Monday Morning Market Update for Rochester, MN

Good morning!

There were 12 homes that sold (closed) in Rochester, Minnesota last week (1/4/10 to 1/10/10) according to the Multiple Listing Service (MLS), just one more than the same time period last year.  The average sold price for these h0mes was 59% higher this year ($234,817 compared to $147,873), and 94.9% of the asking price, 90.8% of the original list price.  These properties averaged 126 days on the market.

There were 14 listings that went to pending (under contract) last week, down nearly 50% from last year.  These homes had an average list price of $172,428 (median $139,900) and average market time of 266 days.

Last week there were 41 new listings and 26 that came back on the market.  These properties had an average asking price of $197,470 (median $148,900) and $214,390 (median $209,900) respectively.  Two listings were withdrawn, five cancelled, ten expired and 18 were extended.

There are currently 817 residential homes for sale in Rochester, Minnesota with an average of 185 days on the market and average price of $227,607 (median $174,900).

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