Housing Market Improving | Events
The Rochester housing market is showing improvement. New numbers from November show the area grew closer to a balanced inventory due to a decrease in the number of homes for sale and a rise in pended home sales. Pending home sales were up 1 percent over last November; all told, 308 properties closed last month.
Some areas in Minnesota are reporting that the inventory of homes to choose from is the lowest since 2004. This has actually resulted in multiple offers on many properties, including traditional sale homes as well as foreclosures and short sales. In Rochester, active listings were down 12 percent and new listings were down 3 percent. The month’s supply of housing has dropped to 9.4 months from 10.4 months, meaning that it would take 9.4 months for the existing inventory to be sold at the current rate. For every home that sells in Rochester, 9 properties remain on the market.
The average sales price of a home in the Rochester area has increased 2 percent and is now at $127,000.