Rochester Minnesota Residential Real Estate Market Conditions – Monday Morning Market Update

The Rochester Minnesota area housing market continues to see a steady flow of homes listed for sale, with 60 new residential listings last week (May 4-10, 2012), representing an 18% increase over last year. Home sales (signed contracts) were down 1/3 week over week and year over year as the hottest part of the spring market seems to be cooling off.

There were 60 new residential listings on the Rochester, Minnesota area housing market last week with an average listing price of $223,411. Severely outpaced by the new listings, last week’s 34 signed contracts on homes in Rochester, Minnesota had an average asking price of $165,697 and an average market time of 80 days. There were just 15 residential real estate closings in the Rochester area last week. The average sold price of $159,328 was 98.5% of the asking price, 96.2% of the original listing price. These homes averaged 144 days on the market.

Current active listings inched back up slightly week over week, with 793 homes listed for sale in Rochester, Minnesota with an average asking price of $221,121 and an average market time of 131 days.

Shawn Buryska, Coldwell Banker Realty, Licensed in the state of Minnesota

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