Rochester Minnesota Housing Market Conditions – Monday Morning Market Update

The Rochester Minnesota area housing market finished off April with the fifth straight week of 50+ signed contracts on residential properties, resulting in the highest level of home sales (homes under contract) since April 2008.

The 51 homes that went under contract last week (April 27-May 3, 2012) had an average listing price of $184,670; average market time for these properties was just 68 days. Last week’s 56 new residential listings had an average asking price of $205,033.

There were 58 residential real estate closings in the Rochester area last week, twice as many as the previous week, and the most since August 2011. The average sold price of $162,037 was 98.4% of the asking price, 95.6% of the original listing price. These homes averaged 102 days on the market.

Current active listings are down 10% from a week ago, with 777 homes listed for sale in Rochester, Minnesota with an average asking price of $220,451 and an average market time of 132 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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