Rochester MN Area Residential Housing Market Conditions Update – November 2010

Chart - Active Sold and New Listings and Inventory for Rochester MNNew listings rose 15%in October with 129 homes coming onto the Rochester area housing market after hitting a low of 112 new listings in September, the lowest volume since last December.  The 98 signed contracts in October represented a 5.8% drop from the previous month, 40% lower than a year ago, and the lowest level since January of this year. Average market time to contract reached 154 days last month, the longest average since February of 2008 and nearly three weeks longer than a month earlier, five weeks more than last year’s average.

Although total active listings (1084) were at the lowest level since January of this year, the volume represented a 9% increase over a year ago, bringing the current absorption rate to 10 months, comparable to a month ago.  We are heading into a typically slower market time of year, although it will continue to favor buyers.

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Shawn Buryska ABR, CRS, GRI
Coldwell Banker Realty

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