Rochester Minnesota Housing Market Conditions – Monday Morning Market Update

The Rochester, Minnesota real estate market had another strong week last week with 65 signed contracts on residential properties outpacing the 53 new listings that came onto the market.

Last week’s (April 13-19, 2012) 53 new residential listings had an average asking price of $202,006. The 65 homes that went under contract had an average listing price of $187,916; average market time for these properties was 97 days.

There were 28 residential real estate closings in the Rochester area last week. The average sold price of $176,240 was 96.2% of the asking price, 92.2% of the original listing price. These homes averaged 133 days on the market.

Housing inventory remains down compared to a year ago, with 23% fewer active listings for the week. There are currently 792 active listings in Rochester, Minnesota, down slightly from last week, with an average price of $216,460 and an average market time of 131 days.

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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