Weekly Real Estate Market Update for Rochester, MN

Good morning!

More than twice as many new listings came onto the market last week (June 8 to 14, 2010) as went off the market under contract.  Even so the number of new listings was down 16% from a year ago.  The 47 new listings had an average list price of $176,919 (median $144,900) and there were 20 listings that came back onto the market with an average list price of $185,662 (median $179,900).  One listing was withdrawn, 20 cancelled, and 9 expired.

The 22 listings that went under contract to pending had an average market time of 121 days and and an average asking price of $216,154 (median $180,000).  There were nearly 40% fewer homes going under contract last week than the same time last year, possibly as a result of the anticipated slowdown following the end of the federal tax credit incentive.  There were 34 closings last week, down 23% from a year ago. The average sold price of $157,277 (median $149,200) was 99.2% of the asking price, 96.4% of the original list price.  Average market time for these homes was 82 days.

There are currently 1221 residential properties for sale in Rochester, Minnesota with an average list price of $231,598 (median $176,900) and an average of 153 days on the market.

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