Monday Morning Market Update for Rochester, MN

Good morning!

There are currently 898 residential properties for sale in Rochester, Minnesota according to the Multiple Listing Service (MLS).  Average asking price for these homes is $236,146 (median $178,000); average market time is 166 days.

Last week (November 9 to 15, 2009) the MLS reported 931 active listings, off 3% from a year earlier; 30 new listings, down 12% from the same time in 2008; 10 homes under contract (pending), down 23% from a year ago; and 19 homes sold (closed), an increase of 27% from last year.  The dollar volume for the homes that closed, however, ($3,458,611) was a 9% decrease from a year earlier.

The 30 new listings had an average list price of $225,258 (median $150,000).  There were 12 listings that came back on the market with an average asking price of $327,583 (median $199,900) and 448 days on the market.  One listings was withdrawn, 9 cancelled, 9 expired, and 16 were extended.  The 10 pending listings had an average list price of $178,980 (median $129,900); average market time for these homes was 97 days.

The 19 homes that sold had an average sold price of $182,032 (median $149,000), 97.66% of the list price, 90.24% of the original asking price.  Average market time was 124 days.

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