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2007-04-16_BOARD OF APPEAL AND EQUALIZATION
P-194r,"FF A I Wei AIFAT mol oil owe v � ��bRppRA'C v" IaaB AprCZ116...2007 Please return this binder to' Edina Assessing Office after City of Edina Board 'of Appeal and-Equalization ..Reconvene meeting. Thank you! W y (J `e2 � o v e V T V W 6 �o a zw rnm Z o �rn TABLE OF CONTENTS SECTION 1 BOARD OF APPEAL AND EQUALIZATION - GENERAL 1. Letter of Transmittal ..................................................... ............................... 1 2. Board of Appeal and Equalization Rules and Procedures ... ............................... 2 3. Local Board Meeting /Duties of the Local Board ................. ............................... 4 SECTION 2 ASSESSMENT /APPRAISAL INFORMATION 4. Edina 2006 Assessment Summary ................................ ....................:.......... 10 5. Sample Real Estate Valuation Notice ............................. ............................... 13 6. Estimating Market Values .................................................. ............................... 15 7. Historical Changes in Market Value ................................ ............................... 18 8. Residential Assessment ............................................... ............................... 22 9. Apartment and Commercial /Industrial Assessment ............ ............................... 40 10. 2006 Assessment Calendar .......................................... ............................... 43 SECTION 3 PROPERTY TAX INFORMATION 12. Simplified Chart of Property Tax Process ........................ ............................... 44 13. Property Tax Refunds and Programs .............................. ............................... 45 14. Statutory Requirements ........................... :.................................................. 46 15. Limited Market Value .................................................. ..:............................ 47 16. This Old House .......................................................... ............................... 49 19. Property Tax 101 ........................................................ ............................... 50 SECTION 4 MISCELLANEOUS INFORMATION 18. Real Estate Article ..................................................... ............................... 55 19. 2006 Residential Real Estate Activity Report ................... ............................... 57 SECTION 1 BOARD OF APPEAL AND EQUALIZATION - GENERAL DATE: April 6, 2007 City of Edina TO: Edina Board of Appeal and Equalization Members Edina City Council Members FROM: Robert C. Wilson, City Assessor Beginning March 7, 2007 approximately 20,000 valuation notices were mailed to Edina property owners. Since this time, the assessing department has responded to over 450 calls from owners with questions and concerns regarding their new valuation notice. The review process is a key aspect of the mass appraisal system. Over the last four weeks, the assessing staff has reviewed the valuations on over 170 properties. When there is evidence that a property has been overvalued, its market value has been adjusted. These reviews have resulted in changes to approximately 50% of the properties. In the instances where the appraiser and property owner cannot come to a mutual agreement on valuation, the Board of Appeal and Equalization is one of several avenues for the owner to make an appeal. The following case material has been prepared for the Board's meeting on Monday April 16, 2007. The Edina Assessing Department consists of Liz Lopez, Assessing Technician; Mitzi Wicklund, Assessing Technician; Diane Koole, Appraiser; Bev Moos, Appraiser; Rick Nelson, Appraiser; Moreau Sankey, Appraiser and Bob Wilson, City Assessor. At the initial meeting, Board members will hear testimony from property owners and assessing staff will be available to provide information and answer questions. No decisions will be made during this meeting. The assessing staff will prepare property review reports and provide copies to Board members prior to the April 30th reconvened meeting, when the Board will make their final decisions. It has been the policy of the Board to sustain the assessor's valuations on commercial, apartment and industrial properties, and on all appeal applications received after the March 30th deadline. This allows the property owner to present their case to the County Board of Appeal and Equalization for their consideration. City Hall 952 - 927 -8861 4801 WEST 50TH STREET FAX 952 - 826 -0390 EDINA, MINNESOTA, 55424 -1394 www.cityofedina.com TTY 952 - 826 -0379 City of Edina BOARD OF APPEAL AND EQUALIZATION RULES AND PROCEDURES 1. GENERAL The following rules and procedures shall govern the Board of Appeal and Equalization in the exercise of the authority and responsibilities granted to it pursuant to Chapter 274 of the Minnesota Statutes. 2. MEETINGS a) The Board shall conduct annual meetings and hearings in accordance with Minnesota Statutes, Section 274.01, subd. 1, and make preliminary determinations of property classification and assessment matters. The Board meetings shall be conducted in the City Council Chamber of the City Hall. The City Clerk shall give published and posted notice of the meetings at least ten (10) days in advance thereof. b) All meetings of the Board shall be considered open meetings and shall be conducted in accordance with the provisions of the Minnesota Open Meeting Law (Minnesota Statutes, Section 471.705). c) The Board shall elect a Chairperson who shall preside at all Board meetings, and shall have duties and responsibilities specifically prescribed by any applicable laws and regulations. d) There must be at least one member at each meeting, who has attended an appeals and equalization course required by M.S. 274.014, within the last four years. e) Board meetings shall be conducted in accordance with Robert's Rules of Order. f) Three (3) members of the Board must be present for a quorum to exist in order to conduct Board reviews. Formal action may be taken by a majority of those members present at a meeting. g) Board meetings, shall be attended by the City Assessor, and /or a designated City staff member, and a recording secretary. The Board may also request the advice of the City Attorney on legal issues which arise. 2 h) Upon receipt of the completed applications of property owners or taxpayers, the City Assessor shall schedule hearings thereon. Board meetings shall be held until all petitions have been heard. Each appellant will be allowed a maximum of ten (10) minutes to present any data or information relevant to the market value or classification of the subject property. i) The Board shall take each petition under advisement and shall render its determination thereon at a subsequent meeting of the Board. j) Board policy is to sustain the assessor's valuations on commercial, apartment and industrial properties, appeal applications received after the deadline, and walk -ins. This allows the property owner to present their case to the County Board of Appeal and Equalization for their consideration. k) A list of all appellants and copies of all assessor recommendations shall be sent to the Local Board for final consideration and decision not more than twenty (20) days from the commencement of the Board of Appeals and Equalization. 3. CONFLICTS; EX PARTE COMMUNICATIONS a) When not in session, the Board shall not accept or consider any ex parte communications concerning parcels being reviewed, except as requested by the Board, at a regular Board meeting, in order to render an equitable decision. b) No Board member shall participate or vote in any deliberation relating to property in which he or she has a conflict of interest. A conflict of interest exists where a member: 1. has a material, financial interest in the property, or is affected by the issues, or proposals greater than other members of his /her business classification, profession, or occupation; or 2. is a director, trustee, officer, employee, or agent of any business or institution directly involved with the property; or 3. is related by blood or marriage to an individual having any ownership interest or other pecuniary interest in the subject property. c) Prior to the commencement of any discussion or deliberation a member who has a conflict of interest shall disclose orally that he /she has a conflict of interest to the Board chairperson, and excuse himself /herself from any further discussion or deliberation on that case. 3 Local Board Meeting Who must attend the meeting Per Minnesota Statutes, Section 274.0 1, subdivision 1, paragraph a, the town board of a town or the council or other governing body of a city is the Local Board of Appeal and Equalization, except in the following situations: ■ Cities whose charters provide for a board of equalization; • Cities or towns that have transferred their local board duties to the county (see Chapter 5); • Cities with Special Boards of Appeal and Equalization appointed by the governing body (see Chapter 5); or • Cities or towns whose local board duties have been transferred due to noncompliance with the training requirements. When a Local Board of Appeal and Equalization convenes, a majority of the members (quorum) must be in attendance in order for any valid action to be taken (see Chapter 4 for more information about quorum requirements). The local assessor is required by law to be present with his/her assessment books and papers. The local assessor is required to take part in the proceedings to support his values or recommend a change, but the local assessor has no vote. He/she should be prepared to explain how the value was determined, and in doing so, the assessor should be able to describe the characteristics ofthe property, such as: location and neighborhood; public or private restrictions on the property; building type and size; quality of construction; age of the structure; physical condition of the structure; total number of rooms and total number of bedrooms and bathrooms; and market conditions, etc. The local assessor should be knowledgeable about the local real estate market and the property in the area While it isn't the goal of the assessor to influence the board, the assessor should provide factual information to support the value and classification or to support a recommended change to a subject property. The local assessor also should be able to explain how the property classification was determined. In addition to the local assessor, the county assessor or one of his/her assistants is required to attend. The board should ask the local and/or county assessors to present any tables that have been prepared, making comparisons of the current assessments in the district. Either the local or county assessor is required to have maps and tables relating particularly to agricultural land values for the guidance of the Local Board of Appeal and Equalization. The local board should be prepared to ask the local and county assessors questions, and assessors should be prepared to answer questions and provide information that will assist the board in its deliberations. Meeting dates and times for the local board The meeting date and time for the Local Board of Appeal and Equalization is set by the county assessor. The county assessor must provide written notice of the date and time to the city or town clerk by February 15 of each year. The clerk shall publish and post notice of the meeting at least 10 days before the date of the meeting. The Local Board of Appeal and Equalization meeting must be held between April 1 and May 31 of each year (unless the provisions of a charter provide otherwise). The local board must conduct its business and adjourn within 20 days of the date stated in the published notice. Upon request, the Department of Revenue (at its discretion) may grant extensions beyond the 20-day time period. No changes may be made by the local board after adjourning. The county assessor also may not make any changes in valuation or classification that are intended to correct errors in judgment by the county assessor after the local board has adjourned However, the county assessor may make changes that are clerical in nature or changes that extend homestead treatment until the tax extension date for that assessment year. A list of all the changes made by the local board must be fully documented and maintained in the assessor's office and must be available for review by any person. A copy of the changes made during this period in those cities or towns that hold a local board must be sent to the county board no later than December 31 of the assessment year. Role of the local board in the assessment process Documenting local board actions Before adjourning, the Local Board of Appeal and Equalization must prepare an official record of all actions taken by the board. Minnesota Statutes 274.0 1, subdivision 1, paragraph (e) requires, in part, that: "The board shall list separately, on a form appended to the assessment boob all omitted property added to the list by the board and all items ofproperty increased or decreased with the market value of each item ofproperty, added or changed by the board placed opposite the item. " This means that the local board must prepare an official record of the proceedings. The record must reflect all board actions. Therefore, the record must list all: • Assessments of property added to the tax rolls with the market value for each, • Appeals brought before the board, indicating the action taken by the board (including all appeals in which the board voted "no change "). • Assessments that have been increased or decreased with the market value for each. • All class changes. • All changes that the county assessor brought to the board for action, indicating the action taken by the board After the changes have been completed, the record must be signed and dated by the members of the local board who were present at the meeting. The record must also list the names and titles of all voting members of the local board, including those who are present and those who are absent, to verify that the quorum requirement was met The county assessor is to make all changes ordered by the local board that are authorized by law. Required forms for documenting board actions County assessors are required to submit any changes made by the Local and County Boards of Appeal and Equalization to the Commissioner of Revenue, along with a copy of the proceedings of each board within 10 working days following final action of the local board. The information must be filed in the manner prescribed by the Commissioner of Revenue (Minnesota Statutes, Section 270.11). Role of the local board in the assessment process In recent years, there has been increasing interest by the legislature and others in the number of appeals at the local level and the effect of the changes that were made. However, because of the manner in which many counties submit this information, the Department of Revenue has not been able to respond to requests for this information. Therefore, we are requiring that the counties provide the data in a format that is complete, readable and easily interpreted. Each county will be required to submit this information in an electronic format as instructed by the Department of Revenue. To ensure that the information is consistent from local jurisdiction to local jurisdiction and from county to county, the Department of Revenue also is requiring that the local board complete the following two forms for each Local Board ofAppeal and Equalization meeting: Local Board ofAppeal and Equalization Certification Form — must be completed and signed to verify that the quorum requirement was met and to provide a summary of board actions. ■ Local Board ofAppeal and Equalization Record — must be completed to provide a detailed report of the proceedings of the board. The county assessor will provide these forms to the local board. The local board will complete the forms (the jurisdiction total EMV is to be completed by the assessor), and the county assessor will take possession of the completed forms at the end of the meeting. New forms must be completed in the case of a reconvene meeting. If a recess is called, a quorum also must be present at the reconvene meeting for the local board to take valid action. To verify that the quorum requirement was met, the local board must complete and sign a Local Board ofAppeal and Equalization Certification Form for each reconvene meeting. In addition, the local board must complete a Local Board ofAppeal and Equalization Record for each reconvene meeting. The reconvene meeting(s) must be held and all business of the local board must be concluded within 20 calendar days (including the day of the initial meeting) unless the board requests a time extension in writing from the Department of Revenue and the time extension is granted by the department. The date and time for the reconvene meeting must be determined before the initial meeting is recessed Once the Local Board of Appeal and Equalization has adjourned, they cannot reconvene. Duties of the local board The local board is to determine whether all of the taxable property in the town or city has been properly valued and classified. All property is to be valued at its market value, and all property is to be classified according to use. It is assumed that the assessor has properly valued and classified all the property in the jurisdiction. The burden of proof rests with the property owner who must present factual evidence to disprove the assessor's value or classification. The complaints and objections of property owners appealing individual assessments for the current year should be considered very carefiilly by the board. An appeal may be made in person, by letter, or through a representative of the owner. Written objections should be filed with the city or town clerk prior to the meeting of the Local Board of Appeal and Equalization and must be presented to the board for consideration while it is in session. The board must hear all complaints and examine all letters. Such assessments must be reviewed in detail, and the board has the authority to make corrections as it deems to be just. The board may recess from day to day until all cases have been heard. The board should look for property or improvements that are not on the tax rolls. When property or improvements are missing from the tax rolls, an unfair burden falls upon the owners of all property that has been assessed. If the board finds any property or improvements that are not on the tax rolls, the board should place it on the assessment list along with its market value, and correct the assessment so that each tract or lot of real property and each article, parcel or class of personal property is entered on the assessment list at its market value. Changes within 10 days of local board meeting Since the Notice of Valuation and Classification must be mailed to taxpayers at least 10 days prior to the meeting of the Local Board of Appeal and Equalization, the assessor should not make changes to the valuation or classification of a property within that 10-day window without bringing the change to the local board for action. After receiving the notice, the property owner can contact the assessor to discuss questions or concerns. The assessor can make changes to the valuation or classification without bringing the change to the local board if a new notice is mailed to the property owner at least 10 days prior to the local board meeting. Oftentimes, the assessor will continue to review properties within 10 days ofthe local board meeting. However, if the assessor makes a change, that change should be brought to the local board for action. If the property owner agrees with the change, he/she does not need to personally appeal to the board. Instead, the assessor should present such changes to be voted on by the board. What the board can do Reduce the value of a property. The, local board may reduce the value of a property if the facts show that the property is assessed at a value that is higher than its market value. All property is to be valued at its market value. It is assumed that the assessor has properly valued the property. The burden of proof rests with the property owner who must present factual evidence to disprove the assessor's value. Increase the value of a property. The local board may increase the value of a property if the facts show that the property is assessed at a value that is lower than its market value. The board also must base the decision to increase the market value on facts. All property is to be valued at its market value. It is assumed that the assessor has properly valued the property. The board must rely on factual evidence to disprove the assessor's value. Before the board raises the market value of a property, it must notify the owner. The law doesn't prescribe any particular form of notice, except that the person whose property is to be increased in assessment must be notified of the intent of the board to make the increase. The owner must be notified either in writing or orally. He/she should be given a time to appear before the local board. After the hearing, the local board should make any corrections that it deems just. Add properties to the assessment lisp If the board finds that any real or personal property has not been entered onto the assessment list, the board shall place it on the assessment list along with its market value, and correct the assessment so that each tract and lot of real property and all personal property is entered on the assessment list at its market value. Role of the local board in the assessment process Add improvements to the assessment list In reviewing the individual assessments, the board may find instances where property is not listed at its market value because the value of a building or other improvement was not included when the market value of the property was , estimated. These should be carefiilly reviewed by the board and placed on a tentative list of property values to be increased The board should then determine to what extent the valuation of such property should be increased Before the board adds value for new or overlooked improvements, it must notify the owner. Change the classification of a property. In Minnesota, property is classified according to its use on the assessment date (January 2 of each year). If the property is not currently being used, it is classified . according to its most probable, highest and best use. Property owners do not get to choose or request how they want their property to be classified. It is the assessor's job to classify it according to its current use or its most probable, highest and best use. The board can change the classification of any property which in the board's opinion is not properly classified. Again, it is assumed that the assessor has classified the property correctly. The classification must be based on use, and in order for the board to change the classification, the appellant must present evidence that the property is used in a manner consistent with the classification. For example, the assessor classified the property as residential. The owner seeks the agricultural classification. In order for the board to change the classification to agricultural, the owner must prove that the property is used agriculturally and meets the statutory requirements of the agricultural class. What the board can't do The local board can't consider prior year assessment& The Local Board of Appeal and Equalization doesn't have the authority in any year to reopen former assessments