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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 ANAL YS1S <br /> <br />~ <br /> <br />Based on the industry standard that a household can afford a home priced 3 to 3.5 times <br />their income (excluding savings or debt that a household may have), a household would <br />need an income of $43,000 to $50,000 to afford a average priced condo or townhome in <br />2007. It might be more realistic to factor in a price of $200,000 for a multifamily pur- <br />chase. Based on this cost, a household would need an income of$57,000 - $66,000. Our <br />data in Table 4 shows that, 51 % of the Market Area's households ages 25 to 34 (a prima- <br />ry market for townhomes/condominiums) had incomes of$60,000 or more, as did 52% of <br />households ages 55 to 74 (also a primary market for townhomes/condominiums). It <br />should be noted that householders ages 55 and over also typically have equity in an exist- <br />ing home and substantial savings that they can use toward the purchase of a new home. <br /> <br />Current Supply of Homes on the Market <br /> <br />Tables 16 and 17 show the number of single-family and multifamily homes, respectively, cur- <br />rently listed for-sale in Arden Hills and the remainder of the Market Area distributed into six <br />price ranges. The data was provided by the Multiple Listing Service (MLS). <br /> <br />Key findings from our assessment of the actively listed homes in the Market Area are: <br /> <br />~ A total of 1,449 single-family homes were listed for-sale with the regional Multiple Listing <br />Service in the Arden Hills Market area in December of2007. MLS listings generally ac- <br />count for the majority of all residential sale listings in a given area. <br /> <br />~ About 24% of the single-family homes listed in both Arden Hills and the Remainder ofthe <br />Market Area were priced between $200,000 and $300,000. A household would typically <br />need an income of about $86,000 to afford a home priced at $300,000. About 39% of <br />Arden Hills Market Area households have annual incomes at or above $86,000. Most ofthe <br />remaining single-family homes currently listed for sale in the Market Area are priced above <br />$300,000. <br /> <br />~ The average list price of single-family homes currently on the market in Arden Hills <br />was $375,000. In the Remainder of the Arden Hills Market Area, the average list price was <br />$337,225. In comparison, the average list price of multifamily units (townhomes and con- <br />dominiums) was about $146,000 in Arden Hills and $203,000 in the remainder of the Mar- <br />ket Area. <br /> <br />~ There were about 1,500 single-family homes listed for sale in the Market Area, and 680 <br />multifamily units. Since multifamily homes have increased in popularity in recent decades, <br />their share of the total listings (currently 31 %) will likely rise over time. Younger house- <br />holds are often attracted to the afford ability compared to single-family homes and <br />many older adults are moving to multifamily units for convenience. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />39 <br />
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