The Rochester Minnesota area residential real estate market started picking up steam last week with nearly twice as many new listings as the previous week. There were 36 new residential listings last week (January 20-26, 2012) with an average asking price of $225,959. With new listings outpacing those going under contract, residential housing inventory increased slightly week over week with 600 homes currently for sale in the Rochester, Minnesota area. These homes have an average asking price of $207,732 and an average of 182 days on the market.
Last week there were 28 homes that went under contract. The average asking price for these homes was $170,695; average market time was 105 days. Average sold price for the 18 homes that closed last week was $157,636, just 88.3% of the original listing price. The selling price for these homes was within 3% of the asking price when they sold. Average time on the market for last week’s closings was 201 days.
While the number of new and pending listings are down more than 10% from the same time a year ago, the increase in activity is a positive sign as we head into the spring market.
Shawn Buryska, Coldwell Banker Realty, Licensed in the state of Minnesota