My New Blog

We live in a very statistical saturated society.  There are numbers for just about anything; and they are wherever you look.  The same goes for Real Estate, there are stats for just about everything to do with the Profession.  The five numbers that every home buyer or seller should be aware of are:  Prices, Sales, Current Inventory, Interest Rates, and Affordability.  Having a pulse of these 5 statistics will help keep you "in the zone" so to speak.  Let's take a look at the most recent stats for these 5 areas for the Rochester, MN area.

Home Sales Rochester:
February 2011 - 86
February 2010 - 73 

Home Prices Rochester:
February 2011 - $168,851.00
February 2010 - $165,474.00

Monthly Absorption Rate Rochester:
February 2011 - 7.89 Months
February 2010 - 8.46 Months

Rochester Area Home Interest Rates as of March 10th, 2011:
Conventional 30 Year Fixed - 4.625%; down 0.125 from last month
FHA/DVA 30 Year Fixed - 4.375%; down 0.125 from last month
USDA Rural Development - 4.25%; down 0.125 from last month
MN Housing First Time Homebuyer - 4.50%; no change
FHA 5-1 Adjustable Rate Mortgage - 3.375%; down 0.125

Affordability Index Nationwide:
January 2011:  Median Sales Price = $159,400; Interest Rate = 4.82%; Monthly Payment = $671.00; Payment as % of Total Income = 13.1%. 

January 2010:  Median Sales Price = $163,800; Interest Rate = 5.08%; Monthly Payment = $710.00; Payment as % of Total Income = 13.9%.