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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 />PMA <br />SMA Pia <br />Total Market 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 />3 < $150,000 <br />21 $150,000 - $199,999 <br />0 $200,000 - $224,999 <br />6 $225,000 - $299,999 <br />1 $300,000 + <br />No. of <br />Homes List Price <br />36 < $150,000 <br />91 $150,000 - $199,999 <br />12 $200,000 - $224,999 <br />16 $225,000 - $299,999 <br />7 $300,000 + <br />No. of <br />Homes <br />39 <br />112 <br />12 <br />22 <br />8 <br />Median List Price <br />= <br />$179,900 <br />Median List Price <br />= <br />$175,900 <br />Median List Price <br />= <br />$177,900 <br />Average List Price <br />= <br />$195,751 <br />Average List Price <br />= <br />$186,611 <br />Average List Price <br />= <br />$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 developers/builders 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. <br />30 <br />