Monday Morning Market Update – Real Estate Market Conditions for Rochester, MN

Good Morning!

There are 965 homes for sale in Rochester, Minnesota with an average list price of $242,390 (median $179,900) and average market time of 163 days.  According to the MLS (Multiple Listing Service) there were 1026 homes for sale last week (October 19 to 25, 2009), no change from a year ago.

The 21 new listings last week (average list price $239,466, median $159,900) were fewer than half that came on the market during the same time period a year ago.  However, nearly twice as many homes went under contract (to pending) last week as compared to last year.  Those 42 residential properties had an average asking price of $174,803 (median $149,900) and averaged 115 days on the market.

There were 21 homes that came back on the market last week, 3 were withdrawn, 16 cancelled, 14 expired, and 25 were extended.

There were 23 homes that sold (closed) last week, a 35% increase over last year.  The average sold price was 26% higher than last year.  The average sold price of $230,668 (median $156,000) was 97.39% of the asking price, 93.87% of the original list price.  These homes averaged 106 days on the market.

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