Regardless of what the weather is doing outside, the spring selling market is here. The available inventory of homes for sale in Rochester, Minnesota increased more than 10% since a month ago with 608 active residential listings. Average asking price for these properties is $217,805 and the average market time is 116 days. Nevertheless, the number of active listings remains 25% lower than a year ago, with new listings last week down a third from the same time a year ago.
Last week (March 8-14, 2013) there were 36 signed contracts on residential properties in Rochester. Theses homes had an average list price of $190,222 and averaged 88 days on the market before going under contract to pending. There were nearly twice as many homes coming onto the Rochester area housing market as going off with signed contracts. The 65 new residential listings had an average asking price of $206,439.
With lower inventories, the market continues to favor sellers. The 17 homes with closings last week had an average selling price of $202,861, 95.4% of the asking price, 93.3% of the original asking price. Average market time for these homes was 109 days.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota