Local Real Estate Market Conditions for Rochester, MN (week of 11/3-11/9/08)

The stock of homes for sale in Rochester, Minnesota continued to drop last week.  There are currently 905 residential properties actively for sale in Rochester, with an average list price of $227,140 (median $176,500) and an average of 164 days on the market.  Last week there were 42 new listings (avg. list price $198,066, median $159,900) and 16 that came back on the market (avg. list price $197,593, median $155,900).

Thirty-one residential properties went to pending (under contract) last week.  Average asking price for these properties was $191,293, with a median asking price of $174,900.  It took an average of 110 days on the market for these homes to go under contract.

Last week 16 residential listings cancelled, 10 expired, and 13 were extended.

The 17 homes that sold (closed) last week had an average sold price of $205,500 (median $182,900), an average of 97.76% of the asking price and 93.26% of the original list price.  This close margin of sold price to list price at time of sale illustrates the extreme importance of accurate pricing.

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