Monday Morning Market Update for Rochester, MN

Good morning!

Here we are in August already! Market activity through the end of July continued down significantly from a year ago.  However, we did see a little more activity last week (July 23 to 29, 2010) over the previous week with 21 signed contracts and 21 closings.  New listings were down slightly from a week earlier, and down 45% from the same time last year.

Total active listings were down slightly from the previous week, but overall represent an increase of 10% over a year ago, with 1228 residential properties currently for sale in Rochester.  Average sold price for the 21 homes that closed last week was 97.0% of the asking price, just 91.1% of the original list price.  Average market time for these homes was 126 days.  Average market time for the 21 homes that had signed contracts last week was 127 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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