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FOR-SALE MARKET ANALYSIS <br />Overall, 75% for all home resales in 2014 were priced from $100, <br />3% of home are sold for less than $100,000 and only 4.5% sold for more than $350,000. <br />Based on the median price of $210,000 in Elk River as of the first half of2015, a households <br />monthly payment (assuming 10% down and principal/interest, insurtaxes, and 4% <br />mortgage interest rate) would be about $1,350. The income required to afford a home at <br />this price would be about $54,000based on purchasing a home utilizing 30% of their <br />adjusted gross income (and assuming they do not have a high leve <br />equity). In 2015, 74% (4,964 households) of Elk Rivers non-senior households had incomes <br />greater than $54,000, meaning that three-quarters of non-senior households in Elk River <br />can afford a median-priced home in the city. <br /> <br />Resales by Price Point & Type: 2014 <br />90.0% <br />80.5% <br />80.0% <br />SFMF <br />70.0% <br />60.0% <br />50.0% <br />41.1% <br />40.5% <br />40.0% <br />30.0% <br />15.9% <br />20.0% <br />13.9% <br />10.0% <br />3.5% <br />2.3% <br />2.0% <br />0.3% <br />0.0% <br /><$100k$100k-$200k$200k-$300k$300k-$400k$400k-$500k$500k+ <br />Sales Price <br />Home Resales per Square Foot (PSF) <br />Table FS-4on the following page shows the distribution of sales from 2005 to June 2015. Data <br />is provided the existing homes and new construction in Elk RiverThe graph on the following <br />page visually displays the sales data. <br />The median and average price per square foot has declined significantly since 2005. The <br />median price per square foot was $122 in 2005 declining to its lowest point in 2011 at $69 <br />per square foot (-43%). Since 2011 the price per square foot has steadily increase to $9 <br />per square foot (39%) as of June 2015. <br /> <br />65 <br />MAXFIELD RESEARCH & CONSULTING, LLC <br /> <br />