on which taxes are due and payable. The board considers only the assessments that are in process in the current year. Occasionally, a property owner may appear with a tax statement and protest the taxes or assessment of the previous year. The board should explain tactfully that it does not have the authority to consider such matters. After taxes have been extended, adjustments can be made only by the process of application for abatement or by legal action. Role of the local board in the assessment process The local board can't order percentage increases or decreasesfor an entire class ofproperty. The authority of the local board extends over the individual assessments of real and personal property. The board can't increase or decrease by percentage all of the assessments in the district of a given class of property. Changes in the aggregate assessments by classes are made by the County Board of Appeal and Equalization. The local board can't reduce the aggregate assessment by more than 1 percent Although the Local Board of Appeal and Equalization has the authority to increase or reduce individual assessments, the total of such adjustments must not reduce the aggregate assessment of the jurisdiction by more than 1 percent. The "aggregate assessment" is the total EMV that the local board has the authority to change, i.e. the total EMV of assessments within the jurisdiction excluding state assessed property. For example, if the total EMV of a jurisdiction is $2,000,000, the board cannot reduce the total EMV of the jurisdiction by more Assessors EMV than $20,000. This + Total board EMV increases means the EMV after - Total board EMV reductions board actions must be EMV after board actions at least $1,980,000. If the total amount of adjustments made by the local board does lower the aggregate assessment by more than 1 percent, none of the adjustments will. be allowed. This limitation doesn't apply, however, to the correction of clerical errors or to the removal of duplicate assessments. Clerical errors are limited to errors made by someone performing a clerical function during the course of the actual assessment. Examples of clerical errors are errors such as transposing numbers or mathematical errors. Errors that occur when making estimations during the inspection and appraisal process (judgment errors) are not considered to be clerical errors. The local board can't exempt property. The Local Board of Appeal and Equalization does not have the authority to grant an exemption or to order property removed from the tax rolls. The local board can't make changes benefiting a property owner who refuses entry by the assessor. The board may not make an individual market value adjustment or classification change that would benefit the property in cases where the owner or other person having control over the property will not permit the assessor to inspect the property and the interior of any buildings or structures. Duties: Local and County Boards Local Board of Appeal and Equalization Ensures individual assessments within the jurisdiction are properly valued and classified. What can local and/or county boards do? County Board of Appeal and Equalization T Ensures equalization among individual assessments, between classes and from jurisdiction to jurisdiction. ❑ Increase or decrease value of individual property. ✓ Yes ✓ Yes ❑ . Add properties to the assessment list. ✓ Yes No . _ ..._. ....... ... .... -.........._._ .. .... ... ....._........... ....................... _..._....._.._... -._.._._..._........__.........__.... .._......_.._......_._.__..._.. ..- ..... ❑ Add improvements to the assessment list. Yes ✓Yes ❑ Increase or decrease value for an entire property class. N_o ✓Yes ...._...._..__ ._.. _..._._..__.._...__...._._.._.. __.._....__._....... .............._...._.._........-_.__.__......_._..___. ._...__..._......._._._...__..✓ ....Yes --- .._....� --Yes ❑_ Change the classification of aproperty. What local and county boards cannot do: ❑ Cannot change prior year assessments. ❑ Cannot reduce aggregate ass_ essment by more than 1 percent. O Cannot exempt property. ❑ Cannot make change benefiting owner who refuses entry by assessor.` 'Minnesota Statutes, Section 274.01, subdivision 1, paragraph b states that the local board may not make an individual market vahw adjustment or c /assijkatton change that would benefit thepropeny m cares where the owner or otherperson having control over the property will not permit the assessor to inspect the property and the interior of any buildings or structures. The county board is not statutorily precluded from making a change based on the property owner's refusal to allow the assessor access to view the property. However, simply because the statute does not explicitly preclude the coway board from making such a change, it is strongly recommended that the county bood not grant any reduction in value until the property owner has allowed the assessor access to view the property. It seems obvious that for an assessor to make a fair and knowledgea /b a value estimate, he%rhe must first be allowed to view the entire property. Until such access is granted, the county board should not grant a value reduction. Recommendations for local board members Become familiar with sales information prior to local board meeting Most local board members aren't necessarily aware of current trends in the real estate market or trained in the field of appraisal. Therefore, advance preparation is essential to making informed, fair decisions on the appeals heard by the local board. The county assessor (or the local or city assessor in some instances) should provide information on the real estate market in advance of the local board meeting. If this information isn't provided, the local board should request that the assessor provide the information at least one week prior to the meeting so board members have time to review it. Role of the local board in the assessment process The following are examples of the type of data that the assessor may provide for the local board to use when determining if an adjustment is necessary. This is not an all- encompassing list, and depending on the jurisdiction, it may or may not be necessary for every board to have all the items on the list. The local board should work with the assessor to determine the specific information to be supplied to the local board. ■ Information on sales within the district that occurred in the previous year. ■ Valuation tables of land types. • Copy of the values from the mini- abstract for the district (current year and prior year). • Printout of parcel listings for the district with the values. • Review of the current statutory classifications and the corresponding class rates. • Review of value changes by property type in the district. The local board should also be prepared to request additional background information and to ask questions of the assessor in order to assist with the board's deliberations. As a local board member, you should review the information provided by the assessor. If you have any questions about the materials, please be sure to contact the assessor. Being knowledgeable about the real estate market is the key to making informed and fair decisions. Duties of the clerk The town or city clerk plays an important role in the Local Board of Appeal and Equalization process. The following is a brief list of the duties of the clerk pertaining to the local board meeting: • The clerk should work with the county assessor to establish the meeting date(s) for the local board. • The clerk should coordinate with the board to ensure that a quorum will be present at the meeting. • The clerk must publish and post notice of the meeting at least 10 days prior to the date of the meeting (Minnesota Statutes, Section 274.0 1, subdivision 1). Role of the local board in the assessment process 0 Avoid conflicts of interest No board member shall participate in the discussions or vote on any matters relating to property in which he or she has a conflict of interest. A conflict of interest exists where a member: • has a financial interest in the property; • is a director, trustee, officer, employee or agent of any business or institution directly involved with the property; or • is related by blood or marriage to an individual having an ownership or financial interest in the property. Board members are afforded the same rights as the general public when it comes to the appeal process. However, when a local board member is appealing the value or classification of his/her property, as a general rule, the local board should not make any changes to the valuation or classification. The local board should vote "no change," and the appeal should be recorded so that the board member can appeal to the County Board of Appeal and Equalization. This will eliminate any appearance of the board having a conflict of interest or the appearance of giving preferential treatment. • The clerk should have a sign -in sheet for all appellants. • The clerk should take minutes of the meeting as part of the town or city record. • The clerk should return all necessary records to the county assessor in a timely manner. In some jurisdictions, various duties of the clerk may be performed by the city or county assessor or the assessor's staff. In these instances, it is recommended that the clerk be aware of and monitor the duties to ensure that all duties are performed 2 SECTION 2 ASSESSMENT/APPRAISAL INFORMATION EDINA 2007 ASSESSMENT SUMMARY The 2007 property assessment has been completed, and property owners received a Notice of Estimated Market Value the week of March 5' . The 2007 property assessment applies to property taxes payable in 2008. Key points of the 2007 property assessment include: v7 O m ER • The total estimated market value for Edina is $9.98 billion, an increase of $386 million, or 4.0 %, over the $9.59 billion total in 2006. Approximately 80% of the market value comes from residential properties, while 20% comes from commercial, industrial, and apartment properties. 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 8.69 8.03 7.48 7.08 6.23 5.45 4.25 4.52 4.90 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Assessment Year • Average 2007 market value changes are listed below for the major property classifications: Single- family residential +1.3% Doubles and zero -lot line +6.5% Townhouses +1.3% Condominiums -0.7% Commercial +10.0% Industrial +0.7% Apartment +10.0% 10 In a recent reversal from the early 2000s, this is the first year where commercial /industrial values have increased by a significantly greater percentage than residential values. The impact of this trend will be to shift back some of the property tax burden to commercial /industrial properties from residential. For 2007, most residential properties received statistical adjustments of 0 to 5 %. These adjustments are based on the specific characteristics of the property, its location, and comparisons to actual selling prices. This approach results in similar market value adjustments for like properties throughout the city. • Comparisons with other cities for 2007 indicate most of the southwestern suburban cities are adjusting residential properties by 1 % to 4 %. With an overall estimated average of 1.3 %, these comparisons show that Edina's adjustments are similar to most neighboring communities. • Distribution of the changes in market value from 2006 to 2007 for Edina's 12,896 single - family homes: 6% 3% 13% ■ Decrease ■ No Change 34% ❑ Increase +1 -5% j ❑ Increase +6 -10% 4, ■ Increase > 10% • The accuracy and equity of the property assessment are evaluated through two statistical measures: the sales ratio and the coefficient of dispersion. The sales ratio is the assessor's estimated market value divided by the actual selling price. For 2007, Edina's overall sales ratio is 95.0 %, indicating a very accurate assessment. The coefficient of dispersion measures how far the assessor's market values deviate from the median. For 2007, it is 6.8, demonstrating an equitable assessment. 