Below is a revised synopsis of home sales in Foxberry Farms in Medina, MN from 2004-2009.   The only data point that changed was the average sales price for 2009 YTD as a home closed earlier this week in Foxberry and it was not included in my earlier data posted here.

This is now the first time since the early days of the development that the average sold price is below $600,000!   The average sales price in 2009 is $590,000 down from $725,000 in 2008.  Statistically, this is an 18.6% decline in the average sales price.  This does not mean that the typical home in Foxberry Farms is down 18.6% from a year ago, but it better reflects the appetite of buyers.   There just aren’t as many people who are interested in buying $800,000 – $900,000 homes in today’s market.

I also believe that there is a major reset going on in the marketplace and it’s driven by several factors:

• lack of mortgage money in the Jumbo market
• overall economic concerns
• decline in interest in large houses because of the operating costs – taxes and utilities
• fundamental shift in thinking of American homebuyers – the house isn’t the status symbol it once was

Click on the pictures  to enlarge in a new window.   If  you’d like to stay up to date on Foxberry Farms, the click the link to subscribe to the latest MLS information.  If Wild Meadows interests you, click the link for that development.

Foxberry Farms Home Sales - Medina, MN

Foxberry Farms Sales by Finished Square Feet - Medina, MN