Rochester MN Real Estate Market Blog

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.

I’ve taken a new listing at 2817 Riverwood Ln NW.  It is a 2 bedroom, 3 bath 2 story townhome in Riverview West.  The listing number is 4033007.  You can find all the details here.

The owner at 6089 Portsmouth Dr NW Rochester, MN 55901 just reduced their price to $259,900!  This is a 4 bedroom, 4 bath 2 story.  Click here for more details.

Another steady week in the Rochester Minnesota housing market last week (October 14 to 20, 2011) with 27  listings that went under contract and 24 new residential listings coming onto the market. Average asking price for the homes that went under contract was $192,503, with new listings entering the market having an average list price of $200,920. The pending listings that went under contract had an average market time of 120 days.

Rochester Minnesota saw 31 closings on residential properties last week. These homes had an average sold price of $198,608 – 96.2% of the list price but just 89.6% of the original asking price. Average market time for these homes was 154 days.

Total active listings of homes for sale in Rochester, Minnesota remain down 22% compared to a year ago as the inventory of homes for sale continues to drop, shifting the balance of power towards sellers. There are currently 811 active residential listings in Rochester, Minnesota with an average asking price of $207,445 and an average of 167 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 611 Cty Rd 13 SW Pine Island, MN 55963 just reduced their price to $223,000!  This is a 3 bedroom, 3 bath ranch.  Click here for more details.