The market is cooling off. Houses in Rochester are sitting on the market for 120 days and longer. There are many more sellers than buyers, and a good supply of houses in all price levels. The average sale price is $200 thousand, which is 5-10% less than lat years average. Houses are only getting 90-95% of their asking price also. The most active group is first time homebuyers.
In Woodbury, a suburb of St. Paul, there are more buyers than sellers in the market. Houses are on the market for 90-120 days and getting 95-100% of their asking price. The average sale price is $240K, which is 5% higher than last summers average. The most active group is first time buyers.