Monday Morning Market Update for Rochester, MN

Good morning!

It’s the last week of July, we’re heading into the last month of the summer, and it shows.  The Rochester area housing market continued along at a slower pace, with 37% fewer homes under contract last week compared to a year earlier and 53% fewer closings than the same period of 2009.  New listings were down nearly a third over a year ago, but continued to outpace homes that had signed agreements by a third. 

Total active listings are up 11% over a year ago, with 1237 residential properties currently for sale in Rochester.  Average sold price for the 16 homes that closed last week was 96.7% of the asking price, just 92.4% of the original list price.  Average market time for these homes was 81 days.  Average market time for the 19 homes that had signed contracts last week was 156 days.

To view this past week’s area real estate activity, click here for new listings and click here for pended listings.

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