Rochester Minnesota Housing Market Update – January 2012

The Rochester, Minnesota housing market may have slowed way down in December, 2011, but overall the market improved over 2010. There were 9.9% more signed contracts and 6.5% more closings in 2011, an impressive sign given the absence of the Homeowner’s Tax Credit that boosted real estate activity in 2009 and 2010.  Another positive sign – although the average selling price in 2011 was 1.6% lower than in 2010, the total volume of homes sold increased 8% year over year.

New listings (75) in December, 2011 were down by a third from the previous month and more than 16% over last December. Signed contracts (94) were also down from the previous month, but were up more than a third from the last month of 2010. Average market time in December reached 177 days, the longest we’ve seen in more than a decade.

Active listings have dipped below the 600 mark, a 40% drop from a year ago. We’ll be watching to see how the market heats up as we head into the spring selling season.

For the latest in local real estate stats make sure to check out

Shawn Buryska ABR, CRS, GRI
Coldwell Banker Realty

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