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• Year Homes Sold Average Selling Price Median Sale Price 1997 253 $129,263 $120,900 1998 346 $139,470 $127,800 1999 340 $153,004 $142,559 2000 306 $174,820 $160,000 Interviews with area Realtors found that the average listing time for individual homes was approximately 60 days. Most existing homes in the community are ranging from $130,000 to $500,000. Newly constructed housing in the community is typically ranging from $165,000 to $600,000. Lots in the community are on average selling for$60,000 and above. A snapshot of the Multiple Listing Service also found similar data on the sale of homes in Elk River. Elk River had very few homes that were listed under $150,000 and would be considered affordable. To afford most of the homes that are listed at $200,000 or more a household would have to earn approximately$63,200 per year. All mortgage calculations found throughout the study are based on a 30-year mortgage at 7% with a 5% downpayment. A total of 54 homes were listed with the following price ranges: $100,000 and under 0 homes $100,001 to $150,000 2 homes $150,001 to $200,000 5 homes . $200,001 to $250,000 16 homes $250,001 to $300,000 15 homes $300,001 and over 16 homes Between the 1990 and the 2000 Census, the City has added 1,895 housing units. Units built during this period will comprise 33.1% of the total housing stock. The second largest production of housing occurred between 1980 and 1989 when 1,757 new units were added comprising 30.7% of the housing stock. The community does have some older homes in the community which were built prior to 1950. These units comprise 7% of the housing stock with 395 units. •