Region Sees Shrinking Inventory of Homes for Sale
Rochester, MN (KROC AM News) - The latest report on the region’s real estate market shows the number of homes for sale continues to drop.
The Southeastern Minnesota Association of Realtors says the inventory of homes for sale throughout the entire region last month was only a little above 1600, which is down over 25-percent when compared to April of last year. In Rochester, the number of homes for sale was down almost 38-percent from a year ago at 330. That’s only enough to supply the market for a little over a month and a half. Across the region, the supply is just over three months.
The Association says the number of new listings in southeastern Minnesota fell over 13-percent last month, while pending sales were down 9.2-percent. There was a five-percent increase in the number of closings on existing home sales in April in the report shows the median sales price rose 2.4-percent to $165,500.
Through the first four months of the year, Rochester has experienced a 16-percent drop in the number of closings while the median sale price has climbed 6.7-percent to over $181,300.