Rochester Minnesota Housing Market Conditions – Monday Morning Market Update

There were 24% fewer active residential listings last week in Rochester, Minnesota compared to the same time period a year ago as seller activity remains lower. Homes that went under contract last week, as well as those that closed, had an average market time of around three months, much shorter than we’ve been seeing for a while now. For comparison, the 893 current active listings have an average market time of 162 days.  Coupled with consistent buyer activity, this reinforces the message that proper pricing and prepping are critical for getting your home sold as quickly as possible.

Buyer activity remained consistent with 36  homes going under contract in Rochester, Minnesota last week (August 12 to 19, 2011). Average asking price for these homes is $173,833; average market time is 92 days.  New residential listings were down 25% from a week earlier, but were comparable to a year ago with 33 new listings last week. The average list price for these properties is $201,839.

Rochester, Minnesota’s housing market saw 24 closings on residential properties. The average selling price for these homes was $141,641 –96.6% of the asking price, 93.4% of the original list price. Average market time for these properties was just 107 days, relatively short compared to what we’ve been seeing.

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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