Monday Morning Market Update for Rochester, MN

Happy Columbus Day!

There are currently 1002 residential properties for sale in Rochester, Minnesota according to the Multiple Listing Service (MLS) with an average list price of $240,443 (median $179,900) and an average of 157 days on the market.  This past week (October 5 through 11, 2009) there were 1050 active listings, comparable to a year ago.

MLS data shows that new listings in Rochester dropped 18% last week compared to a year ago, with 33 new listings.  The average asking price was $195,135 (median $169,900).  Homes going to pending showed a similar decline (17%) with 24 homes going under contract last week; average list price $150,227 (median $144,900) and average market time of 110 days.  There were 14 homes that closed (sold last week), 22% fewer than the same time last year.  The average sold price of $177,800 (median $171,350) was 97.57 of the list price, 92.24% of the original asking price.  Average market time for these homes was 128 days.

According to the MLS, three listings were withdrawn last week, 12 canceled, 14 expired, 15 came back on the market, and 13 were extended.

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