Monday Morning Market Update for Rochester, MN

Good Morning!

There are currently 1052 residential properties for sale in Rochester, MN according to the MLS (Multiple Listing Service).  Last week (September 14 to 20, 2009) there were 1104 homes for sale, comparable to a year ago.  The 46 new listings represented just a 4% decline from a year ago, with the 28 homes that went to pending (under contract) last week down 18% from last year.  There were 17 homes that closed (sold) last week, a 19% drop from a year ago.  Average sold prices reached 99% of the asking price, two points higher than a year earlier.

According to the MLS, the average list price for the 46 new listings and 16 that came back on the market last week in Rochester, Minnesota was $202,535 (median $159,900) and $219,808 (median $224,900) respectively.  Nineteen listings were extended, 18 expired, 10 canceled, and 1 was withdrawn.  The 28 pending listings had an average list price of $196,192 (median $159,900) and an average of 127 days on the market.  The 17 sold properties had an average sold price of $138,560 (median $133,900) and average market time of 81 days.

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