Rochester Minnesota Housing Market Update

The seasonally reduced activity continued at typical levels last week in Rochester, Minnesota with 15 new listings, 19 signed contracts and 29 closings.

The homes that went under contract last week (November 18 to 24, 2011) had an average asking price of $182,357 (median $158,000) and an average market time of just 167 days.  The new residential listings that came on the market last week had an average list price of $215,526 (median $179,000).

Last week Rochester Minnesota’s 29 residential closings had an average sold price of $188,245 (median $141,000), 99.1% of the asking price and 95.4% of the original list price. Average market time for these homes was 154 days.

There are currently 724 active residential listings in Rochester, Minnesota with an average asking price of $205,898 and an average of 177 days on the market.  As the inventory of homes continues to drop, the balance of power shifts towards home sellers. Nevertheless, proper preparation and pricing are essential to achieving the quickest sale at the best price.

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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