Monday Morning Market Update for Rochester, MN

Good Morning!

Residential closings in Rochester last week, although down nearly 50% from a year ago, were double the volume of the previous week this year with 35 homes closing in the last week of April.  The average sold price for these homes was $169,749 (median $151,000), 98.9% of the listing price, 92.2% of the original asking price.  Average market time for these homes was 104 days.

According to the Multiple Listing Service (MLS) there were 69 homes that went under contract to pending last week (April 26 to May 2, 2010), up 17% from a year ago.  These properties had an average asking price of $168,166 (median $149,900) and an average of 101 days on the market.

There were 54 new listings last week and 15 that came back onto the market with an average asking price of $229,190 (median $159,900) and $214,056 (median $179,900) respectively. Two listings were withdrawn, 16 canceled, 23 expired, and 30 were extended.

There are currently 1246 active residential homes for sale in Rochester, Minnesota, with an average of 141 days on the market and an average asking price of $228,999 (median $174,500).

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