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Table 4-11
<br />RAMSEYHOME SALES, 2005 TO2012
<br />2005 2006 2007 2008 2009 2010 2011 2012 Total Percent
<br />New Construction
<br />Single Family Detached 62 30 28 31 32 38 23 32 276 40.6 %
<br />Townhome 136 111 55 52 16 9 1 380 55.9
<br />Condo 9 2 6 1 - - 6 24 3.5
<br />Subtotal 207 143 89 84 48 47 24 38 680 100.0 %
<br />Previously Owned
<br />Single Family Detached 265 210 170 196 216 207 226 228 1,718 75.4 %
<br />Townhome 29 34 52 59 102 74 101 103 554 24.3
<br />Condo 2 - 2 - - 2 6 0.3
<br />Subtotal 294 246 222 257 318 281 327 333 2,278 100.0 %
<br />Total
<br />501 389 311 341 366 328 351 371 2,958
<br />Source: Minneapolis Area Association of Realtors and Economic & Planning Systems, Inc.
<br />The average sales price for a previously owned single family home in Ramsey has dropped
<br />40.2 percent from $347,432 in 2005 to $207,803 in 2012, as shown in Table 4-12. The average
<br />sales price for a previously owned townhome was $187,051 in 2005 and declined by
<br />33.3 percent to $124,731 in 2012. These steep declines were influenced by foreclosed home
<br />sales.
<br />New construction single family prices declined from an average of $259,559 in 2005 to $179,298
<br />in 2012, a decrease of 30.9 percent. Townhome prices declined from $186,272 in 2005 to
<br />$98,975 in 2012, a decline of 46.9 percent.
<br />Table 4-12
<br />RAMSEYAVERAGE HOME SALE PRICE, 2005 TO 2012
<br />2005 2006 2007 2008 2009 2010 2011 2012 % Change
<br />Previously Owned
<br />Single Family Detached $347,432 $352,585 $274,491 $274,466 $246,594 $239,398 $211,821 $207,803 -40.2%
<br />Annual % Change --- 1.48%-22.15% -0.01%-10.15% -2.92%-11.52% -1.90%
<br />Townhome $187,051 $199,964 $188,767 $161,128 $150,585 $71,072 $79,900 $124,731 -33.3%
<br />Annual % Change --- 6.90% -5.60% -14.64% -6.54%-52.80% 12.42% 56.11%
<br />Condo $171,096 $194,431 $167,612 $156,000
<br />Annual % Change --- 13.64% -13.79% -6.93%
<br />New Construction
<br />Single Family Detached $259,559 $275,308 $261,913 $233,713 $183,832 $191,056 $173,085 $179,298 -30.9%
<br />Annual % Change --- 6.07% -4.87% -10.77% -21.34% 3.93% -9.41% 3.59%
<br />Townhome
<br />Annual % Change
<br />Condo
<br />Annual % Change
<br />$186,272 $187,879 $166,479 $130,515 $107,984 $104,947 $91,859 $98,975 -46.9%
<br />0.86%-11.39% -21.60% -17.26% -2.81%-12.47% 7.75%
<br />$168,000
<br />$126,200
<br />Source: Minneapolis Area Association of Realtors and Economic & Planning Systems, Inc.
<br />$79,300
<br />Foreclosures are the primary factor contributing to both the volume of sales and the decline in
<br />average prices. In 2009, over half of the home sales in Ramsey were foreclosure sales, compared
<br />to only 1.4 percent in 2005, as shown in Table 4-13. Since 2009, the percent of foreclosed sales
<br />has declined, resulting in 38.1 percent foreclosed home sales in 2012. The Twin Cities area is
<br />experiencing a similar trend with 29 percent of sales in the area being foreclosures. In 2013, this
<br />rate of foreclosures in Ramsey will need to be worked down before existing home prices
<br />stabilize.
<br />4-10
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