The number of homes going on and off the market continues to remain at about the same levels from week to week, but the homes that are selling are at the lower end of the price range. Last week (October 21 to 27, 2011) there were 26 residential properties that went under contract, a level that the market seems to find comfortable, with 33 new residential listings coming onto the market. Average asking price for the homes that went under contract was $177,325, with an average of 104 days on the market. The new listings had an average asking price of $186,168.
Rochester Minnesota saw 30 closings on residential properties last week. These homes had an average sold price of $146,091, 25% lower than the average for the 31 homes that closed a week earlier. Average market time of 112 days, was nearly a third shorter than those closing the previous week. Nevertheless, the average price of the homes that closed last week was 97.7% of the asking price, 89.2% of the original list price.
The inventory of homes for sale in the Rochester area continues to decline, remaining at about 1/5 fewer than a year ago at this time. There are currently 792 active residential listings in Rochester, Minnesota with an average asking price of $208,802 and an average of 170 days on the market.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota