Housing Statistics for Elk River, MN (2011)

by Michael Bolton on February 16, 2012

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 values 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.

If you have any questions, or real estate appraisal needs (divorce, bankruptcy, tax appeal, or estate planning) please contact Michael at 612.599-2581, or use the form on the contact page.

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