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.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota