Signed contracts outpaced new listings in the Rochester Minnesota area housing market last week as we approach the end of the year and the inventory of homes for sale continues to drop.
The number of homes going under contract last week (December 9 to 15, 2011) was up 38% over the same time a year earlier. Although there were nearly 50% more closings last week than the second week of 2010, the total volume was only up 20% with the average sale price down 18% year over year.
The 22 homes that went under contract last week had an average list price of $173,997 and an average of 190 days on the market. The 18 new residential listings had an average asking price of $171,111. For the 28 homes that closed, the average sold price of $139,595 was 94.5% of the asking price, 83.9% of the original list price.
There are currently 669 active residential listings in Rochester, Minnesota with an average asking price of $205,267 and an average of 175 days on the market.
Shawn Buryska, Coldwell Banker Realty, Licensed in the state of Minnesota