Last week (November 5 to 11, 2010) saw a large drop in signed contracts and closings in the Rochester area, most likely due in part to the holiday. There were 29 new listings, 15 homes under contract and just 9 closings. According to the Multiple Listing Service (MLS) the total number of active listings last week was up 4% over the previous year.
The 9 homes that closed last week had an average sold price of $197,188 – 98.3% of the asking price, and just 77.6% of the original list price. Average market time for these homes was 348 days. There are currently 945 homes for sale in the Rochester, Minnesota with an average asking price of $210,682 and an average of 198 days on the market.