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FOR-SALE HOUSING MARKET CONDITIONS <br /> • In 2001 the Market Area had 1,976 homes for sale under$200,000, by 2005 that number de- <br /> creased to 500. The majority(63%) of the homes sold in the Market Area in 2005 were in <br /> the $200,000 to $300,000 price range. Table 12 indicates that much of the single-family <br /> housing stock in the Market Area is priced beyond the reach of most moderate income fami- <br /> lies (who can afford a maximum home price of about$215,000). <br /> Multifamily Home Sales <br /> • For-sale multifamily homes are a relatively new concept in the Market Area, as their devel- <br /> opment did not begin on a large scale until the later 1980s. As such, the average age of the <br /> multifamily units sold in 2005 was 1999 in the PMA and 1992 in the SMA. <br /> • The median resale price of multifamily homes in 2005 (through December 14)was about <br /> $189,000 in the PMA and $172,000 in the SMA. As with single-family homes, the SMA has <br /> a lower median sale price largely because it has an older housing stock. <br /> • Median home prices in the Market Area have appreciated by an average of 7.7% over the <br /> past four years, or slightly slower than the median value of single-family homes. The median <br /> resale price was $129,200 in 2001 and$173,400 in 2005 (through December 14). <br /> • In 2001 the Market Area had 717 homes for sale under$200,000, by 2005 that number de- <br /> creased to only 668. The shift in home prices under$200,000 for multifamily homes was not <br /> as dramatic as it was for single-family homes. The dramatic shift for multifamily homes oc- <br /> curred from those priced between$100,000 and$150,000 (609 sales in 2001 to 137 sales in <br /> 2005)to those between $150,000 and $200,000 (84 sales in 2001 to 531 sales in 2005). <br /> • Comparing single-family resale trends with multifamily resale trends shows that for most <br /> moderate income households (incomes under about $60,000), multifamily homes are increas- <br /> ingly becoming the most affordable housing ownership option. While about one-quarter of <br /> the existing single-family homes sold in the Market Area in 2005 were over$210,000, or out <br /> of reach of most households with incomes below$60,000, 87% of existing multifamily <br /> homes sold for under$210,000. It should be noted, however, that many of the multifamily <br /> units only had two bedrooms and would not be suitable for families with two or more chil- <br /> dren. <br /> MAXFIELD RESEARCH INC. 26 <br />