Total active listings (1265) last week (June 25 to July 1, 2010) were up 14% over last year (1112). There are currently 1173 residential properties for sale in Rochester, MN with an average asking price of $228,552 (median $174,900) and an average market time of 159 days.
Last week we saw a very welcome sign of increased sales activity with pending sales up 46% from the previous week and up 17% from a year earlier with 35 signed purchase agreements for residential properties in Rochester. Average list price was $165,172 (median $133,500) and average market time was 137 days. Although closings were up more than 50% over a week earlier as home buyers worked to meet the deadline for closing under the home buyer tax credit opportunity, it represented a drop of 24% from a year ago with 68 homes closed. Average sold price ($187,827, median $163,000) was 96.5% of the asking price, 92.4% of the original list price. These homes averaged 116 days on the market.
There were 42 new listings, down 25% from last year. New listings had an average list price of $237,680 (median $153,900). There were 25 homes that came back onto the market last week, 30 that expired, 5 were withdrawn, 33 canceled, and 29 extended.
Now that we are past the 4th of July holiday, we hope to see an increase in sales. It’s a great time to buy with interest rates at their lowest levels ever (4.5% to 4.75%) and an ample selection of homes!