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Table 4-11
<br /> RAMSEY HOME SALES;2005 TO 2012
<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 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 new construction 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 new construction townhome was $187,051 in 2005 and declined by 33.3 percent
<br /> to $124,731 in 2012. These steep declines were influenced by foreclosed home sales.
<br /> Previously owned single family prices declined from an average of $259,559 in 2005 to
<br /> $179,298 in 2012, a decrease of 30.9 percent. Townhome prices declined from$186,272 in 2005
<br /> to $98,975 in 2012, a decline of 46.9 percent.
<br /> Table 4-12
<br /> RAMSEY AVERAGE HOME SALE PRICE,2005 TO 2012
<br /> 2005 2006 2007 2008 2009 2010 2011 2012 %Change
<br /> New Construction
<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 /> Previously Owned
<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 $186,272 $187,879 $166,479 $130,515 $107,984 $104,947 $91,859 $98,975 -46.9%
<br /> Annual%Change --- 0.86% -11.39% -21.60% -17.26% -2.81% -12.47% 7.75%
<br /> Condo --- $168,000 --- $126,200 -- --- --- $79,300 --
<br /> Annual%Change --- --- --- -- -- --- --- --
<br /> Source:Minneapolis Area Association of Realtors and Economic&Planning Systems,Inc.
<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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