Rochester, MN Housing Market - April 2013
Welcome to Rochester, MN! It's mid-April and our homes are frozen over thanks to Canada pouring a glass of ice-water down the back of our shirts. One thing that is beginning to de-thaw is our housing market though. Man, what a difference from last year. I'll present you with some year-over-year statistics of our Rochester market, because numbers never lie! If you are looking to sell, now is a fantastic time to do so. With lower average inventory listed on the market, and a flood of homebuyers storming the scene, sale prices are steadily beginning to climb. Foreclosures are also hitting the market at much slower rate which is great for our sellers trying to compete for better sale prices. One of the numbers that jumps out at me the most is the average sale price of “Condos/Townhomes/Twin homes.â€Â Year-over-year, the average sale price has increased by 12% going from $124k to $139k. Wow! Not as much for single family homes, but still had nearly a 2% increase on average. So at least it's moving upward! Percent of list price has increased as well from last year. Sellers 12-24 months ago on average were settling on offers at 95% of their asking price, and now over the last 12 months that average has jumped up to 98% on average. This next stat is great for those sellers that need to move relatively quickly and also great for those that get tired of having their home on the market for months on end (so basically everyone). Year-over-year, the average “Days on Market†has decreased by 28% from 136 days to 97 days. That is 5 ½ weeks faster! What a great sign for an improving housing market. The total amount of listings year-over-year has increase by 14% from 2,319 to 2,654 over the last 12 months.Â
The intent of this article is to give you some peace of mind about the current state of our housing market in Rochester. The numbers are also increasing for our surrounding towns as well. Byron has boomed in sales
Tags: real estate, homes sale, rochester, housing market, byron, kasson, pine island, stewartville, spring valley, hayfield, eyota, dover, zumbrota, lots, land, farms, foreclosures, short sales, ings
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