Rochester, MN Area Monthly Market Update

The June 30 closing deadline for the home buyer tax credit certainly boosted the market with the total volume of homes that closed in June approaching $45 million, a 34% increase over May’s  volume of $34 million, but down 13.5% from last June’s peak at nearly $53 million. Although the average list price of new listings coming on the market in June dropped 12.3% from the previous month to $206,295, the average of all active listings increased slightly to $232,328.  Interestingly, the average sold price increased 12.3% month over month, with the average sold price of $184,412 averaging 97.9% of the asking price.

Total active listings for the first half of the year were up 6% over last year with 2463 residential properties for sale in the Rochester area.  New listings (1611) were up 9% with homes going under contract to pending down 7% (917).  There were 855 closings in the first half of the year, down just 2% over the first half of last year.  Market time to pending averaged 3 weeks longer in June than in May; however, through the first six months of the year, average market time was 116 days, one week shorter than a year ago.

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Shawn Buryska ABR, CRS, GRI
Coldwell Banker Realty

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