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<br />FOR-SALE HOUSING MARKET CONDITIONS
<br />
<br />. Strong appreciation was experienced in the early part of the decade as the median resale
<br />price increased from $169,900 in 2001 to $235,950 in 2006 (+38.9%). Since 2006, resale
<br />prices have been decreasing annually to arrive at a year-to-date median resale price of
<br />$165,000 as of August 2009. Essentially, any appreciation gained over the decade has
<br />been lost as median prices have returned to 2001 levels.
<br />
<br />. The length of time from when the home is listed until it sells has increased nearly two-
<br />fold; homes sold in an average of75 days in 2008 (Primary Market Area), an increase
<br />from an average of 3 5 days in 2001.
<br />
<br />. As the decline in resale prices would suggest, a more significant share of single-family
<br />resales have been at lower price points. Between 2005 and 2008, the number of homes
<br />sold below $150,000 increased from only 24 homes to nearly 350 homes. Fewer homes
<br />were sold in every price segment above $200,000. Again, foreclosures have resulted in
<br />market opportunities for those who are ready to purchase. Both the PMA and the SMA
<br />experienced strong increases inthe number of homes sold below $150,000.
<br />
<br /> TABLE FS-l
<br /> SINGLE-FAMILY HOME RESALES
<br /> RAMSEY MARKET AREA
<br /> 2001 to 2009*
<br /> No. Median Pct. Avg. No. Median No. Median Pet.
<br />Year Sold Sold Price Change DO Sold Sold Price Sold Sold Price Change
<br />2001 1,038 $178,000 35 1,468 $164,900 2,506 $169,900
<br />2002 1,041 $191,900 7.8% 42 1,593 $179,900 9.1% 2,634 $183,000 7.7%
<br />2003 1,075 $208,100 8.4% 42 1,779 $194,900 8.3% 2,854 $199,000 8.7%
<br />2004 1,109 $228,900 10.0% 42 1,763 $215,000 10.3% 2,872 $219,900 10.5%
<br />2005 980 $240,000 4.8% 66 1,680 $227,900 6.0% 2,660 $232,000 5.5%
<br />2006 736 $242,900 1.2% 65 1,316 $233,000 2.2% 2,052 $235,950 1.7%
<br />2007 596 $235,000 -3.3% 79 963 $220,000 -5.6% 1,559 $225,000 -4.6%
<br />2008 680 $207,750 -11.6% 84 1,069 $190,000 -13.6% 1,749 $195,250 -13.2%
<br />2009* 547 $179,000 -13.8% 75 920 $160,000 -15.8% 1,467 $165,000 -15.5%
<br />IChange '00-'09 $1,000 0.6% -$4,900 -3.0% -$4,900 -2.9%1
<br />· 2009 figures include all resales through the end of August 2009.
<br />Sources: Northstar MLS; Maxfield Research Inc.
<br />
<br />MAXFIELD RESEARCH INC.
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