Rochester Minnesota Residential Real Estate Market Conditions – Monday Morning Market Update (07/09/2012)

The Rochester Minnesota area housing market had an impressive first half, with the highest level of signed contracts on residential properties since 2008. Showings of residential properties in the Rochester, Minnesota area were up 20% for the first half of 2012 compared to the first six months of 2011, with signed contracts up 16% year over year. Not only were closings up 14% in the first half of the year, the total volume (dollars spent) was up 16%, a good sign since that indicates the increased activity is not merely the result of falling prices.

There were 45 new residential listings in Rochester, Minnesota last week with an average asking price of $174,621. The 29 homes that went under contract to pending averaged just 57 days on the market and had an average list price of $183,555.

There were 62 closings last week on Rochester area homes. Average sold price for these homes was $176,863; average market time was 110 days.

There are currently 771 homes for sale in Rochester, Minnesota with an average price of $211,856 and an average of 126 days on the market.

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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