Agenda - Council - 08/27/2019 - Laserfiche WebLink

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FOR -SALE MARKET ANALYSIS $200 $180 $160 $140 $120 $100 $ 80 $60 $40 $20 so New Constructon Median PSF Comparison • Ramsey • Anoka Cty Metro Area 2005 06 07 08 09 2010 11 12 13 14 2015 16 17 18 19 Current Supply of Homes on the Market To more closely examine the current market for available owner -occupied housing in Ramsey, we reviewed the current supply of homes on the market (listed for sale). Tables FS-6 through FS-9 homes shows currently listed for sale in the Ramsey. The data was provided by the Re- gional Multiple Listing Services of Minnesota and is based on active listings in June 2019. MLS listings generally account for the vast majority of all residential sale listings in a given area. Table FS-6 shows the number of listings by property type (i.e. single-family, town- home/twinhome, or condominium) while Table FS-7 and FS-8 shows listings by home style. Ta- ble FS-9 shows the historic supply of actively marketing properties. The following points are key findings from our assessment of the active single-family and multifamily homes listed in the Ramsey. • Nearly 100 homes were listed for sale in Ramsey as of June 2019. Single-family homes ac- counted for 77% of all active listings. The majority of the multifamily for -sale product was townhomes and detached townhomes; there were no actively marketing condominiums. • The median list price in Ramsey was about $344,000 for single-family homes and $220,000 for multifamily homes; combined the median sales price across all housing types is about $315,000. The median sale price is generally a more accurate indicator of housing values in a community than the average sale price. Average sale prices can be easily skewed by a few very high-priced or low-priced home sales in any given year, whereas the median sale price better represents the pricing of a majority of homes in a given market. MAXFIELD RESEARCH & CONSULTING, LLC 103