Laserfiche WebLink
<br />FOR-SALE HOUSING MARKET CONDITIONS <br /> <br />. Of this total, approximately 470 single-family homes and 75 multifamily homes are listed <br />in the Primary Market Area. The median and average list prices of homes in the Primary <br />Market Area are higher than the Secondary Market Area, which is consistent with the <br />newer housing stock available in the Primary Market Area. <br /> <br />TABLE FS-5 <br />SINGLE-FAMILY HOMES CURRENTLY LISTED FOR-SALE <br />RAMSEY MARKET AREA <br />Se tember 2009 <br /> <br /> <br />$500,000 + 32 6.8% 32 5.3% 64 6.0% <br /> 469 100.0% 605 84.6% 1,074 82.0% <br />Minimum $52,500 $67,000 $52,500 <br />Maximum $1,295,000 $1,500,000 $1,500,000 <br />Median $239,900 $209,900 $219,900 <br /> <br />Sources: Northstar MLS; Maxfield Research Inc. <br /> <br />. The median list price of single-family homes is $219,900 in the Market Area overall, <br />which is substantially higher than the August 2009 resale price of$165,000. Similarly, <br />the median list price of multifamily homes is $149,700 and the August 2009 resale price <br />is $114,200. Homes listed for sale at the above market price are likely to take longer to <br />sell than homes priced closer to the median price. <br /> <br />· Based on a Metro Area median household income of$83,900, we estimate that qualified <br />workforce households will have incomes of $44,800 or less for singles through $64,000 <br />or less for a family of four. We assume that most of these workforce households could <br />afford homes ranging from $155,000 to $220,000 depending on the size of household. <br />After accounting for household size, we estimate that 35% of the single-family homes <br />listed for sale (381 homes) and 78% of the multifamily homes (265 homes) would be af- <br />fordable to these workforce households. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />