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FOR -SALE HOUSING ANALYSIS Introduction Maxfield Research & Consulting, LLC analyzed the for -sale housing market in Ramsey by analyz- ing data on single-family and multifamily home sales and active listings, condominium develop- ments, and lender -mediated sales. Overview of For -Sale Housing Market Conditions Table FS-1 presents home resale data on single-family and multifamily housing in Ramsey from 2000 through 2018. The data was obtained from the Regional Multiple Listing Services of Min- nesota and shows annual number of sales, median and average pricing, average days on mar- ket, cumulative days on market, and percentage of sales that are lender -mediated (i.e. short - sale or foreclosure). It should be noted that lender -mediated sales were not categorized until July 2008 and the cumulative days on market were not calculated until 2006. Table FS-1 breaks down resale activity from Table FS-2 into single-family and multifamily re- sales. The following are key points observed from our analysis of this data. • Like across the Twin Cities Metro Area and the nation, pricing in Ramsey reached a high point between 2004 and 2007 at the height of the real estate boom. The median sales price reached a high of $227,882 in 2006 before significantly falling to $139,517 in 2011. Since 2012, pricing has been steadily recovering and the median sales price in Ramsey reached a new peak of $259,594 in 2018. • Between 2000 and 2006, the median sales price increased annually from $153,733 to $227,882 a gain of 48%. From 2007 to 2011 the median sales price declined to $139,517 (35%). However, from 2011 to 2018, the median sales recovered and again increased annu- ally to $259,594 (86%). • Sales prices increased the most between 2012 and 2013, with the median sales price rising by 27.8%. While not with the same magnitude, sales prices continued to increase through 2018 and are expected to do so in the future. • The percentage of lender -mediated properties (short sales and foreclosures) increased an- nually between 2008 (38.6%) and 2011 (64.2%). However, lender -mediated transactions have been declining since 2011 and accounted for only 3.2% of all resales in 2018. Many communities on the fringe of the Metro Area have at times averaged 50% lender -mediated sales between 2009 and 2011. MAXFIELD RESEARCH & CONSULTING, LLC 93