Monday Morning Market Update for Rochester, MN

Good morning and happy 2010!

Given where the holidays fell last week (December 28, 2009 to January 3, 2010), it’s not surprising that the number of new listings, homes going to pending, and those which sold last week were all down about 40% over last year according to the MLS (Multiple Listing Service).  The average sales price of the homes that closed in Rochester, MN last week was up 43% over the same time period last year.  Sold prices remained steady at 98% of the asking price.

Last week there were 12 new residential listings and 10 that came back on the market.  Average list price for these homes was $185,325 (median $123,500) and $284,230 (median $199,900) respectively.  Two listings were withdrawn, 8 cancelled, 57 expired and 38 were extended.

The 8 homes that went to pending (under contract) in the greater Rochester area had an average list price of $154,487 (median $124,900) and an average of 76 days on the market.  There were 16 homes that sold (closed) in Rochester; these properties had an average market time of 130 days.  The average sold price of $196,393 (median $168,250) was 97.6% of the asking price, 92.6% of the original list price.

There are currently 778 homes for sale with an average list price of $228,672 (median $174,900) and an average of 185 days on the market.

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