Monday Morning Market Update for Rochester, MN

As we begin the last week of January there are 867 active residential listings in Rochester, Minnesota according to the Multiple Listing Service (MLS).  The average list price for these properties is $223,938 (median $169,900), average market time is 172 days.

Last week (January 18-24, 2010) there were 53 new listings, an increase of 39% over the same time period last year; 14 homes that went under contract, a decrease of 48%; and 8 homes that closed, 1/2 as many as last year.

Last week’s 53 new listings and 33 back on the market listings in Rochester had an average asking price of $180,246 (median $155,000) and $187,963 (median $159,900) respectively. There were 33 listings that canceled, 11 expired, and 32 were extended.

The 14 listings that went to pending (under contract) last week had an average list price of $186,167 (median $159,900) and averaged 128 days on the market.

The average sold price of the 8 homes that sold (closed) last week, $173,231 (median $130,225) was 96.6% of the list price, 93.2% of the original asking price.  Average market time for these homes was 153 days.

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