Monday Morning Market Update for Rochester, MN

There were just 9 new listings last week (November 19 to 25, 2010), down 65% from a year earler, as the housing market took a slight break to observe the Thanksgiving holiday.  There were 16 signed contracts, a 20% drop from last year and 17 closings, just 1/4 last year’s volume.  Total active listings (953) were up 2% over a year ago.

The 17 homes that closed last week had an average sold price of $224,006, up 28% from last year and 96.1% of the asking price, 88.2% of the original list price.  Average market time for these homes was 174 days.  There are currently 902 homes for sale in the Rochester, Minnesota with an average asking price of $210,702 and an average of 206 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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