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01-22-08 1B Market Study
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01-22-08 1B Market Study
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1/18/2008 11:19:37 AM
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1/18/2008 11:17:07 AM
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Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
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<br />FOR-SALE MARKET ANALYSIS <br /> <br /> <br />Introduction <br /> <br />Maxfield Research Inc. analyzed the for-sale housing market by collecting data on: I) home re- <br />sales in Arden Hills and the Remainder of the Market Area; 2) actively marketing and pending <br />developments: and 3) interviewing local real estate professionals, civic leaders and other com- <br />munity members directly involved in the local housing market to solicit their impressions of ex- <br />isting conditions and trends. <br /> <br />Home Resales <br /> <br />Maxfield Research analyzed housing resale data for Market Area communities from the Regional <br />Multiple Listing Service (MLS) for the years 2000-2007. Table 14 presents summary data for <br />single-family resales (also includes some new sales), including the number of units sold each <br />year, the average sale price and the percentage change in Arden Hills and the Remainder of the <br />Market. Table 15 shows summary data for multifamily home resales. The following are key <br />points about the resale housing market. <br /> <br />Sinl!le-Familv Homes <br /> <br />~ <br /> <br />Table 14 shows the average resale price of a single-family home in Arden Hills in <br />2002 was $280,778. That average rose to $376,200 in 2006 and then fell to $327,333 <br />in 2007. The annnal income needed to be able to afford the average home in Arden <br />Hills in 2007 would be $93,500. (This figure is calculated by estimating that a person <br />can purchase a home priced at 3.5 times their annual income, not factoring in any savings <br />or debt they may have). <br /> <br /> <br />TABLE 14 <br />SINGLE-FAMILY HOME RESALES <br />ARDEN HILLS MARKET AREA <br />2002 to 2007 <br /> <br />Sources: Regional Multiple Listing Service, Maxfield Research Inc. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />37 <br /> <br />
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