Tomorrow may be the first day of spring, but the Rochester, Minnesota residential housing market has been showing great signs of the spring market for several weeks now with homes selling steadily while inventory continues to increase. The second week of March continued the strong trend we’ve been seeing so far this year with 94 homes coming onto the market and 45 going off under contract, both up more than 20% compared to a year ago.
Last week’s new residential listings had an average asking price of $196,298. The 45 Rochester area homes that went under contract from March 9 to 15, 2012 had an average list price of $185,257 and an average market time of 94 days to pending.
The 24 home sales that closed last week had an average selling price of $155,134 — 95.7% of the asking price, 91.9% of the original list price. These homes averaged just 69 days on the market.
There are currently 791 active residential listings in Rochester, Minnesota. These properties have an average list price of $213,244 and average 140 days on the market.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota