Monday Morning Market Update for Rochester, MN

Good morning!

Thanksgiving week (November 23 to 29, 2009) had fewer active listings and fewer new listings this year and more homes that went under contract and that sold than last year.  According to the Multiple Listing Service (MLS) there were 893 active listings last week, down 5% from a year ago, 19 new listings (a drop of 17%), 16 under contract (+14%) and 35 that closed (+35%).

There are currently 857 residential properties for sale in Rochester, Minnesota with an average list price of $232,173 (median $174,900) and an average of 177 days on the market.  Last week’s 19 new listings had an average list price of $175,153 (median $149,900); the 16 listings that went under contract averaged $187,207 (median $157,900) and 96 days on the market.  There were 7 homes that came back on the market, 14 extended, 13 expired, and 12 cancelled.

The 35 homes that sold last week had an average sold price of $186,618 (median $158,000), 97.11 of the asking price, 92.75% of the original list price.  The average market time for these homes was 158 days.

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