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MARKET CONDITIONS <br />Conversations with local market participants including the county assessor and local real estate agents, as well as <br />additional market analysis revealed market conditions for vacant residential lots less than one acre in size in the <br />Elk River market area have been increasing over the past three years. Market and county data have indicated <br />increases of approximately 6.6% per year from 2017 through September 2019. This data does not include water <br />fronting properties or commercial/industrial zoned properties. <br />Sales activity is limited based on MLS data, with few sales on an annual basis. Marketing times are typically <br />around three months. MLS data indicates a current +/- 20-month supply of available residential lots. <br />A study of improved single family residential properties within the subject's market area over the past three years <br />has revealed the following: <br />• Average sale prices have increased steadily over the past three years, with a current year over year increase <br />of 5.5% with an average sale price of $282,665. The median sale prices have also indicated similar trends <br />with a reported increase of 4.0% over the past year and current median sale price of $273,000. <br />• The average and median marketing times have fluctuated over the past three years with an overall decline; <br />however, marketing times have generally increased over the past year with a reported average DOM of 53 <br />days and median DOM of 27 days. <br />• The supply appears to be low at present, with a current supply of 2.7 months. This is an improvement <br />from a year ago when supply was below 2 months. <br />• Typically there are seasonal influences with fewer sales and listings during the winter months and supply <br />would be expected to increase in the spring. <br />Source: InfoSparks <br />EIK Klver Average Jaces Yrlce l renas <br />Avempe Sales Price <br />w Ea RI— <br />SlNK <br />3ZlOK <br />SYION <br />f239N <br />�1]UK <br />r-z6ie t-2p17 t-per6 r-2oi9 <br />Elk River <br />:lk River Months Supply of Homes or Sale Trends <br />Months Supply of Homes for Sale <br />EN R— <br />ra6�B 1-pet7 r-Mi! r-Zola <br />Source: InfoSparks <br />S.P. 7102-135RW C.S. 7102 (10=3) 902 Parcel 7102-902-229C Page 28 <br />