The Rochester area housing market fared favorably in the first quarter of 2011 compared to a year ago, especially in light of last year’s boost from the Homebuyer Tax Credit incentive. In the first three months of the year, although total active listings were down 10% and new listings were down nearly 20% year over year, signed contracts were up 3% and closings remained steady. Both total sold volume and average sold price were down 3% from the first quarter of last year, but this can be seen as a good sign as the market works to recover without the boost of incentives.
According to the Multiple Listing Service (MLS) there were 34 signed contracts last week (April 1 to 7, 2011) with an average asking price of $198,647 and an average market time of 196 days. The 80 homes that came onto the Rochester area housing market last week had an average list price of $211,977. There were 21 closings last week with an average sold price of $176,644, 93.9% of the asking price, 85.5% of the original list price. Average market time for these homes was 164 days.
There are currently 1070 residential properties for sale in Rochester, Minnesota, averaging 160 days on the market and having an average list price of $215,476.
Shawn Buryska, Coldwell Banker Realty, Licensed in the state of Minnesota