Morning Market Update for Rochester, MN

The focus seems to be more on preparing for back to school than on buying homes as things slowed a little last week in the local real estate market.  Last year’s numbers would imply that this is the norm for this time of year since the 16 closings last week (August 6 to 12, 2010) represented a 33% improvement over the same time period a year ago.  There were 21 homes that went under contract, down 42% from last year, but only a 12.5% drop from the previous week.  Average market time for the homes that went under contract last week was just 85 days, a 59% drop from the previous week.   New listings were steady year over year with 52 homes that came onto the market last week.  Total active listings remain up 10% from a year ago, which has been fairly consistent for a while now.

There are currently 1173 homes for sale in Rochester, MN with an average list price of $222,990 (median $169,900) and an average of 170 days on the market.

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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