More than twice as many homes came onto the Rochester, Minnesota area housing market in the first week of February as went off the market with a signed contract. The 57 new residential listings had an average list price of $226,714. The 24 homes that went under contract to pending last week had an average list price of $169,522 and average market time of 76 days.
Last week’s 11 closings had an average sold price of $178,068, 95.4% of the asking price and just 90.5% of the original list price. Average market time for these homes was 130 days.
The inventory of homes for sale is beginning to pick up as we approach the spring market, but still remains very low compared to past levels. There are currently 531 homes for sale in Rochester, Minnesota with an average asking price of $219,015 and an average market time of 135 days.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota