Rochester, MN Housing Market – April 2013

smogo

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Sep 4, 2012
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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.”  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. 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 and sale prices year-over-year increasing the average sale price by over 19%.  The average sale price of a single family home in Byron went from $191k to $234k in just one year, which is an amazing statistic.  If you have heard that it’s cheaper to live in Byron, check the numbers, things have changed. Kasson’s housing market has improved as well, not quite what Byron has done, but still good.  The sold volume in Kasson has increased by 28% year-over-year with the average sale price creeping up by 3%.  The future looks bright for our city and the surrounding area, especially with rumors of new jobs coming in and the “6 Billion Dollar Plan” that Mayo is trying to pass with the state to not only expand the Mayo Clinic campus, but improve our city’s infrastructure, public transportation, and local entertainment; all of this being done to make Rochester a destination for skilled workers and happy citizens.  We are already such a vibrant city, so it would be very neat to see what things could look like with these improvements. Be sure to keep on eye on our market going forward and if you have hesitated to make your move in buying or selling real estate because of the drought we’ve been in since 2007, clear that business out of your head and talk to your Realtor (preferably me of course).  There are a million different local and national real estate websites to cruise around on.  But don’t waste your time on websites reading about “how great” this agent is or that agent, spend your time on my website where you can get the facts about your market and use the best searching format around to find the house of your dreams or even just snoop around to see what your competition would be if you decided to sell your house in the future.  Browse homes for sale, and even request to see what homes have sold for in your neighborhood.  If you would like to receive a monthly report on local sold listings, I’d be more than happy to keep you informed.  As you can see, I am a numbers guy, because the numbers never lie!  Contact me anytime with questions about anything real estate.  I’m not a salesman, I consider myself a service provider that you’ll always feel comfortable around.  Look for my next market update for the Rochester area, I’m hoping it will be more good news! *All statistical data pulled from SE Minnesota Association of Realtors MLS database www.searchrochesterareahomes.com
 
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