After a sharp drop-off in home sales in September, the number of pending listings stayed steady in October, with 114 homes going under contract, an increase of 16.3% over a year earlier.
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. Year-to-date, the number of Rochester, Minnesota homes going under contract is actually 9.2 percent the first ten months of last year. Combined with lower seller activity and continued low interest rates, the absorption rate has dropped 65 months, 21.8% shorter than a year earlier.
As we finish out 2011, keep in mind that even in the seasonally slower market conditions, homes that are priced accurately and properly prepared for sale from the beginning, sell faster and for a better price. Plus, the homes that continue to sell are still in the lower end of the price range. 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