Rochester Minnesota Housing Market Monthly Update – May 2012

The Rochester, Minnesota real estate market had a good start to the year with one of the most active spring markets we’ve seen in a while. Year to date, signed contracts and closings are both up compared to last year and average market time is down.

April 2012 marked the 12th straight month of higher monthly year-over-year sales activity in Rochester, Minnesota. The 249 signed contracts in April represented the greatest number of homes going under contract in one month since April 2010. This milestone is most notable because the increased home sales in April 2010 were significantly boosted by the end of the First Time Home Buyer Tax Credit incentive, and, other than this one month anomaly, April 2012 had the strongest showing in four years.

Average market time for homes going under contract fell to 88 days in April 2012, the shortest the Rochester area housing market has seen since September 2007. This was also the lowest average for the month of April since 2004.

April’s 249 signed contracts just slightly edged out the 247 homes that came onto the market. The homes that went under contract to pending had an average asking price of $180,395 and an average of just 88 days on the market. The 146 closings had an average selling price of $178,633 – 97.6% of the list price, 92.8% of the original asking price. Average market time for these properties was 134 days.

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Shawn Buryska ABR, CRS, GRI
Coldwell Banker Realty

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

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