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FOR SALE MARKET ANALYSIS <br />Summary of For Sale Market Conditions <br />Residential Resales <br />• The number of home sales reached 583 in 2017 which is the highest figure since 2004. The <br />average days on market continues to decline and remains low in 2017 at 51 days and a me- <br />dian of 30 days. <br />Since 2015, the median sales price of residential properties has risen 18%, from $214,450 in <br />2013 to $245,000 in 2017. Single-family homes during this time increased 19% from <br />$237,536 to $282,550 while multifamily homes increased 11% from $167,304 to $185,665. <br />Home resale prices have been rising steadily since the lowest point in 2011. <br />In 2017, 69% of home sales range from $150,000 to $299,999 with the largest proportion of <br />residential resales occurred in the $150,000 to $199,999 bracket with 24% of the sales oc- <br />curring. The majority of sales (62%) in this price point were multifamily units. Homes that <br />sold from $200,000 to $249,999 accounted for 23% of total sales in 2017 and consisted of <br />85% single-family units. Another 22% of homes were sold between $250,000 and $299,999 <br />with 87% consisting of single-family units. <br />Active Listings <br />The median list price for single family homes in Elk River was $305,990 in February 2018 <br />compared to $279,900 back in August 2015. Multifamily homes listed in February 2018 had <br />a median list price of $217,950 which is relatively similar to that back in August 2015 at <br />$215,725. <br />• There was a total of 53 homes listed for sale in February 2018 compared to 150 homes back <br />in August 2015. The difference can be attributed to the time of year with less homes typi- <br />cally listed during winter months. Single family listings accounted for 81% of the listings. <br />• On average, multi -family listings were slightly newer, with an average year built of 2005, <br />compared to an average year built of 2003 for single-family homes. This indicates that a <br />number of active listings are newly constructed homes <br />Lot Supply <br />• There are 161 lots available in active subdivisions with 81 lots available in newer subdivision <br />active since 2017. The largest proportion of lots are in Miske Meadows subdivision with 51 <br />vacant developable lots with homes marketing from $250,000 to $400,000. <br />MAXFIELD RESEARCH AND CONSULTING 41 <br />