Monday Morning Rochester Real Estate Market Update

Good morning!

There are currently 823 residential properties for sale in Rochester, Minnesota.  The average list price for these properties is $224,992 (median $175,000) and average market time is 190 days.  Last week (January 19 to January 25, 2009) there were 846 residential properties for sale (average list price $225,607, median $175,000, 186 days on the market).

Last week 22 homes went to pending (under contract) with an average price of $163,045 (median $159,900) and 111 days on the market.  There were 37 new listings, averaging $223,754 (median $164,900), and 17 listings came back on the market (average $271,723, median $249,900, 334 days on the market).  Six listings expired, 3 cancelled, and 4 were withdrawn.

The average sold price of $165,870 for the 12 homes that sold (closed) last week was 88.71% of the list price, 81.59% of the original asking price, underscoring the need for realistic pricing in the current market.  These properties had an average of 94 days on the market.  The average list price was $186,979 (median $130,900).

This entry was posted in Real Estate News, Rochester MN Homes for Sale. Bookmark the permalink.