It may be cold outside, but the Rochester, Minnesota area residential real estate market is warming up. Although new listings (229) were down 19% from last February, this represented a 52% increase from the previous month and was the largest number of new listings since last April. Average asking price of these new listings was $205,079.
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 106 agreements in February represented the most activity we’ve seen in one month since September, 2010. The average market time for these properties was 134 days, up slightly from January and from last February.
The average sold price for the 86 homes that closed last month was up 2% from last February. The average sold price of $168,851 was 95.5% of the asking price, and just 85.1% of the original list price. Average market time for these homes was 152 days.
Like spring flowers, real estate signs are popping up in area yards as the spring selling season continues to warm 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 Burnet Realty
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota