Compared to last year’s flurry of buyer activity and sharp drop-off following the end of the tax credit, Rochester, Minnesota home buyers have been more consistent with home sales achieving a more typical pattern. The number of Rochester, Minnesota homes going under contract is actually 4.6 percent ahead of last year at this time. Combined with lower seller activity and continued low interest rates, the absorption rate has dropped to less than half of what we saw a year ago.
Signed contracts on Rochester area homes were 37 percent higher than last July, despite dropping nearly 13 percent from the previous month. The 137 homes that went under contract had an average asking price of $194,783. Average market time for these homes was 163 days, the longest average we’ve seen in Rochester since February of 2008, but an indication that certain homes are finally moving off the market.
We’ll be watching in the coming months to see the impact of the erratic financial markets. For the latest in local real estate stats make sure to check out https://www.shawnburyska.com/real-estate-statistics.php
Shawn Buryska ABR, CRS, GRI
Coldwell Banker Burnet Realty
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota