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.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota