The spring housing market in Rochester, Minnesota is beginning to warm up with increasing inventories and strong selling activity.
While housing inventories remain at just over 80% the volume of a year ago, week over week we’ve been seeing a steady increase in homes available for sale. There are currently 546 active residential listings in the Rochester area with an average asking price of $218,235 and an average market time of 133 days.
Last week (February 8-14, 2013) there were 30 signed contracts on residential properties in Rochester. Theses homes had an average list price of $249,003 and averaged 98 days on the market before going under contract to pending. Homes coming onto the market last week outpaced those going off by 50%. The 46 new residential listings had an average asking price of $201,754.
The importance of right-pricing is clear in last week’s closings. The average sold price for the eight home sales that closed last week was $167,191, 98.6% of the asking price and 96.7% of the asking price, most likely a contributing factor to the relatively low average market time of just 88 days.
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 Realty, Licensed in the state of Minnesota