The Rochester area residential housing market is continuing to plug along. Although the sales activity is still shifted significantly downward from a year ago, we have been seeing slow steady improvement week over week for a few weeks now. Last week (July 30 to August 5, 2010) there were 24 signed contracts and 26 closings, a drop of 35% and 50% respectively over a year ago, yet an increase of 14% and 24% respectively over the previous week. New listings jumped 77% last week, and yet were still down 12% from the same time period last year.
Total active listings stayed steady at 1228 residential properties for sale in Rochester, an increase of 10% over a year ago. There are currently 1207 homes for sale in the area. The average market time for the 26 homes that closed last week was 73 days, more than 40% shorter than the previous week. It’s no surprise then that the average sold price for these homes was much closer to the original list price than in previous weeks –97.4% of the asking price and 95.8% of the original list price. Average market time for the 24 homes that had signed contracts last week was 206 days.