Medina, MN Home Sales Jump 23% – Prices Decline by 10% – YTD October 2009
Medina, MN has seen closed home sales transactions increase 23% year over year through October. So far this year 48 homes have closed whereas last year it was only 39. I believe the main reason closed sales activity has increased because prices have dropped by 10% compared to one year ago. This is a consistent pattern that we see throughout the Twin Cities. Prices drop by 10-20% and sales start increasing! Imagine that!
2009 YTD through October:
Median Sales Price: $582,500 (-10.4%)
Average Sales Price: $616,105 (-10.2%)
Average Days on Market: 209 (-8.7%)
Percent of Original Price Received at Sale: 89.6% (-1.6%)
Click the link for Medina, MN Home Sales statistics found at the Minneapolis Area Association of Realtors site.
In 2006-2007 the median and average sales prices in Medina consistently were in the $800,000 – $850,000 range.
The reality is that there have been few sales in Wild Meadows this year where it’s difficult to purchase a home under $800,000. In Foxberry Farms, it was common to see several sales each year in the upper $700,000′s as well as in to the $800,000′s. There have even been a few $900,000′s, but not this year. In Bridgewater, homes used to consistently sell for between $850,000 -$950,000 but now it seems they have to go to the upper $600,000′s to mid $700,000′s to sell. Medina Highlands is a beautiful luxury townhome community in Medina. They used to sell in the upper $500,000′s to mid $600,000′s but now they appear to be selling in the mid $400,000′s to very low $500,000′s.
With more new construction competition coming from the likes of Pulte Homes’ Elm Creek Highlands development located in the Wayzata School District, this is likely to continue to keep the pricing pressure on homes in Medina.
