Monday Morning Market Update for Rochester, MN

New listings remained steady last week (October 15 to 21, 2010) in the Rochester area, with 37 new listings, comparable to a year earlier.  There were 21 closings in Rochester, MN last week according to the Multiple Listing Service (MLS), down a third from a year ago but up 50 percent from the previous week.  There were a third as many residential properties going under contract last week than the week before, less than half as many from a year ago. 

The 20 listings that went under contract had an average list price of $177,949 and an average market time of 171 days.  The 21 closings averaged just 109 days on the market.  The average sold price for these homes ($178,100) was 97.0% of the asking price, but just 91.8% of the original list price.

There are currently 1034 homes for sale in the Rochester, Minnesota with an average asking price of $218,124 and an average of 193 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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