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Photos provided by Zoey Jantsan
Southeast Minnesota Market Numbers Year to date through Feb. 2023 -20.7% One-Year Change in New Listings
Looking Ahead So far in 2023, the Rochester real estate market has experienced an interesting start to the spring market, with continued low inventory conditions. As Jandt points out, buyers are getting more accustomed to the higher interest rates and some are finding creative solutions with 2-1 or 3-2-1 internet buy downs… especially making an upfront payment to interest, and ideally “seller paid” with it being wrapped in the mortgage. “We hope for an increase in supply to help our consistent buyer demands,” the SEMN executive committee says. “The most challenging for this year is clearly inventory. Also, the timing of when in the week homes hit the market is playing a factor as well.” The majority of sellers in hotter price ranges ($250k-$400k) are using the “coming soon” status and letting the listing go live on a Friday and hoping for a first weekend sale. Other key and obvious challenges are around affordable housing – both for preexisting and new construction home categories. “I feel if we encourage sellers to list their home and allow for showings it can help level the playing field,” Jandt says. “Then not all buyers are in a weekend- only home shopping mode and inventory is spread more throughout the week.”
-31.4% One-Year Change in Closed Sales
-2.8% One-Year Change in Median Sales Price
+10.4% One-Year Change in Days on the Market
Right infographic source: Minnesota Realtors ® www.mnrealtor.com/buyers-sellers/marketreports
| Advantage Magazine 6
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