We continued to see steady home sales in Rochester, Minnesota through the last week of May, 2011. There were 191 homes that went under contract, an increase of 46% over last May when the number of home sales plummeted following the end of the First Time Home Buyer’s Tax Credit. Average market time for these homes this year was 135 days, up 16.4% from last year.
Last week (May 27 to June 2, 2011), there were 34 homes that went under contract, up 26% from the same time period a year ago. According to the Multiple Listing Service (MLS) the average asking price for these homes was $196,299 and the average market time was 122. There were 33 new listings last week.
The 84 home sales that closed last week averaged 137 days on the market and had an average sold price of $180,459, 96.6% of the asking price and 93.2% of the original listing price.
There are currently 1008 homes for sale in Rochester with an average asking price of $216,207 and an average market time of 162 days.
Shawn Buryska, Coldwell Banker Realty, Licensed in the state of Minnesota