Monday Morning Market Update for Rochester, MN

Good Morning!

There are currently 1049 residential properties for sale in Rochester, MN according to the MLS (Multiple Listing Service).  Last week (September 7 to 13, 2009) there were 1092 homes for sale, down just 1% from a year ago.  The 38 new listings represented a 24% decline from a year ago, with the 30 homes that went to pending (under contract) last week down 17% from last year.  Only 1/4 as many homes closed (sold) last week (9) compared to last year, but this may be in part due to the Labor Day holiday.  Average sold prices remained steady at 98% of the asking price, consistently a point higher than a year earlier, emphasizing the continued importance of accurate pricing.

According to the MLS, there were 38 new listings last week and 11 that came back on the market in Rochester, Minnesota.  Average list price for these properties was $186,976 (median $144,900) and $223,645 (median $209,900) respectively.  Fifteen listings were extended, 9 expired, 9 canceled, and 3 were withdrawn.  The 30 pending listings had an average list price of $161,210 (median $150,000) and an average of 107 days on the market.  The 9 sold properties had an average sold price of $147,266 (median $134,900) and average market time of 157 days.

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