Minnesota Real Estate Blog

Medina MN Real Estate

Medina, MN Real Estate Market Update - November 2008

Medina is a great city located near Lake Minnetonka, Lake Independence, and Long Lake and is home to many famous athletes. Also home to the Medina Entertainment Center which is used by people all over the Twin Cities for weddings, receptions, banquets, meetings, or attending concerts or going to dinner, etc! Being a lake city, is has tons of natural beauty and parks for recreational purposes. It is also home to John Stenroos on our team, who is a great, great agent if you're looking to buy or sell in this area!

First we'll look at October of 2007 compared to the month of October in 2008. In Medina, 20 properties were put on the market this October, up 66.7% from 12 new listings last October. Closed sales went from 4 to 3 closed sales in October of 2007-2008. The average sales price increased 10.7% from last October, going from $663,450 to $734,167. The percent of original list price received at the time of sale in Medina was only 89.3%, a decrease of 3.4% from October of 2007. The average days on the market until sale increased 93.2% from 205 to 396 days. The overall active inventory level for single family homes increased 17.9% to 66 homes in October 2008. The townhome and condo inventory level is down 19%, with 17 properties on the market in October of 2008.

Now when we take a look at January through October of 2007 compared to January through October of 2008, there has been a 7.4% drop in new listings put onto the MLS in Medina. Closed sales are down 17%, with 39 properties closing here in 2008. The average sales price is down 12.7% from $787,765 to $687,553. The percent of original list price received at the time of sale is down 2.8%, from 93.9% to 91.3%. The average days on the market until sale are up from 123 to 228 days, an increase of 85.3%.

Being that the price of homes is much higher in Medina; the time on the market is also much longer than usual. The demographic of buyers is just not the majority in Medina therefore you have a lesser audience when you list a high end property here. If you're trying to sell in Medina, expect to wait a while!

posted by Ryan O'Neill at Permanent Link