Monday Morning Market Update for Rochester, MN

Last week (September 3 to 9, 2010) was a holiday week and real estate activity in the Rochester area was about what would be expected with people taking some time off.   New listings in the Rochester area real estate market continued steady with just 28 listings coming onto the market.  There were 16 homes that went under contract last week and 16 homes that closed, down 36% and 6% respectively from a year ago.  

The average price for last week’s new listings was $197,689 and the average listing price of the pended homes sales was $273,793.  Average market time for the homes that went under contract last week was 202 days.   There are currently 1,130 residential properties for sale in the Rochester area with an average of 181 days on the market and an average asking price of $221,039.

Interest rates are still low and housing inventories remain high, so the conditions are right for savvy buyers.

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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