11 Edina, beginning with the 2005 assessment, has initiated the use the computer -aided assessment system, to improve the equity and accuracy of the annual assessment. Including both the 2005 and 2006 assessment, about 857 residential properties have been revalued using this CAA system. It is the intent to expand its use to value all residential property in the city. • A revaluation of all 13,224 single - family residential land parcels was completed for 2007. The appeals process is an important part of the annual property assessment. Residents having questions about their 2007 Notice of Estimated Market Value are urged to contact the Assessing Office. This allows staff to discuss the property characteristics and, where needed, conduct an on -site review. Property owners may appeal the market value set by the Assessing Office to the Local Board of Appeal and Equalization, which meets on April 16, 2007. The decision of the Local Board may be appealed to the Hennepin County Board of Appeal and Equalization, which meets on June 18, 2007. Property owners may also appeal their valuation directly to the Minnesota Tax Court. 12 City of Edina, Minnesota 4801 West 50"' Street ■ Edina, MN 55424 -1394 ■ (952) 826 -0365 ■ FAX: (952) 826 -0389 ■ TTY: (952) 826 -0379 2007 Notice of Valuation and Classification For taxes payable In 2008 — This Is NOT a bill Property Identification Number: 18- 028 -24 -31 -0000 Property Location: 1234 Oaklawn Avenue Joe Smith 1234 Oaklawn Avenue Edina, MN 55424 -1924 The values indicated are for the January 2, 2007 Assessment for taxes payable in 2008. The prior year data has been included for comparison purposes. 2006 for 2007 Taxes 2007 for 2008 Taxes Property Classification: RESIDENTIAL RESIDENTIAL HOMESTEAD HOMESTEAD Estimated Market Value: $280,000 $291,200 Limited Market Value: $273,000 Value of New Improvements: This Old House Exclusion: Taxable Market Value: $273,000 $291,200 Est. Market Value Deferred: 1 — Call Local Assessor If you believe the 2007 estimated market value and/or classification of this property has been determined incorrectly, you have the right to make an appeal. Inquiries concerning valuation or property class should first be directed to your Assessor's Office. This is an important first step of the appeals process. Many times questions and concerns can be addressed informally, prior to the Local Board meetings. You should contact the Edina Assessor's Office at (952) 826 -0365. 2 — Boards of AuDeal and If you believe your value or classification is incorrect, you may bring your case to the Local Board of Appeal and Equalization. You may appear in person, by letter, or be represented by an authorized agent. Please call your Assessor's Office first, an application is necessary. It is required that you first attend the Local Board prior to attending the County Board of Appeal. The Board convenes at 5:30 PM, on Monday, April 16, 2007, in the Council Chambers, City Hall,4801 West 50th Street, Edina, MN 55424. If you wish to make an appeal before the Local Board, an application Is required no later than Friday. March 30, 2007 _- - . . vim - Sf ®ir - do .I of llaaea end dua iai6or , e tier, � ; � -The County Board of Appeal and Equalization begins on June 18, 2007, at the Hennepin County Government Center, 300 South Sixth St., Minneapolis, MN 55487. Application is required no later than June'6, 2007. To appear before the County Board, you must have appeared before the City of Edlna Board of Appeal and Eaualizadon. Phone: (612) 348 -7050. [TTY (612) 348 -3461 Teletype] 3 — Minnesota Tax Court For information on the Tax Court, contact: Minnesota Tax Court, 25 Reverend Martin Luther King Jr. Blvd., Room 245, St Paul, MN 55115 Phone: 651- 296 -2806 M Relay (809 627-3529 Tele"plWeb site www.taxcourt.state.mn.us 4 Olaiins�Dlirfsl- °tr►., You may take your case directly to the Small Claims Division of Tax Court if ■ The assessor's estimated market value of your property is less than $300,000; or ■ . The entire parcel is classified as a residential homestead (1 a or 1 b) and the parcel contains no more than one dwelling unit; or ■ The entire property is classified as an agricultural homestead (2a or 1 b); or ■ You are in�tth ge lee denial of a current ar a Iicatlon for homestead classification of yourproperty ,', Y�E".._!1 +•+.r_. �.�.- ,.},,.....Y i s `fk '€�.!*..wr• c� y 'r -r y,,,. t -�- r ■ Regardless of your property type or the nature of your claim, you always have the option to file directly with the Regular Division of Tax Court. ■ You have until April 30, 2008, to file an appeal with the Small Claims Division or the Regular Division of Tax Court for your 2007 valuation and classification. 13 IMPORTANT: Property Tax Information Valuation Notice Joe Smith 1234 Oaklawn Avenue Edina, MN 55424 -1924 IMPORTANT INFORMATION AND DEFINITIONS This notice is to inform you of the market value and classification of your property for assessment year 2007. The property taxes you will pay in 2008 will be based on this valuation and classification. If you believe your valuation and property class are correct, it is not necessary to contact the assessor or attend the meeting listed on this notice. Property Classification The statutory classtflcation that has been assigned to your property based upon your use of the property. A change in classification of your property can have a significant impact on the real estate tax payable. Please compare the 2006 and 2007 classifications listed on the other side of this statement. Estimated Market Value This value is what the assessor estimates your property would likely sell for on the open market State law (M.S. 273.11 Subd.1) requires assessors to value property at 100 percent of market value. Limited Market Value (M.S. 273.11. Subd.1a) Limits how much the taxable value of certain properties can increase. With the exception of new improvements, the value is limited to the greater of 1) 15 percent increase over last year's limited value or 2) 33 percent of the difference between this years estimated value and last years limited value. This only apples to agricultural, residential, timberland, or noncommercial seasonal recreational residential (cabin) property. Value of New Improvements This is the assesooes estimate of the value of new or omitted improvements you have made to you property. These improvements are not eligible for limited market value. This Old House Exclusion (M.S. 273.11. Subd.161 Applies only to homestead property 45 years of age or older and valued at less than $400,000. Improvements that Increase the estimated market value by $5,000 or more may have some of the value exempted. Only Improvements made before Jan. 2, 2003, and assessed for the 2003 assessment will qualify for this exclusion. More Information on this exclusion may be obtained by contacting your Assessor's Office. Taxable Market Value (M.S. 273.121) This is the value that your property taxes are actually based on, after all reductions, limitations, exemptions and deferrals. Your 2007 value, along with the class rate and the budgets of your local government, will determine how much you will pay in taxes in 2008. Only applies to agricultural and open space property that is facing increasing values due to development pressures not related to the agricultural or open space value of the Nand. The assessor arrives at this lower value by looking at what comparable agricultural or open space land Is selling for in areas where there is not development pressure. The taxes on the higher value are deferred until the property is sold or no longer qualifies fir the program. Market Value Deferred -Plat Deferment For land that has been recently platted (divided into individual lots) but not yet improved with a structure, the Increased market value due to platting is added over a 3 year phase -in period. If construction begins before the expiration of the phase -in period, the lot will be assessed at full market value in the next assessment CommercialiIndustrial Property (M.S. 273.13. Subd. 241 Each parcel of commercial and Industrial property has a reduced, "preferred" class rate on the first tier of market value ($150,000) and a "non - preferred" rate on the remaining market value, except In the case of contiguous parcels owned by the same person or entity. Contiguous properties are classed at the "non - preferred" rate. Please call your assessor for details and exceptions. 14 ESTIMATING MARKET VALUES The purpose of the assessment process is to make an accurate estimate of the market value of each parcel of property, every year. Doing so requires current information about the properties being assessed, and about the local real estate market. The Edina Assessing Office maintains a record of every property in the City, including its size, location, physical characteristics, and condition. This record is updated whenever new information becomes available — as the result of the five -year reappraisal, or when improvements are made to the property, or when the property owner requests a physical review. This information is computerized, allowing statistical comparisons of properties by type and location. It is important to know that assessors must of necessity use a mass appraisal process for valuing residential property, and the mass appraisal process is different from the individual appraisal system used by banks, mortgage companies and others. The mass appraisal system used in Edina involves the comparison of properties with actual residential market sales from the same neighborhood and throughout the city. New houses, additions, and remodeling are valued based on their individual characteristics and the current costs of construction. Having the local assessment system operate effectively requires as much information about the local real estate market as possible. The Assessing Office makes a record of all property sales, using the Certificate of Real Estate Value (or CRV) filed at Hennepin County for each property sale. This information is augmented with regular sales information obtained from the Multiple Listing Service (MLS) and other sources. The Assessing staff also examines multiple sales — properties that have sold more than once over a period of a few years. After taking into account any physical changes that may have occurred, the Assessor is able to determine what is happening to the real estate market over that period of time. In all cases, the sales information collected by the Assessing Office is closely scrutinized. Evidence suggesting a forced sale, foreclosure, a sale to a relative, or anything but an arms - length transaction results in the sales information being discarded. This is important, because the real estate sales information constitutes the data- base for the statistical comparisons necessary to make the property assessment. 