Monday Morning Market Update for Rochester, MN

The Rochester area housing market finished March strong with 59 signed contracts last week (March 25 to 31, 2011), 18% more than the last week of March, 2010. New listings coming onto the market last week were down nearly 40% from a year ago, and edged out by the number going off the market under contract.  All in all, a positive sign for the spring market.

The 53 new listings last week had an average asking price of $204,142.  The 59 homes that went under contract averaged 129 days on the market and had an average list price of $183,986.  There were 21 closings last week with an average market time of 177 days; average sold price for these homes, $157,007, was 96% of the asking price, 92% of the original list price.

Total active listings last week are down 16% from last year. There are currently1039 residential properties for sale in Rochester, Minnesota, averaging 166 days on the market and having an average list price of $214,301. 

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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