Monday Morning Market Update for Rochester, MN

Good Morning!

There are currently 896 homes for sale in Rochester, Minnesota with an average asking price of $240,111 (median ($179,900) and average market time of 164 days.  According to the Multiple Listing Service (MLS) there were 994 active residential listings last week (October 26 to November 1, 2009), down just 2% from a year earlier.

Last week there were an equal number of listings that went under contract and that came onto the market (22).  The new lsitings represented a drop of 37% over a year ago, while homes going under contract  were down 27% from the same time last year.  Homes that closed (sold) were up 12% (47). 

The 22 new listings had an average asking price of $262,945 (median $184,900) as reported by the MLS. There were 18 listings that came back on the market (average list price $184,483, median $154,000). Twenty-one listings cancelled, 53 expired, and 22 were extended.   The 22 listings that went under contract (to pending) had an average list price of $160,695 (median $136,500) and an average of 96 days on the market.  The 47 homes that sold had an average sold price of $157,768 (median $149,900), 106.4%  of the asking price, 101.67% of the original list price.  These properties averaged 110 days on the market.

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