Rochester Minnesota Real Estate Market Update

At the risk of sounding like a broken record (does anyone remember those?), the number of homes going under contract each week has remained at a fairly steady level for quite a while now. The average asking price for those homes with signed contracts, however, is trending downward.  Last week (October 28 to November 3, 2011) there were 27 residential properties that went under contract, with 27 new residential listings coming onto the market. Average asking price for the homes that went under contract was $160,874, with an average of 106 days on the market. The new listings had an average asking price of $174,885.

Rochester Minnesota saw 33 closings on residential properties last week. These homes had an average sold price of $198,340, 97.4% of the asking price and 89% of the original listing price. Average market time of 122 days.

There are currently 766 active residential listings in Rochester, Minnesota with an average asking price of $207,903 and an average of 168 days on the market.

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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