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4 <br />SINGLE FAMILY RESIDENTIAL (CONTINUED) <br />The median sales price in Elk River has risen nearly <br />$70,000 since Q1 of 2016. The increase in single <br />family home prices could be attributed to the lack of <br />inventory over the same period of time. <br />The supply of homes for sale since Q1 of 2016 in <br />Elk River has decreased from three months to just <br />under two months supply in Q3 of 2018. We saw a <br />come back in 2019 settling off at a 2.8 month supply. <br />The trend in 2020 shows a slight decrease in the sup- <br />ply of homes for sale. <br />Single family homes in Elk River do not stay on the <br />market for long. In early 2016, homes were on the <br />market for an average of 41 days. In 2019, single fam- <br />ily homes stayed on the market for 25 days or less. <br />The trends seem to be slowly scaling back up in 2020.