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<br />FOR-SALE MARKET ANALYSIS <br /> <br /> <br />. <br /> <br />In the Remainder of the Market Area, average home prices went from $228,297 in 2002 <br />to $301,147 in 2006, and then fell to $259,279 in 2007, for a 14% loss for the year. In <br />2006 the average sale price in the entire Arden Hills Market Area was $304,022, and in <br />2007 was $260,37 l. <br /> <br />. <br /> <br />The number of houses sold has also dropped over the past two years. Arden Hills fell <br />from a high of78 homes sold in 2005, to 47 in 2006. In the entire Market Area, 2004 <br />saw the largest number of homes selling, at 3,393. The least, 1,227, sold in 2006. Market <br />experts say they see a further downward "correction" in housing prices for 2008. <br /> <br />Multifamilv Units <br /> <br />. <br /> <br />In Arden Hills sales price increases are typically due to appreciation of existing units, <br />since there is little new construction. Units sold in 2007 had an average date built of <br />1978 in Arden Hills, and 1992 in the entire Market Area. <br /> <br />. <br /> <br />1n 2007 the average sale price of condos, townhomes and twinhomes in Arden Hills was <br />$151,000, a 50% drop in the price of multifamily units from 2006 to 2007. However, this <br />apparent plunge was created by condo sales in Hunters Park, a converted apartment de- <br />velopment built in 1981. Six of these small condos units (under 800 sq. ft.) sold in 2007, <br />from $79,000 - $100,000, pulling down the average multifamily resale price. A total of 10 <br />units were sold in this complex over the year, all under $140,000. The Hunters Park con- <br />version removed 72 apartment units from the market. <br /> <br />TABLE 15 <br />MULTIFAMILY HOME RESALES <br />ARDEN HILLS MARKET AREA <br />2002 to 2007 <br /> <br /> <br />Sources: Regional Multiple Listing Service, Maxfield Research Inc. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />38 <br />