Market Recovery?????

We believe that we are experiencing the beginning of a recovery in the residential real estate market. In the first five months of 2012, on a company-wide basis, our volume of completed home sales increased 12% compared to the first five months of 2011. According to NAR, in April 2012 existing home sale transaction volume increased approximately 17% as compared to April 2011. Furthermore, the most recent NAR forecast estimates that the volume of existing home sales will increase 12% for the year 2012 compared to 2011 and increase a further 10% in 2013.

Homes for Sale in Rochester Minnesota

Currently there are 817 homes for sale in Rochester MN.  Since the start of the New Year there have been over1200 homes put on the market.  According to MLS of those on the market, 329 have gone pending and a total of 707 homes have already been sold in 2012.  The Average Days on Market is right around 130 days.

If you are planning on putting your home on the market now is the perfect time.  According to Stats taking from MLS the number of homes up for sale is down compared to last year which means there are less competition and fewer homes for buyers to choose from.  The number of homes that are currently under contract or have already sold is up from last year which means there are more buyers out their looking for homes.  The average sales price is up from last year which great for sellers looking to gain a little more value from your homes sale.

Local Real Estate Stats.

Olmsted County Market Update for April 2012

	April 2012	April 2011	'11/'12 change
New Listings	299	296	+1%
Pending Sales	296	215	+37.7%
Active Listings	1,032	1,311	-21.3%
Avg. Days on Market	128	177	-27.68%
Median Sales Price	$151,000	$136,000	+11.03%
Average Sales Price	$180,352	$176,384	+2.25%
Months supply of Inventory	6.38	8.89	-28.23%

 

Information provided by FlexMLS based on data collected from the Southeast Minnesota Association of REALTORS® (SEMAR). This data is for Olmsted Country only.

March 12th 2012

March 12th, 2012 ·

Rochester Minnesota area home sellers are seeing the attractions of the spring market as even more homes were listed for sale last week (March 2 to 8, 2012) than the previous week. There were 83 new residential listings in Rochester.
There were just 11 closing last week. The average sold price for these homes was $207,681 — 97.3% of the asking price and just 89.2% of the original list price. These homes averaged 284 days on the market.
There are currently 747 active residential listings in Rochester, Minnesota - average 148 days on the market.

FORECLOSURES

March 12th, 2012 ·

Foreclosures in Minnesota, 2011 Report
There were 21,298 homes sold at Sheriff’s Sale in 2011 in Minnesota, the fewest since 2007. However, it also reflects the fact that the foreclosure crisis is not over yet, as it means that over 1% of EVERY HOME in Minnesota was lost to foreclosure last year.
It also brings the cumulative total of foreclosures in Minnesota since we began tracking these numbers in 2005 to over 135,000.
The comprehensive report, titled “Foreclosures in Minnesota”, analyzes sheriff’s sale data, the primary means of identifying foreclosures, from each of Minnesota’s 87 Counties. Minnesota is unique among other states in the availability of current, comprehensive foreclosure sale data.
To view a copy of the full report, go to: http://hocmn.org/en/2011ForeclosuresInMinnesota.cfm
In addition to the 21,298 homes that were sold in a foreclosure sale, more than 54,500 households continued to struggle with mortgage payments and received a pre-foreclosure notice from their lender during the year. (For more information about pre-foreclosure notices, visit the Center’s blog, here).
The Minnesota Homeownership Center, Greater Minnesota Housing Fund, Minnesota Housing and Family Housing Fund published the report, with research provided by HousingLink.
As always, struggling homeowners are encouraged to seek the help of a certified foreclosure prevention specialist that is a member of the Homeownership Advisors Network, as soon as possible. Waiting limits a homeowner’s options. To find a free local foreclosure specialist, homeowners can visit www.hocmn.org or call the Minnesota Homeownership Center at 866-462-6466.

Is the Buyer’s Market Finally Over?

January 16th, 2012 ·

Between economic woes and the housing bubble burst, home buyers have appeared to have the upper hand in the real estate market for several years. With fewer active buyers, more homes for sale, tighter lending restrictions, and falling home prices, sellers were at a clear disadvantage.

The big question......... is the buyer’s market over? Signs point towards yes. 

Low listing inventory levels and increased buyer demand, combined with sellers’ unwillingness, and inability, to let prices go much lower, are shifting the balance of power away from buyers.

There are currently 607 active residential listings in Rochester, Minnesota with an average asking price of $203,757 and an average of 182 days on the market.