15 The accuracy of the Assessing Department's estimated market values is measured by the sales ratio, which is simply the Assessor's estimated market value divided by the actual selling price. For example, a house having its estimated market value assessed at $270,000 and an actual selling price of $300,000 gives a sales ratio of 90.0. For cities in Hennepin County, the accepted range for the median sales ratio measurement is 90 to 105. In other words, the median (or midpoint) of the sales ratios for all properties sold should fall within 90 to 105. A sales ratio of slightly less than 100 is desirable in order to avoid having a great many properties valued at more than their actual market value. If the median sales ratio were at 100, as shown at the left below, it would mean that half the properties were assessed at less than market value and half were higher, with too many over the actual market value. On the other hand, as shown at the right below, a sales ratio of 95.0 means half the properties are below 95.0% of actual market value, half are higher, and a relative low number are valued by the Assessor at more than actual market value. Therefore, the acceptable range is 90 to 105, with a target of 95.0. Edina's 2007 assessment results in a sales ratio of 95.0. SALES RATIO: MEDIAN 100 95 97.5 102.5 105 HALF THE VALUES ARE OVER 100% 16 MEDIAN 95.0 90 92.5 97.5 100 FEW VALUES ARE OVER 100% A measure of the equity of the property assessment is the coefficient of dispersion, which measures the average deviation or dispersion from the midpoint, or median. The more closely the Assessor's values are grouped around the midpoint, the more equitable the assessment. This is true because relatively few properties have been valued too high, or too low, compared to actual selling prices. For the annual property assessment, a coefficient of dispersion of less than 15 is deemed acceptable and less than 10 is considered excellent. Edina's 2007 assessment reflects a coefficient of dispersion of 6.8. COEFFICIENT OF DISPERSION: MEDIAN 95.0 VALUES ARE DISPERSED FROM MEDIAN (HIGH COEFFICIENT) MEDIAN 95.0 VALUES ARE GROUPED CLOSE TO MEDIAN (LOW COEFFICIENT) Historical sales ratios and coefficients of dispersion are as follows: 17 1999 2000 2001 2002 2003 2004 2005 2006 2007 SALES 93.8 93.6 95.1 95.0 96.1 96.0 95.6 96.1 95.0 RATIO COD 8.8 8.8 10.7 9.8 8.3 6.4 7.6 7.2 6.8 17 The review .process is a key aspect of the mass appraisal system. Because some properties receive statistic -based adjustments to market value, the review allows the assessing staff the opportunity to individually examine certain properties. Where there is evidence a property has been overvalued or valued inequitably, its market value can be readjusted to an appropriate amount. A property owner who is not satisfied with the assessing staff's review may make an appeal to the Local Board of Appeal and Equalization, which meets on April 16, or make an appeal directly to state tax court. HISTORICAL CHANGES IN MARKET VALUE Edina has typically experienced steady growth in the market value of real property in the community since the mid 1990's. This has occurred through the construction of new single - family, multi - family and commercial properties as well as the appreciation of existing properties. The chart below shows the amount of market value change from year to year, and the proportions of the change attributable to new construction and appreciation. As indicated, the city's 2007 assessment growth of 3.6% is the lowest overall growth rate in the past eight years. YEAR MARKET VALUE NEW CONSTRUCTION VALUE INCREASE TOTAL GROWTH 1999 $4,904,869,300 1.5% 6.9% 8.4% 2000 $5,457,802,200 1.5% 9.9% 11.4% 2001 $6,230,194,800 1.4% 12.8% 14.2% 2002 $7,081,684,800 0.7% 13.0% 13.7% 2003 $7,487,906,000 1.0% 4.8% 5.8% 2004 $8,033,679,900 1.0% 6.8% 7.8% 2005 $8,693,345,900 0.7% 8.0% 8.7% 2006 $9,598,697,600 1.1% 9.3% 10.4% 2007 $9,984,799,500 1.3% 2.3% 3.6% 18 The first graph (p. 20) compares the annual change in property type growth over the past ten years for apartment, commercial, industrial and residential properties in Edina. Following double digit growth in 2000, 2001 and 2002, the residential growth of 1.3% for 2007 is the lowest it's been in 20 years. The second chart (p.20) compares market values and tax capacities by property class. Although residential property accounts for 80% of market value, the property tax is based on tax capacity, and for 2007, residential property is 70% of the total tax capacity. Commercial /industrial and apartment properties make up 20% of market value and approximately 30% of the total tax capacity. The third chart (p.21) illustrates the changes in tax capacity by property class over the past nine years. Changes made by the Legislature to the classification system have resulted in property tax shifts. Commercial, industrial, and apartment properties received significant reductions in their class rates which have resulted in residential properties picking up a greater -share of the property tax burden. However, for the 2007 assessment for taxes payable in 2008, residential properties will bear less of the tax burden and commercial will bear more due to the greater growth in commercial valuations. The fourth chart (p.21) compares the changes in total market value and total tax capacity for the city, over the past nine years. It is interesting to note that while the total market value has steadily increased from about 4.2 billion in 1998 to 9.9 billion in 2007, the total tax capacity has increased only 40 percent. In 1998 the total tax capacity was 85 million, for 2007 the total is 120 million. This is primarily due to legislative changes made in 1997, 1998 and 2001 that reduced the tax capacity rates for most classes of property. Also, state law has provided a limited market value for most residential property since 1994. 19 25.0 20.0 15.0 10.0 5.0 0.0 -5.0 CITY OF EDINA PROPERTY TYPE GROWTH +— APARTMENT —COMMERCIAL INDUSTRIAL RESIDENTIAL -10.0 -15.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 YEAR CITY OF EDINA Market Values vs. Tax Capacities by Property Class 2007 Commercial /Industrial 16% $1,557 Apartments Residential 4% 80% $422 $8,005 2007 Commercial /Industrial 26% $31 Residential Apartments 70% 4% $84 $5 2007 Total Market Value: 2007 Total Tax Capacity: $9,984 Million $120 Million Values in Millions of Dollars 20 CITY OF EDINA TAX CAPACITY by PROPERTY CLASS 1998 -2007 80.00% 70.00% 60.00% Percentage of 50.00% Total Tax 40.00% Capacity 30.00% 20.00% 10.00% 0.00% 1998 2000 2002 2004 2006 Assessment Year ■ Residential ■ Comm /Ind O Apts GROWTH IN TOTAL MARKET VALLUE vs. TOTAL TAX CAPACITY 1998 -2007 S12.- $10M se.aoo f 6,000 E4,000 f ;000 f0 19Ae 1889 A00 Xqt ]002 AIXi i(pl Zoos 2(08 aoo7 Aeaefamenl Yaar Total Increase in Market Value 135% 21 f�A s roo sm = Sw f 40 f10 so sae isw zaoo moi aooz � zooa Ao, moe moi A aaaa•ma nr Yaar Total Increase in Tax Capacity 40% RESIDENTIAL ASSESSMENT Edina_ Single - Family Residential Sales 2001 -2006 — which indicates the median and average sales price for the last five years EDINA SINGLE - FAMILY RESIDENTIAL SALES BY CALENDAR YEAR YEAR MEDIAN AVERAGE # OF SALES 2001 $299,000 $376,137 561 2002 $345,000 $436,478 613 2003 $360,000 $468,968 605 2004 $389,900 $498,701 583 2005 $425,000 $510,987 492 2006 $469,000 $568,985 474 The median sale price (the point where half the homes sell for more and half for less) for single- family homes that sold in 2006 is $469,000. This is an increase of 10.4% from the median sale price in 2005 of $425,000. Edina Single - Family Houses 2000 -2006- compares the growth in the average and median sale price with the estimated market value over the past six years. The 2007 median estimated market value is $444,800. EDINA SINGLE FAMILY HOUSES $600,000 $500,000 w $400,000 U $300,000 a w $200,000 J $100,000 $0 ! I 1 1 1 2000 2001 2002 2003 2004 2005 2006 YEAR 22 �A%e SP Median SP Median EMV RESIDENTIAL ASSESSMENT (continued) For the 2007 assessment, 451 residential sales which occurred between October 2005 and September 2006 were analyzed both for market trends as well as the assessment ratio (assessor's value divided by sale price) on the sales. For 2007, most residential properties received statistical adjustments of 0 to 5 %. These adjustments are based on the specific characteristics of the property, its location, and comparisons to actual selling prices. This approach results in similar market value adjustments for like properties throughout the city. Distribution of the changes in market value from 2006 to 2007 for Edina's 12,896 single - family homes: 6% 3% 13% ■ Decrease ■ No Change 34% ❑ Increase +1 -5% ❑ Increase +6 -10% 4, ■ Increase > 10% The following pages include: District Maps —which shows Edina's 41 geographic districts 2. Qualifying Single - Family Residential Sales from January 2006 to December 2006 -which shows individual sales by District 23 =i �- 4` IVA �� ��'.' � � Illlllllllllln �� � p iiinnunnu Clp`.•�••�% ♦� 1;, ♦ �iIIIIIIIIIIIgR���„ ammo! ' \■:����r���Ql '.n:::'•�'•��u; L; ►?. � � �yJ ,' � i�. •��,� Imo,, � �1%: :ISM .1� •/ Pm 11 f� 1r Jl� ]pia% —� rr � I 1 ■ 4 �i1 ipi - WE ��I City of Edina Qualifying Sales by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date 1- Morningside 4010 Monterey Ave $ 280,100 05/11/2006 1- Morningside 4121 44th St W $ 320,000 .03/17/2006 1= Morningside 4010 Kipling Ave $ 325,000 12/21/2006 1- Morningside 4116 Grimes Ave $ 330,000 11/21/2006 1- Morningside 4330 France Ave S $ 332,000 07/10/2006 1- Morningside 4217 44th St W $ 340,000 08/11/2006 1- Morningside 4000: Monterey Ave $ 350,000 11/21/2006 1- Morningside 4307 Oakdale Ave $ 390,000 06/16/2006 1- Morningside 4124 Grimes Ave $ 399,000 10/27/2006 1- Morningside 4019 Kipling Ave $ 399,000 12/28/2006 1- Morningside 4301 42nd St W $ 405,000 03/06/2006 1- Morningside 4234 Alden Dr $ 429,900 01/30/2006 1- Morningside 3920 44th St W $ 433,000 05/03/2006 1- Morningside 4501 Grimes Ave $ 495,000 06/02/2006 1- Morningside 4389 Mackey Ave $ 519,900 07/07/2006 1- Morningside 4207 Alden Dr $ 520,000 06/27/2006 1- Morningside 4000 Kipling Ave $ 541,500 07/25/2006 1- Morningside 4004 Grimes Ave $ 550,000 10/06/2006 1- Morningside 4300 Eton PI $ 555,000 08/15/2006 1- Morningside 4220 Lynn Ave $. 565,250 06/09/2006 1- Morningside 4209 Morningside Rd $ 590,000 09/15/2006 1- Morningside 4215 Oakdale Ave $ 634,900 06/29/2006 1- Morningside 4217 Lynn Ave $ 645,000 12/15/2006 1- Morningside 4206 44th St W $ 668,000 03/30/2006 2 -White Oaks 4829 Townes Rd $ 490,000 06/12/2006 2 -White Oaks 4824 Townes Rd $ 526,000 08/14/2006 . 2 -White Oaks 4717 Meadow Rd $ 580,000 07/06/2006 2 -White Oaks 4101 48th St W $ 1,115,000 01/13/2006 2 -White Oaks 5 Bridge La $ 1,115,000 08/11/2006. 2 -White Oaks 4709 Meadow Rd $ 1,212,225 10/12/2006 2 -White Oaks 4705 Meadow Rd $ 1,601,000 06/30/2006 3- Country Club 4614 Bruce Ave $ 645,000 05/30/2006 3- Country Club 4524 Drexel Ave $ 703,500 05/19/2006 3- Country Club 4630 Bruce Ave $ 7f4,000 05/26/2006 3- Country Club 4521 Arden Ave $ 725,000 09/08/2006 3- Country Club 4517 Bruce Ave $ 725,000 08/23/2006 3- Country Club 4523 Casco Ave $ 730,000 10/20/2006 3- Country Club 4601 Casco Ave $ 740,000 02/06/2006 3- Country Club 4504 Arden Ave $ 750,500 03/31/2006 3- Country Club 4616 Bruce Ave $ 765,000 06/16/2006 3- Country Club 4504 Bruce Ave $ 770,000 05/26/2006 3- Country Club 4605 Wooddale Ave_ $ 790,000 06/22/2006 3- Country Club, 4526 Casco Ave $ 797,500 01/30/2006 3- Country Club 4602 Arden Ave $ 800,000 07/27/2006 3- Country Club 4110 Sunnyside Rd $ 810,000 11/28/2006 3- Country Club 4517 Wooddale Ave $ 820,000 12/12/2006 3- Country Club 4507 Arden Ave $ 830,000 09/08/2006 3- Country Club 4908 Arden Ave $ 842,400 08/14/2006 3- Country Club 4603 Arden Ave $ 960,000 01/17/2006 i City of Edina Qualifying Sales by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date 3- Country Club 4607 Arden Ave $ 994,607 05/25/2006 3- Country Club 4623 Browndale Ave $ 1,013,500 03/31/2006 3- Country Club 4608 Moorland Ave $ 1,050,000 12/12/2006 3- Country Club 4627 Bruce Ave $ 1,060,000 11/30/2006 3- Country Club 4911 Bruce Ave $ 1,1.15,000 11/15/2006 3- Country Club 4513 Moorland Ave $ 1,175,000 06/01/2006 3- Country Club, 4619 Wooddale Ave $ 1,195,000. 