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FOR-SALE MARKET ANALYSIS <br /> • Overall, 75%for all home resales in 2014 were priced from $100,000 to $249,999. Less than <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 of 2015, a household's <br /> monthly payment (assuming 10%down and principal/interest, insurance, taxes, 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$54,000 based on purchasing a home utilizing 30%of their <br /> adjusted gross income (and assuming they do not have a high level of debt or existing <br /> equity). In 2015, 74% (4,964 households) of Elk River's 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 /> Resales by Price Point&Type: 2014 <br /> 90.0% <br /> 80.5% <br /> 80.0% <br /> ■SF ■MF <br /> 70.0% <br /> 60.0% <br /> °—' 50.0% <br /> an 40.5 I 41.1% <br /> 0 40.0% <br /> V <br /> a 30.0% <br /> 20.0% 15.4% 13.9% <br /> 1o.o% <br /> 2.0% 3.5% I 2.3% 0.3% <br /> <$100k $100k-$200k $200k-$300k $300k-$400k $400k-$500k $500k+ <br /> Sales Price <br /> Home Resales per Square Foot ("PSF") <br /> Table FS-4 on 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 River. The 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 $96 <br /> per square foot (39%) as of June 2015. <br /> MAXFIELD RESEARCH&CONSULTING,LLC 65 <br />