Monday Morning Market Update for Rochester, Minnesota

There are currently 853 residential properties for sale in Rochester, MN according to the Multiple Listing Service (MLS), with an average list price of $232,999 (median $178,000) and average market time of 178 days.

Last week (November 30 to December 6, 2009) there were 31 new listings, more than double the number from a year ago.  The average list price for these homes was $189,011 (median $169,900).  One listing was withdrawn, 9 were cancelled, 28 expired, and 39 were extended.  There were 20 listings that came back onto the market.  These properties had an average asking price of $246,497 (median $179,900) and an average of 191 days on the market.

There were 23 listings that went to pending (under contract) last week, down 8% from a year earlier.  The average asking price for these homes was $195,145 (median $159,900); average market time was 132 days.

The 25 homes that sold (closed) last week represented a 39% increase over the same time a year ago.  Average sold price was $241,537 (median $159,900), 92.4% of the list price, 89.4% of the original list price.  These homes averaged 124 days on the market.

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