Following a short lull for Labor Day, the Rochester area real estate market was back to its recent pace last week (September 9 to 15, 2011) with 31 homes going under contract, just shy of the 36 new listings that came on the market. These new residential listings had an average asking price of $180,388. The 31 Rochester area pending listings that went under contract had an average list price of $188,661 and an average market time of 147 days.
Closings were back to recent levels last week with 22 homes sold. The average sold price for these homes was $155,074, 97.7% of the asking price and 93.5% of the original price. With a market time of just 68 days, these homes were clearly priced appropriately for the current market conditions.
Total active listings of homes for sale in Rochester, Minnesota continued to be down more than 20% compared to this time last year. There are currently 852 active residential listings in Rochester, Minnesota. Average list price for these homes is $207,178; average market time to date is 163 days.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota