Monday Morning Market Update for Rochester, MN

More good signs for the Rochester, Minnesota area spring housing market! Residential home showings in the area last week reached the highest level since the last week of October.  While there are still fewer showings week by week compared to a year ago, last week (February 18 to 24, 2011) saw the smallest gap since the last week of December.  Last week also saw an uptick in the average prices for sold and pending properties.

There were 25 signed contracts on Rochester area homes last week with an average asking price of $184,546 and an average of 132 days on the market. The 62 new listings had an average list price of $182,393.  Last week saw 16 closings with an average sold price of $184,287 — 98.4% of the asking price and 89.2% of the original list price.  Average market time for these homes was 174 days.

Total active listings were down 15% last week compared to the same time last year.  There are currently 905 residential properties for sale in Rochester, Minnesota with an average list price of $207,543 and an average of 196 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.

Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota

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