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LOCp Market Analysis for Downtown Redevelopment <br />!if City of Centerville Economic Development Authority <br />CONSULTING <br />April 3, 2023 <br />3 4 Average Days on the Market for Transactions in the Downtown Centerville PMA <br />39.7 11C - <br />y 35 c <br />m <br />256 - - 25.4 24.3 <br />2016 18.5 <br />us <br />a <br />m <br />o� <br />2018 2019 2020 2021 2022 <br />■Single -Family Detached Homes []Attached Townhomes and Condominiums <br />Source: Minneapolis Area Association of Realtors; LOCI Consulting LLC <br />■ The median sale price for single-family detached Figure 3.5 shows the developments profiled in the <br />homes in the PMA was $393,750 in 2022. The PMA. Map 3.6 shows the location of the profiled <br />median home price increase 43% between 2018 properties. <br />and 2022. <br />■ The median sale price for attached townhomes <br />and condominiums was $284,500 in 2022, an <br />increase of 46% from 2018. <br />■ Average days on the market —a measure of the <br />time it takes for homes to sell —declined between <br />2018 and 2021 but ticked up slightly in 2022. <br />Profile of Newer For -Sale Multifamily <br />Projects in the Downtown Centerville <br />PMA <br />LOCI Consulting collected data on actively marketing <br />for -sale condominiums and townhomes in the <br />Centerville PMA. Condominiums and attached <br />townhomes are the for -sale product type that would <br />be most likely to be developed in Downtown <br />Centerville. Actively marketing projects in the PMA <br />are profiled to best understand average sale prices, <br />absorptions, and features and amenities that are <br />currently being offered in the marketplace. <br />Four competitive condominium and townhome <br />developments were identified in the PMA, totaling <br />262 units. Of those, 81 units remain available. <br />All of the condominiums and townhomes profiled <br />are association maintained. <br />■ There are also several association -maintained <br />detached townhomes, sometimes called villas, <br />being marketed in the PMA. Because they are <br />more like single-family homes, they are not <br />profiled. <br />Condominiums <br />One condominium development is marketing in <br />the PMA. Hill Farms Condominiums is a three- <br />story, 34-unit building under construction in <br />North Oaks. <br />■ Serving the higher -income community of North <br />Oaks, the project is a higher -end multifamily <br />development. Units range in price from about <br />$800,000 to $2.4 million. <br />Page 140 <br />