Rochester Minnesota Residential Real Estate Market Conditions – Monday Morning Market Update (10/1/2012)

Good morning!

Although new listings outpaced signed contracts by almost 2 to 1 last week, the available inventory of homes continues to decline with just 649 residential homes currently for sale in Rochester, Minnesota. The average list price for these properties is $225,574; average market time is 132 days.

Last week’s 39 new residential listings in Rochester Minnesota had an average asking price of $186,943. The 22 homes that went off the market under contract to pending had an average price of $157,554 and averaged 182 days on the market.

There were 26 closings last week on Rochester area homes, exactly the same number as a year ago. Nevertheless, the sold volume, or total dollar cost for these properties, was up 40% for the time period (September 21 to 27) year over year.  Average sold price for these homes was $212,306; average market time was just 85 days to signed contract.

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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