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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 />MAXFIELD RESEARCH & CONSULTING, LLC 64 <br />TABLE FS -3 <br />HOME RESALES BY SALES PRICE & PRODUCT TYPE <br />CITY OF ELK RIVER <br />Single-family <br />2014 <br />Multifamily <br />Combined <br />Price Range <br />Under $100,000 <br />No. <br />7 <br />Pct. No. <br />2.0% <br />4 <br />Pct. No. <br />3.5% <br />11 <br />Pct. <br />2.4% <br />$100,000 to $149,999 <br />39 <br />11.0% <br />67 <br />59.3% <br />106 <br />22.7% <br />$150,000 to $199,999 <br />104 <br />29.5% <br />24 <br />21.2% <br />128 <br />27.5% <br />$200,000 to $249,999 <br />101 <br />28.6% <br />18 <br />15.9% <br />119 <br />25.5% <br />$250,000 to $299,999 <br />44 <br />12.5% <br />0 <br />0.0% <br />44 <br />9.4% <br />$300,000 to $349,999 <br />37 <br />10.5% <br />0 <br />0.0% <br />37 <br />7.9% <br />$350,000 to $399,999 <br />12 <br />3.4% <br />0 <br />0.0% <br />12 <br />2.6% <br />$400,000 to 499,999 <br />8 <br />2.3% <br />0 <br />0.0% <br />8 <br />1.7% <br />$500,000+ <br />1 <br />0.3% <br />0 <br />0.0% <br />1 <br />0.2% <br />Total <br />353 <br />100.0% <br />113 <br />100.0% <br />466 <br />100.0% <br />Sources: Regional Multiple Listing Service of Minnesota, Maxfield Research & Consulting, LLC <br />MAXFIELD RESEARCH & CONSULTING, LLC 64 <br />