Rochester, Minnesota Real Estate Market Update

Signed contracts outpaced new listings last week, contributing to the continued reduction in housing inventory available for sale.  Last week’s 20 new residential listings had an average asking price of $229,627. The 25 homes that went under contract  last week (January 13-19, 2012) represented an increase of more than 70% over the same time period a year ago and averaged 173 days on the market with an average list price of $182,440.

There were 17 closings last week, almost twice as many as a year earlier. The average sold price for these homes was $167,973. With an average market time of 203 days and the average selling price at 95.8% of the asking price and 86.0% of the original list price, proper pricing is still incredibly important to finding the right buyer.

There are currently 590 active residential listings in Rochester, Minnesota with an average asking price of $205,717 and an average of 184 days on the market.

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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