Real Estate Market Update for Rochester, MN

There are currently 1230 active residential listings for sale in Rochester, Minnesota with an average list price of $221,399 (median $174,900) and an average market time of 144 days.  Last week (March 22 to 28, 2010) the total number of active listings was 12% higher than a year ago, according to the Multiple Listing Service (MLS).  New listings were up 45% over the same time period a year ago, with pending listings up 27%; the number of homes sold was down 26%.  According to the MLS, sold price for homes that closed was 99% of the list price, as compared to 97% last year.

There were 96 new listings last week and 9 that came back on the market.  Average asking price was $192,676 (median $169,900) and $188,043 (median $139,900) respectively.  One listing was withdrawn, 9 canceled, 2 expired, and 21 extended.  The 47 homes that went under contract had an average list price of $161,294 (median $149,900) and an average of 87 days on the market.  There were 25 homes that sold (closed) last week with average market time of 127 days.  The average sold price of $169,260 (median $159,000) was 98.7% of the asking price, 94.1% of the original list price.

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