Monday Morning Market Update for Rochester, MN

Spring is still blooming in the Rochester area housing market with 41 signed contracts last week (April 8 to 14, 2011) on residential properties, on par with a year ago when the Homebuyer Tax Credit incentive was coming to an end. There were 63 new listings, a third fewer than last year at this time, and 17 closings, 40% fewer than a year ago. Total active listings for the week (1151) were down 17% from last year.

According to the Multiple Listing Service (MLS) there are currently 1079 homes for sale in Rochester with an average asking price of $215,326 and an average market time of 155 days. 

Last week’s 63 new listings had an average list price of $204,995.  Average list price for the 41 homes under contract last week was $193,012; these homes averaged 140 days on the market.  The 17 homes that closed last week had an average sold price of $174,215, 94.4% of the list price, 86.2% of the original asking price.  Those properties had an average  market time of 170 days.

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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