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FOR-SALE MARKET ANALYSIS
<br /> • Single-family housing types accounted for about 79% of all resales since 2000. Multifamily
<br /> resales were highest in 2007 when they accounted for 30% of total sales.
<br /> • During the real estate boom, multifamily housing priced closely to single-family housing and
<br /> sold for about 12% less than a single-family home. However, during the later-half of the last
<br /> decade multifamily pricing decreased substantially and was priced about 44% lower in 2011.
<br /> TABLE FS-2
<br /> SINGLE-FAMILY AND MULTIFAMILY RESIDENTIAL SALES
<br /> CITY OF ELK RIVER
<br /> 2000 through 2011
<br /> Median Average
<br /> Number Selling % Selling %
<br /> Year of Sales Price Chg. Price Chg.
<br /> Single-Family
<br /> 2000 318 $162,400 -- $175,779 --
<br /> 2001 288 $174,700 7.6% $191,433 8.9%
<br /> 2002 358 $199,925 14.4% $219,401 14.6%
<br /> 2003 360 $222,000 11.0% $244,366 11.4%
<br /> 2004 470 $239,250 7.8% $256,351 4.9%
<br /> 2005 410 $251,900 5.3% $272,383 6.3%
<br /> 2006 325 $251,500 -0.2% $273,785 0.5%
<br /> 2007 252 $249,230 -0.9% $260,260 -4.9%
<br /> 2008 261 $205,950 -17.4% $220,158 -15.4%
<br /> 2009 309 $192,900 -6.3% $183,002 -16.9%
<br /> 2010 235 $181,000 -6.2% $193,931 6.0%
<br /> 2011 273 $160,000 -11.6% $166,918 -13.9%
<br /> Pct.Change
<br /> 00'-11' -14.2% -1.5% -5.0%
<br /> Multifamily*
<br /> 2000 35 $142,580 -- $145,163 --
<br /> 2001 36 $146,400 2.7% $154,227 6.2%
<br /> 2002 77 $152,197 4.0% $167,803 8.8%
<br /> 2003 106 $162,200 6.6% $172,222 2.6%
<br /> 2004 141 $167,123 3.0% $179,253 4.1%
<br /> 2005 108 $172,775 3.4% $184,227 2.8%
<br /> 2006 114 $167,025 -3.3% $176,956 -3.9%
<br /> 2007 108 $164,995 -1.2% $169,623 -4.1%
<br /> 2008 78 $132,500 -19.7% $137,021 -19.2%
<br /> 2009 89 $100,000 -24.5% $107,015 -21.9%
<br /> 2010 78 $107,442 7.4% $110,555 3.3%
<br /> 2011 109 $90,000 -16.2% $92,842 -16.0%
<br /> Pct.Change
<br /> 00'-11' 211.4% -36.9% -36.0%
<br /> * Multifamily includes twinhomes,townhomes,and condominiums(cooperatives are
<br /> typically not listed in the MLS)
<br /> Source: Regional Multiple Listing Service of MN; Maxfield Research Inc.
<br /> MAXFIELD RESEARCH INC. 61
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