11/01/2006 3- Country Club 4502 Drexel Ave $ 1,200,000 09/22/2006 3- Country Club 4609 Moorland Ave $ 1,212,500 06/23/2006 3- Country Club 4506 Moorland Ave. $ 1,265,000 12/26/2006 3- Country Club 4807 Sunnyside Rd $ 1,300,000 07/11/2006 3- Country Club 4601 Moorland Ave $ 1,304,100 05/31/2006 3- Country Club 4602 Edina Blvd $ 1,335,000 06/28/2006 3- Country Club 4504 Moorland Ave $ 1,550,000 08/25/2006 3- Country Club 4602 Sunnyside Rd $ 1,730,045 10/02/2006 3- Country Club 4614 Moorland Ave $ 1,760,000 09/08/2006 3- Country Club 4505 Edina Blvd $ 2,100,000 11/03/2006 5- Indianola /Juanita 5201 Halifax Ave $ 505,000 05/01/2006 5- Indianola /Juanita 5105 Juanita Ave $ 525,000 11/28/2006 5- Indianola /Juanita 5128 Indianola Ave $ 653,000 09/26/2006 5- Indianola /Juanita 5104 Halifax Ave $ 830,000 09/14/2006 5- Indianola /Juanita 5240 Halifax Ave $ 1,262,500 09/26/2006 6- Brucewood 5017 Bruce Ave $ 740,000 10/30/2006 6- Brucewood 5002 Arden Ave $ 746,000 12/27/2006 6- Brucewood 5027 Wooddale La $ 1,025,000 05/15/2006 6- Brucewood 5011 Wooddale La $ 1,185,000 08/25/2006 6- Brucewood 5038 Bruce PI $ 1,225,000 02/28/2006 6- Brucewood 5022 Bruce Ave $ 1,230,000 08/10/2006 7 -Golf Terrace 4503 Lakeview Dr $ 520,000 08/03/2006 7 -Golf Terrace 4605 Lakeview Dr $ 930,000 03/30/2006 8 -N 58th Sher /So Har Pk 4320 58th St W $ 313,500 10/30/2006 8 -N 58th Sher /So Har Pk 5544 St Johns Ave $ 340,000 11/17/2006 8 -N 58th Sher /So Har Pk 5616 Dalrymple Rd $ 375,000 11/01/2006 8 -N 58th Sher /So Har Pk 5533 Brookview Ave $ 420,000 10/31/2006 8 -N 58th Sher /So Har Pk 4420 Philbrook La $ 427,500 04/13/2006 8 -N 58th Sher /So Har Pk 5513 Halifax La $ 505,000 12/08/2006 8 -N 58th Sher /So Har Pk 5617 Wooddale Ave $ 508,000 03/06/2006 8 -N 58th Sher /So Har Pk 5533 Wooddale Ave $ 524,900 08/15/2006 8 -N 58th Sher /So Har Pk 5505 Dever Dr $ 530,000 05/25/2006 8 -N 58th Sher /So Har Pk 5421 Brookview Ave $ 599,500 11/21/2006 8 -N 58th Sher /So Har Pk 5505 Dever Dr $ 620,000 08/02/2006 . 8 -N 58th Sher /So Har Pk 5500 Woodcrest Dr. $ 635,000 09/29/2006 8 -N 58th Sher /So Har Pk 5517 Brookview Ave $ 672,000 04/12/2006 8 -N 58th Sher /So Har Pk 5324 Oaklawn Ave $ 739,400 03/16/2006 8 -N 58th Sher /So Har Pk 4508 Oak Dr $ 740,000 08/16/2006 8 -N 58th Sher /So Har Pk 5606 Sherwood Ave $ 838,000 11/15/2006 8 -N 58th Sher /So Har Pk 5416 Brookview Ave $ 867,000 05/12/2006 29 City of Edina Qualifying Sales by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date 8 -N 58th Sher /So Har Pk 5501 Woodcrest Dr $ 875,000 12/29/2006 8 -N 58th Sher /So Har Pk 4512 Oak Dr $ 925,000 08/14/2006 8 -N 58th Sher /So Har Pk 5517 Dever Dr $ 979,000 11/27/2006 8 -N 58th Sher /So Har Pk 5613 Sherwood Ave $ 990,000 09/08/2006 9- Woodland/Woodcrest 5601 Brookview Ave $ 1,008,500 07/31/2006 10 -E France /N 60th 7412 Xerxes Ave S $ 205,000 04/07/2006 10 -E France /N 60th 5508 Xerxes Ave S $ 214,900 05/24/2006 10 -E France /N 60th 5608 Zenith Ave S $ 215,000 02/15/2006 10 -E France /N 60th 7433 York Ter $ 222,000 11/10/2006 10 -E France /N 60th 5921 France Ave S $ 226,500 04/14/2006 10 -E France /N 60th . 5837 France Ave S $ 235,000 09/12/2006 10 -E France /N 60th 5805 France Ave S $ 237,000 01/30/2006 10 -E France /N 60th 5528 Xerxes Ave S $ 239,000 05/15/2006 10 -E France /N 60th 5925 France Ave S $ 243,000 11/22/2006 10 -E France /N 60th 5837 York Ave S $ 248,000 08/30/2006 10 -E France /N 60th 5533 York Ave S $ 250,000 06/01 /2006 10 -E France /N 60th 5537 York Ave S $ 251,000 05/10/2006 10 -E France /N 60th 5605 York Ave S $ 252,500 10/19/2006 10 -E France /N 60th 5617 Abbott Ave S $ 260,764 11/22/2006 10 -E France /N 60th 5816 Chowen Ave S $ 267,000 05/16/2006 10 -E France /N 60th 5820 York Ave S $ 274,000 05/15/2006 10 -E France /N 60th 5928 Chowen Ave S $ 275,000 03/17/2006 10 -E France /N 60th 5913 York Ave S $ 278,000 09/29/2006 10 -E France /N 60th 5744 Ewing Ave S $ 279,200 03/22/2006 10 -E France /N 60th 5501 York Ave S $ 280,000 08/25/2006 10 -E France /N 60th 5837 Abbott Ave S $ 283,000 08/30/2006 10 -E France /N 60th 5820 Drew Ave S $ 286,000 05/26/2006 10 -E France /N 60th 5916 Abbott Ave S $ 288,000 05/25/2006 10 -E France /N 60th 5809 York Ave S $ 291,000 06/28/2006 10 -E France /N 60th 5801 France Ave S $ 298,700 02/24/2006 10 -E France /N 60th 3316 60th St W $ 300,000 12/15/2006 10 -E France /N 60th 5912 Abbott Ave S $ 305,000 05/01/2006 10 -E France /N 60th 5900 Zenith Ave.S $ 305,000 08/09/2006 10 -E France /N 60th 5632 Zenith Ave S $ 309,900 04/10/2006 10 -E France /N 60th 5936 Beard Ave S $ 310,000 03/10/2006 10 -E France /N 60th 5820 Ewing Ave S $ 310,000 02/24/2006 10 -E France /N 60th 5737 York Ave S $ 315,000 06/15/2006 10 -E France /N 60th 5820 Chowen Ave S $ 322,000 05/26/2006 10 -E France /N 60th 3517 54th St W $ 349,000 03/30/2006 10 -E France /N 60th 5829 Ewing Ave S $ 349,900 07/21/2006 10 -E France /N 60th 5825 Beard Ave S $ 355,000 10/16/2006 10 -E France /N 60th 5700 Xerxes Ave S $ 355,000 07/28/2006 10 -E France /N 60th 5713 Abbott Ave S $ 365,000 10/10/2006 10 -E France /N 60th 5912 Drew Ave S $ 377,000 07/10/2006 10 -E France /N 60th 5637 Chowen Ave S $ 379,900 09/29/2006 10 -E France /N 60th 5733 Zenith Ave S $ 385,000 04/24/2006 10 -E France /N 60th 5625 Beard Ave S $ 397,000 04/21/2006 10 -E France /N 60th 5724 Beard Ave S $ 458,000 08/17/2006 10 -E France /N 60th 3605 55th St W $ 525,000 04/13/2006 30 City of Edina Qualifying Sales -by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date 10 -E France /N 60th 5419 Abbott PI $ 609,000 02/13/2006 10 -E France /N 60th 5901 France Ave S $ 800,000 05/31/2006 11 -E France /S 60th 6321 France Ave S $ 240,000 07/13/2006 11 -E France /S 60th 3201 60th St W $ 250,000 12/13/2006 11 -E France /S 60th 6128 Xerxes Ave S $ 254,000 07/28/2006 11 -E France /S 60th 6220 Beard PI $ 295,000 03/27/2006 11 -E France /S 60th 3709 Chowen Cur $ 315,000 03/24/2006 11 -E France /S 60th 6040 Xerxes Ave S $ 319,000 06/06/2006 11 -E France /S 60th 6004 Ewing Ave S $ 328,500 08/09/2006 11 -E France /S 60th 6005 Abbott Ave S $ 340,000 11/14/2006 11 -E France /S 60th 6301 France Ave S $ 349,900 09/22/2006 11 -E France /S 60th 6125 Beard PI $ 490,000 05/15/2006 12- Halifax/Grimes 5916 France Ave S $ 242,450 10/31/2006 12- Halifax/Grimes 3909 60th St W $ 300,000 06/2612006 12- Halifax/Grimes 3905 Grimes La $ 303,000 07/07/2006 12- Halifax/Grimes 6009 Halifax Ave. $ 380,000 01/17/2006 12- Halifax/Grimes 6012 Halifax Ave $ 420,000 07/31/2006 12- Halifax/Grimes 5937 Grimes Ave $ 430,000 06/26/2006 .13 -S 58th /Fairfax Area 6124 Oaklawn Ave $ 182,600 01/18/2006 13 -S 58th /Fairfax Area 6129 Brookview Ave $ 190,700 02/23/2006 13 -S 58th /Fairfax Area 5928 Wooddale Ave $ 240,000 03/10/2006 13 -S 58th /Fairfax Area 5832 Kellogg Ave $ 243,000 04/28/2006 13 -S 58th /Fairfax Area 5809 Wooddale Ave $ 246,000 09/28/2006 13 -S 58th /Fairfax Area 6033 Kellogg Ave $ 270,000 03/03/2006 13 -S 58th /Fairfax Area 5829 Brookview Ave $ 285,000 11/13/2006 13 -S 58th /Fairfax Area 5904 Wooddale Ave $ 287,000 03/29/2006 13 -S 58th /Fairfax Area 6133 Brookview Ave $ 289,000 05/09/2006 13 -S 58th /Fairfax Area 5804 Wooddale Ave $ 293,000 03/15/2006 13 -S 58th /Fairfax Area 5929 Fairfax Ave $ 298,500 06/19/2006 13 -S 58th /Fairfax Area 5841 Brookview Ave $ 320,000 06/01/2006 13 -S 58th /Fairfax Area 5820 Kellogg Ave $ 328,900 12/14/2006 13 -S 58th /Fairfax Area 5917 Ashcroft Ave $ 335,000 02/22/2006 13 -S 58th /Fairfax Area 6044 Oaklawn Ave $ 335,500 02/02/2006 13 -S 58th /Fairfax Area 5824 Fairfax Ave $ 355,000 12/21/2006 13 -S 58th /Fairfax Area 5900 Kellogg Ave $ 385,000 06/30/2006 13 -S 58th /Fairfax Area 4100 62nd St W $ 690,000 11/17/2006 14 -So Jr High /Concord 4111 62nd St W $ 265,000 08/15/2006 14 -So Jr High /Concord 6225 Peacedale Ave $ 295,000 04/28/2006 14 -So Jr High /Concord 6016 Fairfax Ave $ 299,000 07/14/2006 14 -So Jr High /Concord 6213 Concord Ave $ 299,900 12/28/2006 14 -So Jr High /Concord 6109 Parnell Ave $ 302,500 06/01/2006 14 -So Jr High /Concord 4801 59th St W $ 305,000 02/23/2006 14 -So Jr High /Concord 6213 Concord Ave $ 314,900 03/08/2006 14 -So Jr High /Concord 6005 Parnell Ave $ 325,000 08/02/2006 14 -So Jr High /Concord 6325 Halifax Ave $ 335,000 05/26/2006 14 -So Jr High /Concord 6224 Halifax Ave $ 335,000 07/20/2006 14 -So Jr High /Concord 6016 Fairfax Ave $ 349,000 10/18/2006 31 City of Edina Qualifying Sales by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date 14 -So Jr High /Concord 6212 Ashcroft La $ 349,900 03/24/2006 14 -So Jr High /Concord 6305 Peacedale Ave $ 366,000 11/28/2006 14 -So Jr High /Concord 6009 Ashcroft Ave $ 469,900 11/27/2006 14 -So Jr High /Concord 4521 Garrison La $ 470,000 09/21/2006 14 -So Jr High /Concord 6000 St Johns Ave $ 485,000 01/16/2006 14 -So Jr High /Concord 6224 Concord Ave $ 650,000 06/16/2006 14 -So Jr High /Concord 6025 Fairfax Ave $ 719,000 07/26/2006 14 -So Jr High /Concord 4820 Valley View Rd $ 725,000 04/24/2006 15- Parnell /Ryan So Xtown 6509 Sherwood Ave $ 484,000 09/28/2006 16 -Lake Cornelia 6821 Southdale Rd $ 315,000. 03/17/2006 16 -Lake Cornelia .4720 70th St W $ 325,000 07/31/2006 16 -Lake Cornelia 6813 Normandale Rd $ 393,923 09/22/2006 16 -Lake Cornelia 4705 Wilford Way $ 399,000 03/30/2006 16 -Lake Cornelia 6837 Wooddale Ave $ 425,000 01/28/2006 16 -Lake Cornelia 6825 West Shore Dr $ 440,000 09/29/2006 16 -Lake Cornelia 6825 Wooddale Ave $ 459,900 06/26/2006 16 -Lake Cornelia 4401 Dunberry La $ 475,000 07/14/2006 16 -Lake Cornelia 4501 Balfanz Rd $ 480,000 06/15/2006 16 -Lake Cornelia 6613 Brittany Rd $ 504,950 11/30/2006 16 -Lake Cornelia 6629 Southcrest Dr $ 530,000 05/04/2006 16 -Lake Cornelia 6837 Wooddale Ave $ 605,000 03/27/2006 16 -Lake Cornelia 4505 Laguna Dr . $ 655,000 05/05/2006 16 -Lake Cornelia 6813 Oaklawn Ave $ 799,000 12/11/2006 17 -Oscar Roberts 7109 Cornelia Dr $ 304,500 09/27/2006 17 -Oscar Roberts 4213 70th St W $ 308,500 08/31/2006 17- Oscar.Roberts 4212 Mavelle Dr $ 339,900 05/01/2006 17 -Oscar Roberts 7308 Cornelia Dr $ 375,000 05/22/2006 17 -Oscar Roberts 7312 Cornelia Dr $ 380,000 04/10/2006 17 -Oscar Roberts 7320 Glouchester Dr $ 383,000 08/18/2006 17 -Oscar Roberts 7313 Cornelia Dr $ 415,000 05/26/2006 17 -Oscar Roberts 7117 Glouchester Ave $ 418,000 08/18/2006 17 -Oscar Roberts 7305 Cornelia Dr $ 444,900 04/21/2006 17 -Oscar Roberts 7204 Glouchester Dr $ 490,000 06/19/2006 18 -So 70th /Lake Edina 4921 Lantana La $.. 290,000 07/11/2006 18 -So 70th /Lake Edina 4428 Ellsworth Dr $ 335,000 08/11/2006 18 -So 70th /Lake Edina 4515 Andover Rd $ 350,000 08/10/2006 18 -So 70th /Lake Edina 7201 Oaklawn Ave $ 374,900 05/24/2006 18 -So 70th /Lake Edina 4817 Larkspur La $ 389,500 08/25/2006 18 -So 70th /Lake Edina 4409 Gilford Dr $ 400,000 07/25/2006 18 -So 70th /Lake Edina 4524 Andover Rd $ 420,000 07/28/2006 18 -So 70th /Lake Edina 4409 Gilford Dr $ 425,000 11/06/2006 18 -So 70th /Lake Edina 7313 Oaklawn Ave $ 440,000 11/09/2006 18 -So 70th /Lake Edina 7012 West Shore Dr $ 455,000 12/01/2006 18 -So 70th /Lake Edina 4413 Gilford Dr $ 469,000 05/17/2006 18 -So 70th /Lake Edina 7228 Monardo La $ 479,000 12/14/2006 18 -So 70th /Lake Edina 4809 Aspasia La $ 531,000 07/31/2006 .18 -So 70th /Lake Edina 4512 Sedum La $ 533,000 06/23/2006 32 City of Edina Qualifying Sales by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date 18 -So 70th /Lake Edina 4515 Sedum La $ 559,500 01/20/2006 18 -So 70th /Lake Edina 4757 Hibiscus Ave $ 590,000 05/11/2006 18 -So 70th /Lake Edina 4512 Claremore Ct $ 605,000 08/10/2006 18 -So 70th /Lake Edina 4444 Fondell Dr $ 620,000 05/08/2006 18 -So 70th /Lake Edina 4436 Ellsworth Dr $ 755,000 03/28/2006 18 -So 70th /Lake Edina 7404 West Shore Dr $ 995,000 09/28/2006 19- Brookview Hts 6605 Ridgeview Dr $ 269,000 07/28/2006 19- Brookview Hts 5208 70th St W $ 282,500 03/13/2006 19- Brookview Hts 5213 Meadow Ridge $ 306,900 07/28/2006 19- Brookview Hts 5224 70th St W $ 311,000 06/16/2006 19- Brookview Hts 5313 Whiting Ave $ 345,000 01/20/2006 19- Brookview Hts 5100 Danens Dr $ 348,000 02/15/2006 19- Brookview Hts 5404 Valley La $ 349,000 03/03/2006 19- Brookview Hts 5336 64th St W $ 360,000' 06/29/2006 19- Brookview Hts 5225 Duggan Plaza $ 390,000 04/11/2006 19- Brookview Hts 5121 Meadow Ridge $ 390,000 10/27/2006 19- Brookview Hts 5244 Meadow Ridge . $ 400,000 06/01/2006 19- Brookview Hts 5229 Danens Dr $ 419,900 07/31/2006 19- Brookview Hts 5216 Abercrombie Dr $ 475,000 06/15/2006 19- Brookview Hts 6405 Ridgeview Dr $ 475,000 10/18/2006 19- Brookview Hts 5027 Nob. Hill Dr $ 1,285,950 03/31/2006 20- Wilryan So Xtown 6312 Tingdale Ave $ 274,000 05/26/2006 20- Wilryan So Xtown 6501 Josephine Ave $ 305,000 01/18/2006 20- Wilryan So Xtown 6321 Tingdale Ave $ 325,000 07/21/2006 20- Wilryan So Xtown 6345 Wilryan Ave $ 334,000 06/01/2006 20- Wilryan So Xtown 6400 Rolf Ave $ 350,000 02/24/2006 20- Wilryan So Xtown 6440 Tingdale Ave $ 360,000 09/29/2006 20- Wilryan So Xtown 6356 Rolf Ave $ 395,000 05/05/2006 20- Wilryan So Xtown 6408 Mildred Ave $ 460,000 05/19/2006 . 