February 2nd 2009 Rochester MN Market Update

There are currently 812 homes for sale in Rochester, Minnesota. The average asking price for these properties is $227,055 (median $178,000) and average market time is 193 days.

Last week (January 26, 2009 through February 1, 2009) there were 839 residential properties for sale in Rochester, MN, with an average list price of $227,321 (median $177,900) and average market time of 188 days.

There were 30 new listings and 13 that came back onto the market last week. Average list price was $226,063 (median $189,900) and $199,942 (median $157,900) respectively.

The 28 homes that went to pending (under contract) last week averaged 124 days on the market and $168,562 asking price (median $159,900). The average sold price for the 14 homes that closed was $178,678 (median $152,400), 95.94% of the original list price, 99.57% of the asking price. Average market time for these homes was 118 days.

Last week one listing was withdrawn, 12 canceled, 8 expired and 24 were extended.

January 26 2009 Rochester MN Market Update

There are currently 823 residential properties for sale in Rochester, Minnesota. The average list price for these properties is $224,992 (median $175,000) and average market time is 190 days. Last week (January 19 to January 25, 2009) there were 846 residential properties for sale (average list price $225,607, median $175,000, 186 days on the market).

Last week 22 homes went to pending (under contract) with an average price of $163,045 (median $159,900) and 111 days on the market. There were 37 new listings, averaging $223,754 (median $164,900), and 17 listings came back on the market (average $271,723, median $249,900, 334 days on the market). Six listings expired, 3 cancelled, and 4 were withdrawn.

The average sold price of $165,870 for the 12 homes that sold (closed) last week was 88.71% of the list price, 81.59% of the original asking price, underscoring the need for realistic pricing in the current market. These properties had an average of 94 days on the market. The average list price was $186,979 (median $130,900).