Monday Morning Market Update for Rochester, MN

Good morning!

The Rochester area real estate market continued to plug along last week with total active listings up 10% over last year and everything else down between 30% and 40% from a year ago.  The 26 homes with signed agreements last week (August 13 to 19, 2010) represented a 24% increase over the previous week’s 21 homes under contract.  There were 23 homes that closed, half again as many as the previous week.  Average market time for both homes going under contract to pending and those that closed remained steady from a week earlier. There were 34 new listings last week, down 35% from last week, 38% from a year ago.    

The average sold price for the homes that closed last week was 96.3% of the list price, but just 87.9% of the original asking price.  With so many homes currently for sale, accurate pricing from the outset is essential to achieving the best sales price.

There are currently 1178 homes for sale in Rochester, MN with an average list price of $221,661 (median $169,900) and an average of 173 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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