Rochester, MN Market Update – January 2011

Rochester, Minnesota area residential real estate activity continued to taper off slightly in December in the typical annual pattern expected around the holidays.  On a positive note, although new listings (89) were down 14% from a year ago, signed contracts (72) were up 7% and closings (103) were up 47% over last December. 

The average sold price for the 103 homes that closed last month was $175,916, 95.1% of the asking price, but just 87.9% of the original list price. Total active listings topped 1000 in December, up from a month earlier and slightly higher than last December. 

Average market time to a signed contract reached 155 days in December, the longest market time we’ve seen in more than 10 years. Based on current inventory levels compared to past buyer demand, we can anticipate at least another year or two of market adjustment. There are still plenty of homes selling, particularly those that are priced right and in good condition.  

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Shawn Buryska ABR, CRS, GRI
Coldwell Banker Realty

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