20- Wilryan So Xtown 6512 Wilryan Ave $ 462,000 04101/2006 21- Richmond /Birchcrest 5116 Roberts PI $ 272,000 11/22/2006 21- Richmond /Birchcrest 5400 Edenmoor St $ 280,000 03/14/2006 21- Richmond /Birchcrest 5301 Benton Ave $ 295,000 11/01/2006 21- Richmond /Birchcrest 5709 Hansen Rd $ 305,000 10/13/2006 21- Richmond /Birchcrest 5709 Dale Ave $ 324,900 05/03/2006 21- Richmond /Birchcrest 5317 62nd St W $ 330,000 10/12/2006 21- Richmond /Birchcrest 5113 Windsor Ave $ 334,455 09/15/2006 21- Richmond /Birchcrest 6121 Birchcrest Dr $ 339,900 03/10/2006 21- Richmond /Birchcrest 6201 Hansen Rd $ 349,900 02/28/2006 21- Richmond /Birchcrest 5028 Richmond Dr $ 355,000 02/28/2006 21- Richmond /Birchcrest 5013 60th St W $ 358,000 09/29/2006 21- Richmond /Birchcrest 5301 Birchcrest Dr $ 390,000 08/18/2006 21- Richmond /Birchcrest 6000 Code Ave $ 390,000 05/25/2006 21- Richmond /Birchcrest 5312 62nd St W $ 395,000 12/01/2006 21- Richmond /Birchcrest 5312 Forslin Dr $ 395,000 07/14/2006 21- Richmond /Birchcrest 5621 Melody Lake Dr $ 409,900 05/03/2006 21- Richmond /Birchcrest 5200 Grove St $ 410,000 06/29/2006 21- Richmond /Birchcrest 6000 Tingdale Ave $ 413,000 05/31/2006 33 City of Edina Qualifying Sales by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date 21 -Rich mond/Birchcrest 5252 Richwood Dr $ 415,000 07/28/2006 21 -Rich mond/Birchcrest 5821 Eastview Dr $ , 430,000 09/15/2006 21 -Rich mond /Birchcrest 6113 Tingdale Ave $ 430,000 .09/08/2006 21 -Rich mond/Birchcrest 5136 Valley View Rd $ 430,000 09/29/2006 21 -Rich mond/Birchcrest 5316 60th St W $ 432,500 05/19/2006 . 21 -Rich mond/Birchcrest 5213 Birchcrest Dr $ 460,000 12/29/2006 21 -Rich mond/Birchcrest 6013 Porter La $ 480,000 03/23/2006 21 -Rich mond/Birchcrest 6100 Code Ave $ 487,500 08/31/2006 21- Richmond /Birchcrest 5257 Richwood Dr $ 490,000 05/30/2006 21- Richmond /Birchcrest 5313 Windsor Ave $ 492,000 06/30/2006 21- Richmond /Birchcrest 5209 60th St W $ 495,000 05/01/2006 21- Richmond /Bir6hcrest 5221 Maddox La $ 497,500 05/31/2006 21- Ri6hmond /Birchcrest 5724 Dale Ave $ 527,000 .07/27/2006 21- Richmond /Birchcrest 5204 Benton Ave $ 610,000 05/15/2006 21- Richmond /Birchcrest 5347 Pinewood Tr $ 640,000 06/28/2006 21- Richmond /Birchcrest 5241 Richwood Dr $ 729,000 08/18/2006 22- Brookside 5005 Bedford Ave $ 225,000 12/20/2006 22- Brookside 5037 Hankerson Ave $ 230,000 09/07/2006 22- Brookside 4536 Rutledge Ave $ 250,000 06/01/2006 22- Brookside 4525 Vandervork Ave $ 255,000 09/08/2006 22- Brookside 5116 Millpond PI _ $ 263,550 10/30/2006 22- Brookside 4351 Brookside Ave $ 275,000 06/30/2006 22- Brookside 5215 Interlachen Blvd $ 292,000 09/22/2006 22- Brookside 5010 Moore Ave $ 299,900 09/01/2006 22- Brookside 5029 Edinbrook La $ 300,000 09/08/2006 22- Brookside 5024 Oxford Ave $ 300,000 05/11/2006 22- Brookside 4528 Parkside La $ 304,900 04/06/2006 22- Brookside 5129 Bedford Ave $ 310,000 11/09/2006 22- Brookside 5112 Bedford Ave $ 320,000 02/24/2006 22- Brookside 5032 William Ave $ 329,500 09/22/2006 22- Brookside 4544 Vandervork Ave $ 350,000 05/15/2006 22- Brookside 4500 Rutledge Ave $ 391,000 11/27/2006 22- Brookside 5237 Interlachen Blvd $ 412,000 05/31/2006 22- Brookside 4521 Rutledge Ave $ 415,000 08/28/2006 22- Brookside 4.545 Oxford Ave $ 419,900 09/29/2006 22- Brookside 4817 Vandervork Ave $ 515,500 07/21/2006 22- Brookside 4383 Thielen Ave $ 608,500 08/04/2006 23- Rolling Green 5808 Crescent Ter $ 1,500,000 02/22/2006 24- Highlard 6004 Eden Prairie Rd $ 355,000 05/22/2006 24- Highland 5608 Heather La $ 379,000 09/06/2006 24- Highland 6029 Kaymar Dr $ 409,000' 10/26/2006 24- Highland 5604 Highwood Dr $ 424,900 03/31/2006 24- Highland 5417 Blake Rd $ 445,000 06/09/2006 24- Highland 5212 Duncraig Rd $ 465,000 09/01/2006 24- Highland 5532 Chantrey Rd $ 490,000 12/15/2006 24- Highland 6105 Jeffrey La $ 492,500 02/21/2006 24- Highland 5513 Glengarry Pkwy $ 500,000 07/26/2006 24- Highland 5525 Glengarry Pkwy $ 510,000 06/29/2006 34 City of Edina Qualifying Sales by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date ' 24- Highland 5228 Lochloy Dr $ 536,000 09/01/2006 24- Highland .5416 Highwood Dr W $ 560,000 10/17/2006 24- Highland 6112 Idylwood Dr $ 620,000 07/17/2006 24- Highland 6017 Pine Grove Rd $ 625,000 08/30/2006 24- Highland 5801 Hidden La $ 645,000 09/22/2006 24- Highland 5809 Hidden La $ 654,000 03/31/2006 24- Highland 5309 Chantrey Rd $ 669,000 03/01/2006 24- Highland 5312 Chantrey Rd $ 670,000 07/31/2006 24- Highland 5125 Mirror Lakes Dr $ 675,000 05/26/2006 24- Highland 5404 Chantrey Rd $ 680,000 02/22/2006 24- Highland 5269 Lochloy Dr $ 750,000 03/06/2006 24- Highland 5260 Lochloy Dr $ 760,000 03/24/2006 24- Highland 5516 Mirror Lakes Dr $ 815,000 11/27/2006 24- Highland 5408 Dundee Rd $ 825,000 03/15/2006 24- Highland 5225 Duncraig Rd $ 975,000 10/17/2006 24- Highland 5816 Northwood Dr $ 1,349,000 09/29/2006 24- Highland 5117 Skyline Dr $ 1,675,000 08/31/2006 25- Countryside 5604 Grove St $ 238,000 07/27/2006 25- Countryside 5609 Tracy Ave $ 285,000 11/17/2006 25- Countryside 5820 Olinger Blvd $ 291,000 12/15/2006 25- Countryside 5832 Grove St $ 320,000 06/07/2006 25- Countryside 5824 Olinger Blvd $ 355,000 06/28/2006 25- Countryside 6236 Crescent Dr $ 370,000 06/16/2006 25- Countryside 5604 Countryside Rd $ 415,000 06/14/2006 25- Countryside 6024 Berne Cir $ 420,000 08/30/2006 25- Countryside 5615 Tracy Ave $ 425,000 06/30%2006 25- Countryside 6319 Valley View Rd $ 465,000 10/16/2006 25- Countryside 6100 Westridge Blvd $ 470,000 06/30/2006 25- Countryside 5617 Wycliffe Rd $ 500,000 09/25/2006 25- Countryside 6036 Berne Cir $ 535,150 03/30/2006 .25-Countryside 5841 Jeff PI $ 640,000 06/12/2006 25- Countryside 5914 Olinger Rd $ 725,000 03/06/2006 25- Countryside 5980 Arbour Ave $ 744,900 08/11/2006 25- Countryside 5817 Vernon La $ 995,000 11/06/2006 26 -Creek Valley /Limerick 5404 Creek View La $ 365,200 04/28/2006 26 -Creek Valley /Limerick 5617 68th St W $ 399,000 04/28/2006 26 -Creek Valley /Limerick 5813 68th St W $ 417,000 05/01/2006 26 -Creek Valley /Limerick 6021 Erin Ter $ 420,000 01/17/2006 . 26 -Creek Valley /Limerick 6621 Hillside La $ 433,750 06/28/2006 26 -Creek Valley /Limerick 5612 Hillside Ct $ 460,000 10/16/2006 26 -Creek Valley /Limerick 6705 Hillside La $ 460,000 08/25/2006 26 -Creek Valley /Limerick 6717 Galway Dr $ 469,000 05/05/2006 26 -Creek Valley /Limerick 6013 Shane Dr $ 474,000 06/01/2006 26 -Creek Valley /Limerick 6828 Chapel La $ 475,000 05/05/2006 26 -Creek Valley /Limerick 5418 Creek View La $ 497,000 06/30/2006 26 -Creek Valley /Limerick 5704 Grace Ter $ 507,500 06/08/2006 26 -Creek Valley /Limerick 6809 St Patricks La $ 525,000 06/05/2006 26 -Creek Valley /Limerick 6809 Limerick La $ 540,000 08/01/2006 26 -Creek Valley /Limerick 5617 Brook Dr $ 551,900 06/05/2006 35 City of Edina Qualifying Sales by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date 27- Antrim /Dublin 7305 Claredon Dr $ 1,170,000 06/15/2006 28- Kemmrich /Shannon 7117 Fleetwood Dr $ 500,000 06/05/2006 28- Kemmrich /Shannon 5708 Kemrich Dr $ 530,000 09/03/2006 28- Kemmrich /Shannon 7009 Lanham La $ 530,000 02/03/2006 28- Kemmrich /Shannon 7001 Lanham La $ 552,000 04/24/2006 28- Kemmrich /Shannon 7205 Gleason Rd $ 576,500 07/26/2006 28- Kemmrich /Shannon 5805 Shannon Dr $ 579,000 10/02/2006 28- Kemmrich /Shannon 7300 Tara Rd $ 656,000 07/23/2006 28- Kemmrich /Shannon 7200 Lanham La $ 760,000 07/31/2006 28- Kemmrich /Shannon 7423 Coventry Way $ 1,275,000 06/26/2006 28- Kemmrich /Shannon 7020 Weston Cir $ 1,425,000 06/15/2006 29 -Dewey Hill 7715 Stonewood Ct $. 665,000 06/29/2006 29 -Dewey Hill 7720 Marth Ct $ 775,000 05/17/2006 29 -Dewey Hill 7723 Gleason Rd $ 872,030 04/20/2006 29 -Dewey Hill 7424 Shannon Cir $ 975,000 01/04/2006 29 -Dewey Hill 7460 Shannon Dr $ 990,000 05/10/2006 29 -Dewey Hill 5824 Long Brake Tr $ 1,095,000 08/25/2006 30- Mendelsohn 304 Dearborn Ct $ 410,000 08/30/2006 30- Mendelsohn 6216 Maloney Ave $ 424,400 05/15/2006 30- Mendelsohn 412 Blake Rd S $ 587,000 06/09/2006 31 -Mpls Heights 418 Jefferson Ave $ 179,900 06/30/2006 31 -Mpls Heights 403 Monroe Ave S $ 180,665 09/28/2006 31 -Mpls Heights 321 Madison Ave $ 205,500 11/16/2006 31 -Mpls Heights 305 Adams Ave $ 220,000 03/30/2006 31 -Mpls Heights 404 Monroe Ave S $ 237,500 03/29/2006 31 -Mpls Heights 414 Jackson Ave $ 246,450 07/26/2006 31 -Mpls Heights 417 Jefferson Ave $ 252,000 11/16/2006 31 -Mpls Heights 317 Jefferson Ave $ 255,000 06/28/2006 31 -Mpls Heights 406 Harrison Ave. $ 291,475 05/26/2006 31 -Mpls Heights 419 Tyler Ave $ 304,900 02/03/2006 31 -Mpls Heights 6606 Belmore La $ 500,000 06/30/2006 33- Malibu 5533 Malibu Dr $ 480,000 10/06/2006 33- Malibu 6800 Telemark Tr $ 665,000 09/18/2006 34 -Park Knolls New 4925 Ridge Rd $ 493,000 01/31/2006 34 -Park Knolls New 5111 Scriver Rd $ 729,000 03/10/2006 34 -Park Knolls New 4924 Ridge Rd $ 741,913 03/17/2006 34 -Park Knolls New 5205 Ridge Rd $ 765,000 02/03/2006 34 -Park Knolls New 6016 Pine Grove Rd $ 825,000 04/28/2006 34 -Park Knolls New 6416 Willow Wood Rd $ 880,000 09/29/2006 34 -Park Knolls New 5037 Park Ter $ 940,000 04/28/2006 34 -Park Knolls New 5000 Kelsey Ter $ 982,500 03/10/2006 34 -Park Knolls New 5016 Schaefer Rd $ 1,275,000 08/29/2006 34 -Park Knolls New 6229 Fox Meadow La $ 1,750,000 12/11/2006 34 -Park Knolls New 5000 Oak Bend La $ 3,125,000 09/07/2006 36 City of Edina Qualifying Sales by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date 35 -Park Knolls Older 6204 Parkwood Rd $ 660,000 10/03/2006 35 -Park Knolls Older 6644 Parkwood Rd $ 1,100,000 10/13/2006 35 -Park Knolls Older 6604 Parkwood Rd $ 1,245,000 06/29/2006 35 -Park Knolls Older 6208 Parkwood Rd $ 1,250,000 04/28/2006 35 -Park Knolls Older 5717 Schaefer Rd $ 1,280,000 09/29/2006 35 -Park Knolls Older 6653 Parkwood Rd $ 1,300,000 09/29/2006 36 -Park Knolls Middle 6704 Field Way $ 700,000 06/02/2006 36 -Park Knolls Middle 5728 View La $ 744,000 07/20/2006 36 -Park Knolls Middle 5709 Deville Dr $ 824,500 09/25/2006 37 -Artic Way/Tamarac 6468 Ivy Way $ 618,000 09/25/2006 37 -Artic Way/Tamarac 6140 Arctic Way $ 620,000 02/10/2006 37 -Artic Way/Tamarac 6004 Killarney La $ 629,000 06/30/2006 37 -Artic Way/Tamarac 6009 Killarney La $ 665,000 10/12/2006 38- Indian Hills 6525 Mccauley Tr $ 530,000 10/20/2006 38- Indian Hills 6509 Cherokee Tr $ 675,000 03/30/2006 38- Indian Hills 6820 Valley View Rd $ 745,000 05/03/2006 38- Indian Hills 6200 St Albans Cir $ 775,000 05/18/2006 38- Indian Hills 6528 Cherokee Tr $ 827,500 07/14/2006 38- Indian Hills 6416 Timber Ridge $ 847,500 09/28/2006 38- Indian Hills 6517 Indian Hills Rd $ 1,230,000 06/06/2006 38- Indian Hills 6808 Cheyenne Cir $ 1,250,000 04/24/2006 38- Indian Hills 7137 Valley View Rd $ 1,294,500 10/03/2006 38- Indian Hills 17 Bello Dr $ 1,525,000 12/08/2006 38- Indian Hills 6613 Mohawk Tr $ 2,100,000 05/12/2006 39 -Sioux Tr 6808 Sally La $ 311,285 06/26/2006 39 -Sioux Tr 7005 Sally La $ 375,000 09/29/2006 39 -Sioux Tr 6728 West Tr $ 387,500 04/28/2006 39 -Sioux Tr 6725 West Tr $ 400,000 02/24/2006 39 -Sioux Tr 6436 Margarets La $ 450,000 03/30/2006 39 -Sioux Tr 7013 Sally La $ 485,000 04/28/2006 39 -Sioux Tr 6621 Paiute Pass $ 500,000 05/31/2006 39 -Sioux Tr 6817 Sally La $ 500,000 11/22/2006 39 -Sioux Tr 7004 Sally La $ 550,000 ' 05/01/2006 39 -Sioux Tr 6805 Paiute Dr $ 650,000 09/08/2006 39 -Sioux Tr 6305 Post La $ 775,000 03/23/2006 39 -Sioux Tr 6609 Sally La $ 840,000 10/05/2006 39 -Sioux Tr 6711 Indian Hills Rd $ 950,000 06/27/2006 40- Braemar 6913 Gleason Rd $ 422,500 08/04/2006 40- Braemar 6909 Mark Terrace Dr $ 450,000 04/28/2006 40- Braemar 7125 Schey Dr $ 489,800 04/06/2006 40- Braemar 6927 Valley View Rd $ 530,000 03/08/2006 40- Braemar 6921 Moccasin Valley Rd $ 617,000 07/20/2006 40- Braemar 6931 Mark Terrace Cir $ 640,000 11/29/2006 40- Braemar 7140 Mark Terrace Dr $ 665,000 08/18/2006 40- Braemar 6121 Scotia Dr $ 745,000 04/28/2006 37 City of Edina Qualifying Sales by District for Calendar Year 2006 District House Nbr Street Name Sale Price Sale Date 40- Braemar 6994 Tupa Dr $ 770,000 10/30/2006 40- Braemar 6113 Scotia Dr $ 838,500 06/09/2006 40- Braemar 7025 Valley View Rd $ 882,000 12/29/2006 40- Braemar 6905 Gleason Cir $ 968,000 05/16/2006 40- Braemar 7019 Valley View Rd $. 