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FOR-SALE HOUSING MARKET CONDITIONS <br /> Multifamily Homes Listed For-Sale <br /> • The median list price was about$177,900 for multifamily homes in the Market Area and the <br /> average list price was $188,100. The difference between the median and average is less than <br /> for single-family homes, indicating that there are fewer very high-end multifamily units <br /> skewing the average upward. <br /> • Based on the same income qualifier as for single-family homes, workforce households could <br /> afford to buy 84% of the homes currently listed for-sale in the Market Area. <br /> • The median year built of multifamily homes currently listed for sale in the SMA is 1991 ver- <br /> sus 2002 in the PMA. <br /> TABLE 16 <br /> MULTIFAMILY HOMES LISTED FOR-SALE <br /> RAMSEY MARKET AREA <br /> December 2005 <br /> IN"LALSMAF I F Total Market Area I FmIC <br /> No.of No.of No.of <br /> List Price Homes List Price Homes List Price Homes <br /> <$150,000 - 3 <$150,000 - 36 <$150,000 - 39 <br /> $150,000-$199,999 - 21 $150,000-$199,999 - 91 $150,000-$199,999 - 112 <br /> $200,000-$224,999 - 0 $200,000-$224,999 - 12 $200,000-$224,999 - 12 <br /> $225,000-$299,999 - 6 $225,000-$299,999 - 16 $225,000-$299,999 - 22 <br /> $300,000+ - 1 S300,000+ - 7 S300,000+ - 8 <br /> Median List Price = $179,900 Median List Price = $175,900 Median List Price = $177,900 <br /> Average List Price = $195,751 Average List Price = $186,611 Average List Price = $188,079 <br /> Sources:Northstar MLS,Maxfield Research,Inc. <br /> Actively Marketing Affordable For-Sale Communities <br /> Maxfield Research Inc. interviewed city officials, real estate agents, and developersibuilders of <br /> owner-occupied residential communities currently being marketed in the Market Area as well as <br /> those proposed(pending). Table 17 illustrates selected active housing communities that would <br /> be affordable to a workforce population in the Market Area. It is important to note that Table 17 <br /> does not include pending communities that have not begun marketing. The pending communi- <br /> ties are discussed in the following section of this report. <br /> The following are key points from Table 17: <br /> • All of the housing communities offering homes priced under$215,000 -which we consider <br /> affordable - are multifamily units (townhomes, condos). We did not identify any single- <br /> family actively marketing subdivisions with homes affordable to moderate income house- <br /> holds. <br /> MAXFIELD RESEARCH INC. 30 <br />