Rochester, Minnesota Residential Housing Market – Monday Morning Market Update

Signed contracts, new listings, and home closings were all up last week compared to the same time last year as the market continued along as it has for several weeks now.  There were another 28 signed contracts on residential properties in Rochester, Minnesota last week (July 29-August 4, 2011), down slightly from a week earlier but up nearly a third from last year. The less rosy news is that despite 19% more homes closing last week, the total sales volume for these homes was comparable to a year ago, meaning the homes that sold had a lower average selling price.

New listings were up a third from the previous week with 42 new residential listings last week. staying steady from a year ago. Average asking price for these homes is $197,676. According to the Multiple Listing Service (MLS), the 28 homes that went under contract in Rochester, Minnesota last week had an average list price of $147,354and an average market time of 123 days. Last week’s 38 closings on residential properties had an average sold price of $172,605. These homes averaged 145 days on the market.

There are currently 925 homes for sale in Rochester, Minnesota with an average asking price of $208,073 and an average market time of 161 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

This entry was posted in Real Estate News and tagged , , , , , , , . Bookmark the permalink.