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FOR -SALE HOUSING MARKET CONDITIONS <br />Current Supply of Homes on the Market <br />Tables 15 and 16 show the number of single-family and multifamily homes currently listed for - <br />sale in the Ramsey Market Area. The home sale listings are distributed into five price ranges. <br />The data was provided by the Regional Multiple Listing Service. Key findings from our assess- <br />ment of the actively listed homes are shown below. <br />Single -Family Homes Listed For -Sale <br />• The median list price was about $250,000 for homes in the Market Area and the average list <br />price was $308,461. The median sale price is a better indicator of where most homes are <br />priced than sale prices because some of the upper -end, more expensive homes skew the aver- <br />age list price up. <br />TABLE 15 <br />SINGLE-FAMILY HOMES LISTED FOR -SALE <br />RAMSEY MARKET AREA <br />December 2005 <br />PMA <br />SMA <br />Toil rt Area <br />List Price <br />< $150,000 <br />$150,000 - $199,999 <br />$200,000 - $224,999 <br />$225,000 - $299,999 <br />$300,000 + <br />No. of <br />Homes List Price <br />1 < $150,000 <br />34 $150,000 - $199,999 <br />28 $200,000 - $224,999 <br />112 $225,000 - $299,999 <br />110 $300,000 + <br />No. of <br />Homes List Price <br />0 < $150,000 <br />54 $150,000 - $199,999 <br />69 $200,000 - $224,999 <br />147 $225,000 - $299,999 <br />104 $300,000 + <br />No. of <br />Homes <br />1 <br />88 <br />97 <br />259 <br />214 <br />Median List Price <br />= <br />$274,900 <br />Median List Price <br />= <br />$244,900 <br />Median List Price <br />= <br />$250,000 <br />Average List Price <br />= <br />$334,978 <br />Average List Price <br />= <br />$288,254 <br />Average List Price <br />= <br />$308,461 <br />Sources: Northstar MLS, Maxfield Research, Inc. <br />• Based on the Anoka County median household income of $77,000, we estimate that qualified <br />workforce households will have incomes of $43,100 or less for singles through $61,600 or <br />less for a family of four. We assuming that most of these workforce households could afford <br />homes ranging from between $150,000 up to $215,000 depending on the size of the house- <br />hold. Based on data in Tables 15 and 16, 28% of the single-family homes listed for sale (184 <br />homes) and 84% of the multifamily homes (162 homes) would be affordable to these work- <br />force households. <br />• There are a greater percentage of single-family homes in the SMA that fall under the work- <br />force housing income qualifier (33%) then in the PMA (22%). This is not surprising since <br />the SMA has an older housing supply than the PMA. The median year built in the SMA was <br />1985 versus 1989 in the PMA. <br />MAXFIELD RESEARCH INC. <br />29 <br />