January proves a good month for home sales
Rochester's housing market started 2011 on a high note, as pending sales increased 30.9 percent from a year earlier to 106 in January, according to newly released numbers from the Southeast Minnesota Association of Realtors .
Completed sales in Rochester totaled 49, down 14 percent from a year earlier.
Pending sales were also up in Austin.
"This shows an increase in buyer activity in comparison to January of last year," said Duane Sauke, SEMAR MLS president.
Another encouraging sign was the decrease in active listings, from 1,053 last year to 990 this January.
"A continuation of this trend would be a sign of balancing the demand with the supply," Sauke said.
There is hope that foreclosures will diminish in mid-2011, but long-term trends are dependent on job growth and consumer confidence, he said.
The median sales price in Rochester was up three percent to $153,375, and average number of days on the market was 149, up from 129 a year ago.