7.3 HRSR 01-04-2016 - Laserfiche WebLink

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FOR-SALE MARKET ANALYSIS Single-family housing types accounted for about 90% of all sales since 2000. Multifamily resales were highest in 2007 when they accounted for 30% of totaSince 2008, multifamily home sales have remained relatively stable accountinroughly 24% of total sales During the real estate boom, multifamily housing priced closely -family housing and sold for about 12%to 25%less than a single-family home. However, during the later-half of the last decade and early part of this decade multifamily pricing decreased substantially and was priced about 44% lower in 2011. The gap between the housing types is slowly closing with multifamily homes priced currently 35% lower than single-family homes. Home Resales by Price Table FS-3 shows the distribution of sales within nine price ranges from resales in 2014. The graph on the following page visually displays the sales data. Homes pricedfrom $150,000 to $249,999accounted for 58% of totalsingle-family home resales in 2014. Conversely, homes priced under $100,000 and over $400,000 accounted for less than 5% of resales. Multifamily homes priced from $100,000 to $150,000 accounted for 59% of resales in 2014. Another 21% priced from $150,000 to $199,999 and 16% from $200,000 to $249,999. There were no multifamily homes sold over the price of $250,000. TABLE FS-3 HOME RESALES BY SALES PRICE & PRODUCT TYPE CITY OF ELK RIVER 2014 Single-familyMultifamilyCombined Price RangeNo.Pct.No.Pct.No.Pct. Under $100,00072.0%43.5%112.4% $100,000 to $149,9993911.0%6759.3%10622.7% $150,000 to $199,99910429.5%2421.2%12827.5% $200,000 to $249,99910128.6%1815.9%11925.5% $250,000 to $299,9994412.5%00.0%449.4% $300,000 to $349,9993710.5%00.0%377.9% $350,000 to $399,999123.4%00.0%122.6% $400,000 to 499,99982.3%00.0%81.7% $500,000+10.3%00.0%10.2% Total353100.0%113100.0%466100.0% Sources: Regional Multiple Listing Service of Minnesota, Maxfiel 64 MAXFIELD RESEARCH & CONSULTING, LLC