Rochester MN Real Estate Market Blog

I’ve taken a new listing at 2620 61^st St NW Rochester, MN 55901.  It is a 3 bedroom, 2 bath walkout split in Bandel Hills.  The listing number is 4017603 and the home info line number is 397690.  You can find all the details here.

I’ve taken a new listing at 3004 6^th Ave NW Rochester, MN 55901.  It is a 4 bedroom, 2 bath walkout split in Elton Hills.  The listing number is 4013322 and the home info line number is 397900.  You can find all the details here.

I’ve taken a new listing at 4501 22^nd Ave NE Rochester, MN 55906.  It is a 7 bedroom, 4 bath walkout ranch.  The listing number is 4017772 and the home info line number is 396080.  You can find all the details here.

I’ve taken a new listing at 2457 Crimson Ridge Cr NW Rochester, MN 55901.  It is a 3 bedroom, 3 bath walkout 2 story in Crimson Ridge.  The listing number is 4017629 and the home info line number is 396770.  You can find all the details here.

I’ve taken a new listing at 6251 Pagel Dr SE Rochester, MN 55904.  It is a 3 bedroom, 3 bath walkout 2 story in Coventry Hills.  The listing number is 4017375 and the home info line number is 397020.  You can find all the details here.

I’ve taken a new listing at 5783 Dogwood Ct NW Rochester, MN 55901.  It is a 2 bedroom, 2 bath walkout ranch townhome in Crimson Ridge.  The listing number is 2910850 and the home info line number is 396420.  You can find all the details here.

I’ve taken a new listing at 2570 Boulder Ridge Ln NW Rochester, MN 55901.  It is a 4 bedroom, 3 bath split in Boulder Ridge.  The listing number is 4017800 and the home info line number is 396840.  You can find all the details here.

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  Two listings were withdrawn, 12 canceled, 6 expired, and 28 were extended.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.

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.

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.