Rochester MN Real Estate Market Blog

The owner at 2919 7th Ave NW Rochester, MN 55901 just reduced their price to $144,900!  This is a 4 bedroom, 3 bath split.  Click here for more details.

The owner at 1117 8^th Ave SW Rochester, MN 55902 just reduced their price to $109,900!  This is a 2 bedroom, 1 bath ranch.  Click here for more details.

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

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

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

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

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

I’ve taken a new listing at 728 1^st Ave SW #304.  It is a 2 bedroom, 1 bath  condo at Point of View Condos.  The listing number is 4033070.  You can find all the details here.

The number of homes going on and off the market continues to remain at about the same levels from week to week, but the homes that are selling are at the lower end of the price range. Last week (October 21 to 27, 2011) there were 26 residential properties that went under contract, a level that the market seems to find comfortable, with 33 new residential listings coming onto the market. Average asking price for the homes that went under contract was $177,325, with an average of 104 days on the market. The new listings had an average asking price of $186,168.

Rochester Minnesota saw 30 closings on residential properties last week. These homes had an average sold price of $146,091, 25% lower than the average for the 31 homes that closed a week earlier. Average market time of 112 days, was nearly a third shorter than those closing the previous week. Nevertheless, the average price of the homes that closed last week was 97.7% of the asking price, 89.2% of the original list price.

The inventory of homes for sale in the Rochester area continues to decline, remaining at about 1/5 fewer than a  year ago at this time.  There are currently 792 active residential listings in Rochester, Minnesota with an average asking price of $208,802 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.

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

The owner at 1308 Glendale Hills Dr NE Rochester, MN 55906 just reduced their price to $249,900!  This is a 3 bedroom, 4 bath 2 story.  Click here for more details.