Monday Morning Market Update for Rochester, MN

Good morning and happy President’s Day!

There are currently 969 residential homes for sale in Rochester, MN with an average list price of $224,583 (median $176,900) and an average of 171 days on the market.

According to the Multiple Listing Service (MLS) last week (February 8 to 14, 2010) the volume of new listings was down 26% compared to the same time period a year ago; there were 52 new listings and 12 that came back on the market.  Average asking price was $222,937 (median $194,000) and $228,906 (median $234,900) respectively. One listing was withdrawn last week, 5 canceled, 6 expired, and 20 were extended.

There were 15 listings that went to pending last week, down 44% from last year.  These properties had an average list price of $163,521 (median $122,900) and an average market time of 135 days.  The MLS reports that there were 8 homes that sold (closed) last week, an increase of 1/3 over the same time last year.  The average sold price of $145,737 (median $152,150) was 97.4% of the asking price, 91.9% of the original list price.  These homes averaged 107 days on the market.

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