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FOR-SALE MARKET ANALYSIS <br /> • Before the housing bust and the Great Recession, the price per square foot for existing <br /> home was about 10%to 20% less than new home construction. In 2007, the price per <br /> square foot between the two was exactly the same. Since 2007, price per square foot for <br /> new home construction has been considerably higher. The highest difference occurring in <br /> 2012 when the new home construction was 71% higher. New home construction is <br /> currently 50% higher as of June 2015. <br /> TABLE FS-4 <br /> HOUSING SALES PER SQUARE FOOT(PSF) <br /> ELK RIVER <br /> 2005 to June 2015 <br /> Median Avg. Existing Home New Const. <br /> Year <br /> PSF PSF Median PSF Median PSF <br /> 2005 $122 $131 $116 $140 <br /> 2006 $117 $126 $114 $127 <br /> 2007 $113 $121 $113 $113 <br /> 2008 $92 $98 $90 $118 <br /> 2009 $79 $82 $76 $103 <br /> 2010 $82 $85 $79 $107 <br /> 2011 $69 $72 $68 $111 <br /> 2012 $76 $80 $76 $130 <br /> 2013 $86 $92 $84 $130 <br /> 2014 $94 $98 $91 $136 <br /> 2015* $96 $102 $93 $140 <br /> *Through June 2015 <br /> Source: Regional Multiple Listing Service of MN, Maxfield Research &Consulting, LLC <br /> Elk River Sales per Square Foot(PSF) <br /> $140 <br /> Median PSF Avg. PSF <br /> $120 P 111— <br /> t,.w <br /> $100 - - N N I-'F+ II <br /> V W__ IT!N N N O O <br /> O O O O V7 0 l A i <br /> Y <br /> * <br /> ear <br /> MAXFIELD RESEARCH&CONSULTING,LLC 66 <br />