Agenda - Council - 06/28/2016 - Laserfiche WebLink

Home

ANOKA COUNTY HOUSING STUDY FOR -SALE HOUSING • The following submarkets had the lowest median resale price for single-family homes in 2010: Median Sale Price o Southern Leg - $129,650 o Anoka - $134,500 o Coon Rapids - $145,000 o St. Francis - $145,000 $300,000 $275,000 $250,000 $225,000 $200,000 $175,000 $150,000 $125,000 $100,000 Median Price of Home Resales Anoka County, 2000 to 2010 $215,191 $183,000 0 $184,881 $186,62' 0 $155,000 0 $123,575 $127,000 0 0 $126,000 - 2000 2005 2008 2009 2010 Single -Family 0 Townhomes • The median resale price of a single-family home in Anoka County increased by +8.8% ($13,500) from 2000 to 2010. At the peak in 2005, however, the resale price reached $236,900, following which it declined -41.9% (-$69,900) to $167,000 in 2010. Overall, median resale prices only experienced modest gains over the last decade. • Similarly, the median resale price of townhomes in Anoka County increased only +1.9% ($2,425) over the decade. The peak for median resale prices among Anoka County townhomes was reached in 2005 at $183,000, following which the median resale prices declined -31.1% (-$57,000) to $126,000 in 2010. Virtually no appreciation was experienced last decade among townhomes in Anoka County. • Although the majority of submarkets experienced little or no appreciation gains over the last decade, some submarkets had very strong appreciation. The chart on the following page visually displays appreciation or depreciation by submarket for the decade. • The median resale price of townhomes was about $40,000 less than the resale price of single- family homes. Overall, townhomes provide a more affordable housing alternative to single- family homes and often attract entry-level buyers. Assuming that households can generally afford to purchase a home priced at 3.0 times their income (not taking into account savings or MAXFIELD RESEARCH INC. 84