This week’s residential housing market update for Rochester, Minnesota looks a lot like last week’s, with 60 new listings and 36 signed contracts. Most notably, despite hovering around the same levels as the past few weeks, mortgage rates have continued to mark new historic lows, spurring on another wave of refinancing.
Last week’s 60 new residential listings were a 33% increase over last year. Average asking price for these properties was up slightly from the week before to $226,405. The 36 homes that went under contract to pending last week (May 11 to 17, 2012) had an average list price of $179,047 and an average market time of 84 days. The 41 closings averaged 92 days on the market and had an average sold price of $170,679.
There are currently 796 homes for sale in Rochester, Minnesota with an average price of $220,893 and an average of 128 days on the market.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota