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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 />$140 <br />$120 <br />$100 <br />$80 <br />LL <br />N <br />a <br />$60 <br />$40 <br />$20 <br />$0 <br />TABLE FS -4 <br />HOUSING SALES PER SQUARE FOOT (PSF) <br />ELK RIVER <br />2005 to June 2015 <br />2005 <br />$122 <br />$131 <br />$116 <br />$140 <br />2006 <br />$117 <br />$126 <br />$114 <br />$127 <br />2007 <br />$113 <br />$121 <br />$113 <br />$113 <br />2008 <br />$92 <br />$98 <br />$90 <br />$118 <br />2009 <br />$79 <br />$82 <br />$76 <br />$103 <br />2010 <br />$82 <br />$85 <br />$79 <br />$107 <br />2011 <br />$69 <br />$72 <br />$68 <br />$111 <br />2012 <br />$76 <br />$80 <br />$76 <br />$130 <br />2013 <br />$86 <br />$92 <br />$84 <br />$130 <br />2014 <br />$94 <br />$98 <br />$91 <br />$136 <br />2015* <br />$96 <br />$102 <br />$93 <br />$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 />N N N N N N N N N N N <br />O O O O O O O O O O O <br />O O O O O N F" F" F" F" F" <br />U'7 01 -�I 00 l0 O N N W Ln <br />Year <br />-441pr- -qw- <br />MAXFIELD RESEARCH & CONSULTING, LLC 66 <br />