Rochester Minnesota Residential Housing Market Conditions – Monday Morning Update

It’s a new year and we’re heading into the spring market, typically the hottest selling time of the year. Early signs point towards the market heading in the right direction, with 30 new listings last week (January 6 to 12, 2012) and 25 signed contracts.

Last week’s new residential listings had an average asking price of $174,768. The homes that went under contract  last week averaged 139 days on the market and had an average list price of $183,396.

While the number of signed contracts was up almost 25% compared to a year ago, the total number of active listings was down fully one-fourth from last year. On the other hand, the ten homes that sold last week had an average sold price of $197,838, 89% of the asking price and just 79% of the original list price. These homes averaged 187 days on the market.

There are currently 607 active residential listings in Rochester, Minnesota with an average asking price of $203,757and an average of 182 days on the market.

My website has just been updated with the latest market information and year-end statistics.  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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