With Spring comes flowers and For Sale signs popping up all over town. Last week (February 25 to March 3, 2011) there were 96 new listings with an average list price of $228,902. Showings also picked up last week with over 2000 showings in the Rochester, MN area. There were 31 signed agreements and 33 closings last week as well. The increased activity is down slightly from last year, not surprising given last year’s spring sales were boosted by the First Time Home Buyer Tax Credits. The 31 homes that went under contract last week had an average asking price of $175,470 and an average market time of 139 days. Those that sold averaged 151 days on the market; the average sold price of $156,428 was 96.3% of the asking price, 87.7% of the original list price.
Total active listings were down 13% last week compared to the same time last year. There are currently 959 residential properties for sale in Rochester, Minnesota with an average list price of $210,945 and an average of 182 days on the market.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota