Summer housing sales have continued the positive trend we saw throughout the spring in Rochester, Minnesota. There were 31% more signed contracts on Rochester Minnesota homes in July 2012 than a year earlier, the highest number of homes that have gone under contract in the seventh month of the year since 2007. Year-to-date, signed contracts are up 15.6% year over year.
Average market times have remained significantly lower for homes going under contract, with an average of just 85 days in July 2012, just over half the average we saw a year ago (163 days) and the shortest average market time we’ve seen in July in nearly a decade.
The inventory of homes for sale continues to contract with total active listings for the month down 15% from a year earlier. There are currently just 619 active residential listings for sale in the Rochester area housing market with an average asking price of $220,398 and an average of 154 days on the market.
For the latest in local real estate stats make sure to check out https://www.shawnburyska.com/real-estate-statistics.php.
Shawn Buryska ABR, CRS, GRI
Coldwell Banker Burnet Realty
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota