Morning Market Update for Rochester, MN

There are currently 928 residential properties for sale in Rochester, MN with an average list price of $223,836 and average market time of 173 days.  According to the MLS (Multiple Listing Service) there were 967 total active residential listings last week (February 1 to 7, 2010) an increase of 5% over the same period a year ago.

There were 67 new listings last week, no change from last year.  The average asking price for these homes was $197,556 (median $169,900).  There were 27 listings that came back on the market last week with an average price of $224,748 (median $174,900).  Last week 1 listing was withdrawn, 19 canceled, 6 expired, and 27 were extended.

Last week’s 20 listings that went to pending (under contract) represented a 44% decrease from a year ago and the 8 listings that sold were a 60% drop.  The pending listings had an average asking price of $149,671 (median 139,900) and an average of 181 days on the market.  The sold (closed) properties had an average market time of 152 days.  The average sold price of $200,762 (median $200,600) was 93% of the asking price, 90.49% of the original list price.  Taken by quadrant, average sale price was 100% of list for Northwest Rochester, an increase of 3%; 96% for Northeast Rochester, an increase of 4%; 110% for Southeast Rochester, an increase of 7%; and 85% for Southwest Rochester, a decrease of 15%.

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