Monday Morning Market Update for Rochester, MN

Good morning!

There are currently 1002 residential properties for sale in Rochester, Minnesota according to the MLS (Multiple Listing Service) with an average list price of $240,169 (median $179,900) and an average market time of 156 days.

Last week (October 12 to 18, 2009) there were 1061 homes for sale, an increase of 3% over a year ago. There were 49 new listings last week, an increase of 81% over a year ago, and 26 listings that came back on the market.  Average list price for these properties was $163,028 (median $159,900) and $212,650 (median $159,900) respectively.

According to the MLS, the 36 residential properties that went under contract last week ( to pending) represented a 71% increase over the same time period a year ago.  These listings had an average list price of $157,715 (median $149,900) and an average market time of 113 days.  The 22 closings were nearly a third fewer than a year ago.  The average sold price of $181,581 (median $167,850) was 98.36% of the list price, 95.11% of the original list price. These properties averaged 85 days on the market.

Finally, 3 listings were withdrawn, 19 canceled, 15 expired, and 20 were extended.

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