Laserfiche WebLink
FOR -SALE MARKET ANALYSIS <br />Elk River Lot Supply <br />Tables FS -9, FS -10, and FS -11 show an inventory of lots within platted subdivisions in Elk River. <br />The table includes information on the year the subdivision was platted, the total number of lots <br />platted, number of lots developed, lots available, and type of lot. The data in Tables FS -9 and <br />FS -10 was provided by Metrostudy (a nationally recognized firm providing data for the <br />residential housing market). The data in Table FS -11 was provided by Sherburne County. <br />The following terms are used in the lot inventory tables: <br />Annual Starts and Closings: The sum of activity for the most recent four quarters. <br />Closing: Defined as when a "move in" has occurred and the home is occupied. <br />Future Lots Inventory: Future lots are recorded after a preliminary plat or site plan has <br />been submitted for consideration by the city. <br />Lot Front: Range of all lot sizes within the subdivision; based on the lot front foot width <br />Occupied: A buyer has taken possession of the home that was previously under <br />construction or a model home. <br />Price: Range of all base home price offered within the subdivision <br />Starts: The housing slab or foundation has been poured. <br />Total Lots: A summation of all lots platted in a subdivision, including those closed, <br />under construction, and vacant. <br />Vacant Developed lot (VDL): The subdivision is considered developed after subdivision <br />streets are paved and vehicles can physically drive in front of the lot. <br />The following are key points from Tables FS -9 and FS -10: <br />• As of 2nd Quarter 2015, Elk River had a total of 200 vacant lots within 26 subdivisions. <br />However, 188 of the vacant lots were single - family lots while 11 vacant lots were attached <br />lots. <br />• The majority of the subdivisions (20) were platted between 2000 and 2006. Roughly 54% of <br />the lots were platted between 2004 and 2006, the peak years of the real estate boom. <br />There have been three subdivisions platted recently in over the past two years. <br />MAXFIELD RESEARCH & CONSULTING, LLC 73 <br />