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FOR-SALE MARKET ANALYSIS <br /> • Single-family housing types accounted for about 90%of all sales since 2000. Multifamily <br /> resales were highest in 2007 when they accounted for 30%of total sales. Since 2008, <br /> multifamily home sales have remained relatively stable accounting for roughly 24%of total <br /> sales <br /> • During the real estate boom, multifamily housing priced closely to single-family housing and <br /> sold for about 12%to 25% less than a single-family home. However, during the later-half of <br /> the last decade and early part of this decade multifamily pricing decreased substantially and <br /> was priced about 44% lower in 2011.The gap between the housing types is slowly closing <br /> with multifamily homes priced currently 35% lower than single-family homes. <br /> Home Resales by Price <br /> Table FS-3 shows the distribution of sales within nine price ranges from resales in 2014. The <br /> graph on the following page visually displays the sales data. <br /> • Homes priced from $150,000 to $249,999 accounted for 58%of total single-family home <br /> resales in 2014. Conversely, homes priced under$100,000 and over$400,000 accounted <br /> for less than 5%of resales. <br /> • Multifamily homes priced from $100,000 to $150,000 accounted for 59%of resales in 2014. <br /> Another 21% priced from $150,000 to $199,999 and 16%from $200,000 to $249,999. <br /> There were no multifamily homes sold over the price of$250,000. <br /> TABLE FS-3 <br /> HOME RESALES BY SALES PRICE&PRODUCT TYPE <br /> CITY OF ELK RIVER <br /> 2014 <br /> Single-family Multifamily Combined <br /> Price Range No. Pct. No. Pct. No. Pct. <br /> Under$100,000 7 2.0% 4 3.5% 11 2.4% <br /> $100,000 to$149,999 39 11.0% 67 59.3% 106 22.7% <br /> $150,000 to$199,999 104 29.5% 24 21.2% 128 27.5% <br /> $200,000 to$249,999 101 28.6% 18 15.9% 119 25.5% <br /> $250,000 to$299,999 44 12.5% 0 0.0% 44 9.4% <br /> $300,000 to$349,999 37 10.5% 0 0.0% 37 7.9% <br /> $350,000 to$399,999 12 3.4% 0 0.0% 12 2.6% <br /> $400,000 to 499,999 8 2.3% 0 0.0% 8 1.7% <br /> $500,000+ 1 0.3% 0 0.0% 1 0.2% <br /> Total 353 100.0% 113 100.0% 466 100.0% <br /> Sources: Regional Multiple Listing Service of Minnesota, Maxfield Research&Consulting, LLC <br /> MAXFIELD RESEARCH&CONSULTING,LLC 64 <br />