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Housing Statistics for Elk River, MN (2011)

By Michael S. Bolton

Real Estate Appraiser with Michael S. Bolton,Inc.

February 16, 2012 12:09 AM

The above chart indicates some of the more popular stat's for homes situated within the City of Elk River, MN over the past 7+ years. As you can see each year is fairly consistent, other than the median selling price, which has declined over the past few years. This is for all designs of single family homes (excludes town homes and condos). This type of data is used when analyzing market areas within an appraisal to help determine trends, and to help assist in determining the right comparable sales to use.

The graph indicates that there was a precipitous decline in value from 2007 to 2009, and appears to be starting to level off. The bump in prices in 2010 is most likely due to the result of the home buyer tax credit that ended in April of 2010. The tax credit increased demand, which unfortunately only had a short term affect. Follow this link for a detailed analysis of distressed sales (foreclosures, REO's, and short sales) of homes within Sherburne County.

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Linda Edelwich

William Raveis Real Estate - Glastonbury, CT

Serving Glastonbury & Beyond | 218 New London Trnk

Nice market study! Your buyers and seller in your area will surely appreciate the information as we go into the spring market.

Feb 16, 2012 12:21 AM

Roy Kelley

Retired - Gaithersburg, MD

Very good information for home buyers and home sellers. It is a wonderful time for home buyers to take advantage of the attractive prices and very low mortgage interest rates.

Feb 16, 2012 02:05 AM

Michael S. Bolton

Michael S. Bolton,Inc. - Zimmerman, MN

MN Appraiser

Thanks Linda!

Good to hear from you this morning, Roy.

5 Reasons why it's an AWESOME day!

Feb 16, 2012 02:36 AM

John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

Honesty, Integrity, Results, Experienced. HIRE Me!

Michael, you're time and effort shows in the market report. Looks like the area really took a hit. With interest so very low now anyone considering the purchase of a home surly will see the smoking deals to be found in and around Elk River MN.

Feb 16, 2012 03:56 AM

Lloyd Binen

Certified Realty Services - Saratoga, CA

Silicon Valley Realtor since 1976; 408-373-4411

Michael, in 10 years people will remember when they could have purchased an Elk River 4/2.5 for $162,000 with a 3.75% 30-year fixed rate loan, and they'll wish they bought a few of them. It seems like more people are recognizing we've hit bottom and this is a great time to buy a home.

Some of the decline in our average price out here was because a greater number of inexpensive (REO) homes were selling. The "mix" of homes was skewed.

Have an awesome day, or night.

Feb 16, 2012 11:53 AM

Thanks John, very much appreciated. The deals are to be found, we just need more buyers.

Lloyd~There is such a huge discount in the cost of building and buying that something has to give. I'm guessing that this has to be a buying opportunity of a lifetime, but I did also think that last year and prices fell even more. Time will tell.

Feb 16, 2012 11:19 PM

Housing Statistics for Elk River, MN (2011)

Comments(6)

5 Reasons why it's an AWESOME day!

5 Reasons why it's an AWESOME day!

Michael S. Bolton

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