May certainly lived up to the standard spring market expectations for Rochester Minnesota real estate. This is a normal occurrence during the spring and early summer months to see the market heat up but an inventory level below normal created a feeding frenzy. Many homes sold in days, even hours. Sellers were dealing with offers in the double digits and many saw offers more than $10,000 over their asking price. This is a classic case of supply and demand and had much less to do with the time of year and everything to do with how many homes all of these new buyers had to fight over. This will continue until we see higher inventory numbers.
Average list and sale prices are down from last month mostly due to the price range of homes that seem to be more popular/hot at the moment… that range being anything under $230,000.
While all areas of Rochester saw an increase in units sold, the SE quadrant saw a higher boost in sales in comparison to last month; mostly because this area of town has more homes in that hot price range.
Have you asked your Realtor how much your home is worth in today’s market? You may be surprised…