The Rochester Minnesota area housing market inventory continues to increase steadily as we move through the spring market. Last week, March 16-22, 2012, there were 56 new residential listings with an average asking price of $175,360 and 35 homes going off the market under contract. The pending listings had an average asking price of $209,437 and an average of 95 days on the market.
There were 18 closings last week with an average market time of 236 days. The average selling price for these homes was $128,549 — 88% of the asking price and just 70% of the original list price, reinforcing the importance of initial accurate pricing to achieve the best price in the least amount of time.
There are currently 815 active residential listings in Rochester, Minnesota. These properties have an average list price of $210,284 and average 139 days on the market.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota