It may be cold outside, but the Rochester, Minnesota area residential real estate market is warming up with the new year. Although new listings (151) were down 25% from last January, this represented a 68% increase from the previous month and was the largest number of new listings since last August. Average asking price of these new listings was $191,739.
Another sign that the Rochester, Minnesota area residential real estate market started off the year in the right direction was the largest number of signed contracts in the first month of the year since 2008. The 105 agreements represented the most activity we’ve seen in one month since September, 2010 and an increase of 50% over the last month of 2010. The average market time for these properties was 129 days, the shortest average market time for pending listings since last May and a drop of 17% from last January.
The average sold price for the 49 homes that closed last month was down 13% from last January. The average sold price of $147,626 was 95.5% of the asking price, and just 87.2% of the original list price. Average market time for these homes was 149 days.
Like spring flowers, we expect to see real estate signs popping up in area yards as the spring selling season warms up.
For the latest in local real estate stats make sure to check out https://www.shawnburyska.com/real-estate-statistics.php
Shawn Buryska ABR, CRS, GRI
Coldwell Banker Realty
Shawn Buryska, Coldwell Banker Realty, Licensed in the state of Minnesota