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This figure is based upon the number of lots that may be reasonably expected to be available and absorbed during 1994. With the currently approved subdivisions and the phases of different subdivisions, the City should have enough lots for 1994. With the additional subdivisions, the City should have enough lots for 1994. With the additional phases and new subdivisions that have been proposed and are currently working toward final plat approval, the City should see a one (1) year supply with the absorption rate of 252 urban lots per year. If this trend would increase due to the low interest rates and/or a greater demand due to the greater availability of urban lots, this one (1) year supply would be absorbed in a shorter period of time. The expansion will also help keep the price of urban lots lower by increasing supply, thereby helping to achieve both City and Regional goals of affordable housing. With the good supply of urban lots during 1993, the median price for homes sold is $97,000; this compares to a Metro average of $98,483. Table 6 compares the single family home sales for the cities in Anoka County and a comparison to the Metro Area. Governmental Unit Table 6 Current Activity for Single Family Homes 1993 Anoka County Homes Sales Unit Sales Unit Sales Jan-June 93 Jan-June 92 Median Sold Price 93 Andover 265 171 $105,369 Anoka 103 103 $ 82,500 Bethel, East Bethel 97 64 $87,500 Blaine, Lexington 304 270 $90,500 Centerville, Lino Lakes 159 139 $110,320 Circle Pines 47 53 $86,900 Columbia Heights, Hilltop 117 122 $73,500 Columbus Township, Linwood Township 305 261 $96,500 Coon Rapids 480 546 $92,900 Fridley, Spring Lake Park 180 155 $86,000 Ham Lake 65 61 $95,900 Ramsey 147 108 $97,000 St. Francis, Oak Grove Township, Burns Township 72 65 $101,451 Anoka County Cities Total 2,341 2,118 $92,795 Metro Area 19,165 17,851 $98,483 ~,. Appendix H provides a comprehensive comparison of the home values in Anoka County for 1991 and 1992. Based upon this comparison, 66 percent of the City of Ramsey housing stock is valued at less than $90,000. Figure 4 indicates the area of the City where subdivisions are currently in the process of receiving final plat approval. Since the MUSA expansion was approved in 1989, the City has approved 353 urban lots for development. The 35 acres shown in Table 3 that are currently undeveloped are the second phase of the Rivenwick development. The City has also received plans for two (2) additional subdivisions which will provide for an additional 115 residential lots by the end of 1993--94. It is recognized that the recent demand for residential permits per year may decline. The six (6) year average number of new residential building permits issued is 190 permits. 9 I I I I I I I I I I I I I I I I I I I