Monday Morning Market Update for Rochester, Minn

There are currently 1039 residential properties for sale in Rochester, MN, a 10% decrease from a year earlier.  Last week (July 20-26, 2009), 30 homes went to pending (under contract) down 19% from a year ago.  Homes sold (closed) were down a third, with 23 homes closed last week.  Average sold prices remain at 98% of the asking price, emphasizing the importance of accurately pinpointing an appropriate price range.

There were 41 new listings last week and 19 that came back on the market.  Average list price for these properties was $208,492 (median $178,900) and $245,304 (median $229,900) respectively.  Thirteen listings were extended, 11 expired, 14 canceled, and 3 were withdrawn.  The 30 pending listings had an average list price of $183,356 (median $154,900) and an average of 91 days on the market.  The 23 sold properties had an average sold price of $156,183 (median $137,900) and average market time of 147 days.

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