Monday Morning Market Update for Rochester, MN

There are currently 867 residential properties for sale in Rochester, Minnesota with an average list price of $234, 875 (median $178,000) and an average of 173 days on the market.  There were 913 homes for sale last week (November 16-22, 2009), down 4% from a year ago according to the MLS (Multiple Listing Service).  The MLS reported that there were 12 new listings last week, 1/3 the number from last year, and 18 homes that went under contract, up 38% from a year ago.  There were 33 closings last week, a 14% increase from the same time in 2008.  Average sale price for these homes, $179, 266 was a 5% decrease from the average last year and 98.97% of the asking price, 93.56% of the original list price.

The 12 new listings last week had an average asking price of $152,533 (median $139,900).  The average list price for the 8 listings that came back on the market was $311,537 (median $154,900); average market time for these homes was 317 days.  There were 2 listings withdrawn, 17 canceled, 18 expired, and 18 extended last week.

The 18 listings that went to pending (under contract) had an average list price of $221,692 (median $139,900) and an average of 121 days on the market.

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