Laserfiche WebLink
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 />90.0% <br />80.0% <br />70.0% <br />60.0 <br />50.0% <br />0 40.0% <br />4 <br />U <br />a 30.0% <br />20.0% <br />10.0 <br />0.0 <br />Resales by Price Point & Type: 2014 <br />80.5% <br />■ SF ■ MF <br />140.5-1 41.1% <br />° <br />2.0% • ° <br />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 />