Monday Morning Market Update for Rochester, MN

Good morning!

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.

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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