Rochester, MN Area Real Estate Market Conditions Update

Wow! Last month the Rochester area residential real estate market experienced its highest volume of homes going under contract in three years with 281 homes going to pending.  While the Home Buyer Tax Credit deadline certainly played a role in the increased volume, in Rochester, March or April is historically the month with the single highest volume of pending sales for the year, with April topping the list 7 of the last ten years.  The 281 listings represented an 18% increase over last year and a 35% jump from the previous month. 

Graph of Market Time vs Selling PriceThe median list price for the homes that went under contract in April was $149,950.  Average market time to pending continued to drop, reaching an average of 99 days – down 4.8% from the previous month and 14.7% from a year ago.

There were 1317 active listings in April, an increase of 2.7% over March and 19.4% over April 2009.  The number of listings coming onto the market actually dropped over 18% in April, although the 343 new listings did represent a 31% increase over a year ago.  The volume of new and back on the market listings outpaced those going off to pending by just 39.5%, the smallest gap since May 2009.

For the latest in local real estate stats make sure to check out

Shawn Buryska ABR, CRS, GRI
Coldwell Banker Realty

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