocuses and “for sale” signs to start popping up in front yards all over town. New listings were on the upswing in the first month of the year, heralding the beginning of the spring market.

The number of total active listings in January, 2010 was up 44% over January, 2009. The number of homes going under contract and homes that closed were down 15% and 16% respectively, and the median sales price was down to $149,000 from $153,400 for the same time period last year. Average market time to pending increased in January to 140 days, just over 2 weeks longer than the last month of 2009 and 3 weeks longer than last January.

The supply/demand ratio reached its highest level since last January with just over 15-1/2 months inventory, a normal occurrence this time of year as more homes come on the market in anticipation of the spring selling season.

For the latest in all the 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, 15 Feb 2010 13:39:51 +0000

Good morning and happy President’s Day!

There are currently 969 residential homes for sale in Rochester, MN with an average list price of $224,583 (median $176,900) and an average of 171 days on the market.

According to the Multiple Listing Service (MLS) last week (February 8 to 14, 2010) the volume of new listings was down 26% compared to the same time period a year ago; there were 52 new listings and 12 that came back on the market. Average asking price was $222,937 (median $194,000) and $228,906 (median $234,900) respectively. One listing was withdrawn last week, 5 canceled, 6 expired, and 20 were extended.

There were 15 listings that went to pending last week, down 44% from last year. These properties had an average list price of $163,521 (median $122,900) and an average market time of 135 days. The MLS reports that there were 8 homes that sold (closed) last week, an increase of 1/3 over the same time last year. The average sold price of $145,737 (median $152,150) was 97.4% of the asking price, 91.9% of the original list price. These homes averaged 107 days on the market.

Morning Market Update for Rochester, MN

admin — Tue, 09 Feb 2010 16:30:50 +0000

There are currently 928 residential properties for sale in Rochester, MN with an average list price of $223,836 and average market time of 173 days. According to the MLS (Multiple Listing Service) there were 967 total active residential listings last week (February 1 to 7, 2010) an increase of 5% over the same period a year ago.

There were 67 new listings last week, no change from last year. The average asking price for these homes was $197,556 (median $169,900). There were 27 listings that came back on the market last week with an average price of $224,748 (median $174,900). Last week 1 listing was withdrawn, 19 canceled, 6 expired, and 27 were extended.

Last week’s 20 listings that went to pending (under contract) represented a 44% decrease from a year ago and the 8 listings that sold were a 60% drop. The pending listings had an average asking price of $149,671 (median 139,900) and an average of 181 days on the market. The sold (closed) properties had an average market time of 152 days. The average sold price of $200,762 (median $200,600) was 93% of the asking price, 90.49% of the original list price. Taken by quadrant, average sale price was 100% of list for Northwest Rochester, an increase of 3%; 96% for Northeast Rochester, an increase of 4%; 110% for Southeast Rochester, an increase of 7%; and 85% for Southwest Rochester, a decrease of 15%.

Monday Market Update for Rochester, MN

admin — Mon, 01 Feb 2010 21:08:38 +0000

Happy February!

According to the Multiple Listing Service (MLS) there are currently 881 homes for sale in Rochester, Minnesota with an average asking price of $224,438 (median $174,900) and an average of 177 days on the market.

Last week (January 25 to 31, 2010) there were 53 new listings and 16 that came back on the market. Average asking price for these properties was $195,404 (median $179,900) and $220,029 (median $224,900) respectively. Two listings were withdrawn, 12 canceled, 6 expired, and 28 were extended.

There were 27 homes that went under contract to pending last week. These homes had an average list price of $152,240 (median $144,900) and average market time of 83 days. The 13 homes that sold (closed) last week had an average sold price of $171,784 (median $149,900), 97.6% of the list price, 95.2% of the original asking price. These homes averaged 108 days on the market.

Monday Morning Market Update for Rochester, MN

admin — Mon, 25 Jan 2010 12:37:00 +0000

As we begin the last week of January there are 867 active residential listings in Rochester, Minnesota according to the Multiple Listing Service (MLS). The average list price for these properties is $223,938 (median $169,900), average market time is 172 days.

Last week (January 18-24, 2010) there were 53 new listings, an increase of 39% over the same time period last year; 14 homes that went under contract, a decrease of 48%; and 8 homes that closed, 1/2 as many as last year.

Last week’s 53 new listings and 33 back on the market listings in Rochester had an average asking price of $180,246 (median $155,000) and $187,963 (median $159,900) respectively. There were 33 listings that canceled, 11 expired, and 32 were extended.

The 14 listings that went to pending (under contract) last week had an average list price of $186,167 (median $159,900) and averaged 128 days on the market.

The average sold price of the 8 homes that sold (closed) last week, $173,231 (median $130,225) was 96.6% of the list price, 93.2% of the original asking price. Average market time for these homes was 153 days.

2009 Review – Market Time vs. Average Price for Homes Sold in Rochester, MN

admin — Wed, 20 Jan 2010 15:31:14 +0000

Looking at the average sold price and average market time for homes that have sold in Rochester, Minnesota in the last two years, we can see a hopeful trend for improving market conditions. While the chart clearly demonstrates the impact of the economic downturn and continued higher inventories of properties for sale, a year-end up-turn is encouraging.

Avg. Market Time vs Avg. Sold Price 2008-2009

The average sold price for homes sold in Rochester, Minnesota increased slowly but steadily during the last four months of 2009, finishing the year at an average of $186,411 for December. According to the Multiple Listings Service (MLS), the average sold price for residential properties in Rochester began the year in January at $163,821 with the lowest average for the year in February at $157,456. The highest monthly average sold price in 2009 was reached in June at $192,678.

Market time for homes that sold in 2009 began the year with a monthly average of 119 days in January, reached 140 days in March, and experienced the shortest monthly average market time of the year in August at 100 days. Not surprisingly, December’s average was the longest at 157 days.