Despite the end of the year landing in the middle of the week, the Rochester, Minnesota area real estate market had a solid week last week (December 28, 2012 to January 3, 2013). The residential real estate market’s 19 new listings were evenly matched by the 19 homes that went off the market under contract, with 37 closings finishing out the year.
The 19 new residential listings came on the market with an average list price of $219,841. The average asking price for the 19 homes that went under contract to pending last week was $256,920. These homes averaged 93 days on the market.
Last week’s 37 closings had an average sold price of $180,189, 96.6% of the asking price and just 92.3% of the original list price. Average market time for these properties was 124 days.
The inventory of available homes for sale in Rochester has dropped dramatically to just 451 residential properties. The average asking price for these homes is $212,627, with an average market time of 144 days.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota