A busier August than normal
It has been quite the busy summer for the Rochester MLS and it’s not slowing down. Normally we see a small dip in the action during the late summer months of July and August but we continued to see offers roll in and sold signs pop up in Rochester, Minnesota and the surrounding communities like Byron, Kasson, and Stewartville.
Usually smaller towns around Rochester will see a majority of the activity within the Rochester MLS because those buyers might be looking for particular school systems and a quieter lifestyle. Watch for this higher activity in small towns around Rochester to continue through November.
Southern quadrants sold faster
Homes in the southern quadrants of Rochester have seen a slightly higher increase in interest and those homes sold a bit fast than last month. The northwest quadrant of Rochester is typically the winner when it comes to how fast homes sell in Rochester but that area saw a tiny bit of a slow down in August.
Home Prices in Rochester MLS are up
Average list price as well as average sale price of homes in Rochester shot up significantly. This is in part due to the fact that the southern neighborhoods of Rochester are typically older with larger lots and more privacy; therefore landing them with higher asking prices.
A trend we’re seeing this year is that buyers are willing to commute farther for more privacy. More of the southern neighborhoods within the Rochester MLS can provide those luxuries without a price tag reaching upwards of $600,000.
Town home sales have sky rocketed in the past few years. The south side of the Rochester MLS dominates this category in terms of inventory as well as price ranges. You can find a brand new town home in SW Rochester for anywhere from $310,000 to over $600,000. It all depends on what types of luxuries you want to bring into your new lifestyle.
Contact me for a list of available town homes in the Rochester MLS.
NE quadrant makes a comeback
We’re seeing some beautiful new developments pop up all over the Rochester MLS but the NE quadrant is really picking up some speed. Watch this area for more new construction growth over the coming months. The Century School District plays a very large roll into this surge of interest. But without builders having the confidence to plunk down models in neighborhoods that haven’t been fully accepted yet is a key component as well.
Supply is still lower than demand
Builders have been a vital component to the overall health of the real estate market within the Rochester MLS over the past few years but our inventory is still terrifyingly low. This is good for existing homes and their values. If you’ve thought about listing, this January is the time! I’ll be going very in depth into when the best time to list your home is in the December issue of At Home Magazine.
Jenna Martindale | Realtor, Edina Realty | Lic Mn | Contributing Writer for At Home Magazine