Monday Morning Market Update for Rochester, MN

The Rochester area residential housing market saw half as many new listings last week as the previous week, with the number of homes going off the market under contract outpacing new listings by just one property.  According to the Multiple Listing Service (MLS) the total number of active listings last week (October 22, 2010 to October 28, 2010) was up 3% over the previous year.  New listings were down 28%, pending listings 42%, and closings 59%. 

The 18 new listings had an average asking price of $184,944; the 19 listings that went under contract had an average asking price of $194,705 and an average market time of 103 days.  The average sale price for the 16 listings that closed last week was up 7% over a year ago with an average of $157,585, 96.3% of the asking price, 91.4% of the original list price.  These homes averaged 111 days on the market.

There are currently 961 homes for sale in the Rochester, Minnesota with an average asking price of $215,917 and an average of 194 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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