990,000 03/27/2006 42- Hilidale 3 Cooper Ave $ 600,000 12/29/2006 42- Hilldale 5404 Interlachen Blvd $ 735,000 01/25/2006 42- Hilldale 10 Circle West $ 820,000 03/20/2006 42- Hilldale 23 Cooper Cir $ 899,000 02/23/2006 42- Hilidale 2 Spur Rd - $ 980,000 09/05/2006 42- Hilldale 8 Cooper Ave $ 1,100,111 08/11/2006 38 COMPARISONS WITH OTHER CITIES The Assessing Department has contacted other southwest suburban communities to determine the overall adjustment they have made to the market values of existing residential properties for their 2007 assessment. These amounts do not include increases in value due to new construction. The reported adjustments are as follows: CITY 2003 PERCENT `INCREASE 2004 PERCENT INCREASE- 2005 PERCENT-,, 2006 `INCREASE' 2007 ;PERCENT:; ANCRtASE Bloomington 9.0 8.5 7.9 7.1 0.9 Eden Prairie 10.3 7.5 7.5 6.2 3.4 Edina 8.5 8.9 7.5 10.9 1.3 Hopkins 12.0 11.0 9.3 8.2 1.4 Maple Grove 9.5 9.6 8.4 8.6 4.3 Minnetonka 10.5 8..5 6.6 7.8 2.5 Plymouth 9.0 9.0 6.3 7.6 2.8 St. Louis Park 12.0 10.0 8.8 6.5 1.7 As shown, Edina has market value adjustments for 2007 that are similar to most municipalities in western Hennepin County. According to the "2006 Residential Real Estate Activity Report" published by the Minneapolis Area Association of Realtors (see p.58), the median sale price of homes (single family and condo /townhome) in Edina increased 6.9% from 2005 to 2006. The same report indicated changes for the other southwest cities from -6 to 6 %. 39 APARTMENT AND COMMERCIAL /INDUSTRIAL ASSESSMENT The assessment for apartment, commercial, and industrial properties is subject to the same general standard as the residential property assessment. That is, there is a target sales ratio of 90 — 105% set for commercial properties (including apartments and industrial property). A significant difficulty encountered with local sales ratio studies for commercial /industrial and apartment property is there are usually relatively few property sales. For example, although there are 375 commercial /industrial parcels in the city, Edina typically has fewer than 10 commercial /industrial property sales in any single year, the years 2006 and 2007 have been the exceptions. In order to avoid this difficulty, countywide samples of comparable commercial property sales are used to help determine appropriate adjustment of market values. These studies show the following results: . COMMERICAL/IN DUSTRIAL Jurisdiction Assessment Sales Sales Ratio Coefficient of Year Dis ersion 2007 11 94.2 14.0 Edina 2006 11 79.1 13.5 2005 6 71.1 19.9 Hennepin 2007 337 92.9 15.4 County 2006 214 89.9 13.7 2005 1 174 93.0 14.5 APARTMENTS 2007 6 87.3 14.3 Edina 2006 2 85.7 10.0 2005 1 64.2 0.0 Hennepin 2007 193 92.9 15.4 County 2006 45 98.2 8.2 2005 52 94.0 6.4 40 APARTMENT AND COMMERICIAL /INDUSTRIAL ASSESSMENT (continued) Until very recently, the Commercial /Industrial market had been adversely affected by the struggling economy. This has been especially true for the office market. The decline in the market has led to numerous tax petitions being filed with the Minnesota Tax Court. In the past three years, over $1.4 billion in market value has been appealed. These petitions require a substantial amount of time to resolve. The office market experienced an eight -year high in space absorption in 2005, and this trend continued in .2006. Vacancy rates on Class A buildings decreased from 13.9% to 9.1 %in 2005 and have decreased even further throughout 2006 to an estimated level of 7 %. As a result, the Class B and Class C office buildings have seen increasing vacancy rates as tenants with expiring leases took advantage of lower rents to upgrade into the Class A space. Edina Corporate Center, a Class A building at 4700 -77th Street W. sold in 2006 for $163 a square foot. Edina had two larger Class B buildings that sold in 2006. Edinborough Office East, 3300 Edinborough Way sold for $136 a square foot and Braemar Office Park, 7900 -8000 W. 78th Street sold for $113 a square foot. Braemar Office Park previously sold in 2003 for $98.91 a square foot. Vacancy rates declined minimally for industrial properties in 2006 and rents remained flat or rose slightly. Office - warehouse vacancy rates declined from 13.8% to 12.2% in the Southwest suburbs and office- showroom vacancy rates dropped from 15.3% to 12.2 %. The Southwest suburbs experienced the highest rate of vacancy absorption in the metro area in 2006. Retail properties remain the stalwart of the commercial market. The southwest suburbs continue to have the lowest vacancy rate at 5.3 %. This is up slightly from 3.6% in 2005. Centennial Lakes Plaza which is anchored by Old Navy, Office Max, Ultimate Electronics and Storables sold for $247 a square foot in 2006. The current apartment market has experienced a significant rebound compare to the market from 2002 to 2005. From the late 1990's through 2001, the vacancy rates were approximately 1% in the Southwest suburbs. However, when interest rates declined to record lows, the vacancy rate for multi - family spiked considerably from 2003 to 2005. The current downturn in the residential market has brought potential home buyers back to the multi - family market where vacancy rates have leveled off at 5 %. Of the six apartment sales that occurred in 2006, three were purchased with the intention of converting them to condominiums. 41 City of Edina Percent Change in Market Value By Property Type YEAR OFFICE INDUSTRIAL RETAIL APARTMENT 2003 -10.4% -5.4% +7.8% +1.6% 2004 -7.4% +0.2% +6.8% +2.7 %. 2005 +5.8% +10.1% +25.1% +13.7% 2006 +12.2% +13.2% +6.6% +6.2% 2007 +10.4% +0.7% +15.4% +10.0% 42 2007 ASSESSMENT CALENDAR DATE ACTION March 1 County Auditor's target date for mailing 2007 property tax statements. March 2 City Assessor's target date for mailing 2007 value notices. March 30 Last day for property owners to file an appeal to appear at the Local Board. April 16 Local Board of Appeal and Equalization. April 30 Reconvened meeting for Local Board of Appeal April 30 Last day for property owners to file State Tax Court petitions regarding the 2006 assessment. June 18 Hennepin County Board of Appeal and Equalization. 43 SECTION 3 PROPERTY TAX INFORMATION SIMPLIFIED CHART OF PROPERTY TAX PROCESS ---- - - - - -- �ietermines what property is taxed, and by what le - -- procedures - -, ASSESSOR lists - ; l ta_xa_ble Probe estimates value of I this prop e j sends valuation notices I 1 to ro ert owners I property owners can I lWpp alr their _asses_sm_e_ntl sends final assessment I roll to Henne in Count ----- - - --Y- 1 STATE LEGISLATURE I CITY COUNCIL I review budgets and L— proposed tax rate — - ------ f holds truth -in- taxation 1 ts t_meetin s _ — — __- - -I - -------- - seax levy and sends L - --to Count - -- - - -- applies tax rate to assessed values and sends out I — — resulting tax bills — — 44 determines levy limits I and budget procedures L - -- — E-M --1 Wei III CAA , /_li!IT04 a ends proposed budget L -- to council - - -i PROPERTY TAX REFUNDS AND PROGRAMS Property Tax Refunds Available The regular property tax refund provides relief to property owners who meet certain guidelines. For 2006, homeowners whose adjusted gross incomes are less than $91,120 and renters less than $49,160 are eligible for the program. Homeowners may receive a refund of up to $1,700; renters are eligible for up to $1,400. The special refund program offers relief to property owners, regardless of income, whose taxes in 2007 go up more than 12 percent and at least $100. The state will refund 60 percent of any amounts paid beyond those limits, up to a maximum of $1,000. For more information on property tax refunds, contact the Minnesota Department of Revenue at 651- 296 -3781 (TTY users, call 711 for MN relay). Senior Citizens Property Tax Deferral This program allows people 65 years of age or older whose household incomes are $60,000 or less, to defer a portion of their homestead property taxes. The deferred tax is a loan from the state. While in this program, you will pay no more than 3 percent of your household income toward your property taxes and the state will pay the rest. You or your heirs will need to repay the deferred amount before you can transfer title of the property. A property may qualify even if there are unpaid special assessments or property taxes, penalties or interest. For more information, call the Department of Revenue at 651 556 -6088 (TTY users, call 7.11 for MN relay). 45 STATUTORY REQUIREMENTS Minnesota law establishes specific requirements for the entire property tax system, including the assessment of property. These requirements have not changed during the past year. The law requires the following: 1. All real property is to be valued at market value, which is defined as the usual or most likely selling price. 2. Property is classified according to State law, and the tax capacity amount is calculated. 3. The tax capacity is multiplied by the tax rate (the total of county, school, city and miscellaneous levies) to determine the amount of property tax. 4. Credits for certain property classifications, such as homestead and agricultural properties, are then subtracted to yield the net tax amount. The annual property assessment focuses on the very first step of this process — establishing an estimated market value for each parcel of property. Market values are assessed locally by the city or township assessor, if there is one, or by the county assessor. The work of the local assessor is monitored by the county assessor, whose work is in turn monitored by the Minnesota Department of Revenue. The monitoring agency is authorized by law to adjust the property assessment to help ensure countywide and statewide equalization of property assessments. As a result, Edina and other Hennepin County cities must regularly report to the County Assessor, who has established the standard that local property assessments reach at least 94.5% of actual market values, with a target ratio of 95.0 %. At times, local assessments have been adjusted by the County Assessor or the State of Minnesota to meet this standard. 46 LIMITED MARKET VALUE State law provides a limited market value for most residential property. For 2007, this imposes a 15.0% cap on the annual increase in market value from the previous market value, or 33% of the difference between the current market value and the previous taxable value, whichever is greater, excluding improvements. Example #1: 15% is applicable 2006 Market Value: $280,000 2007 Market Value: $340,000 2007 Limited Market Value: $322,000 Example #2: Both factors are the same 2006 Market Value: $280,000 2007 Market Value: $407,300 2007 Limited Market Value: $322,000 Example #3: 33% is applicable 2006 Market Value: $280,000 2007 Market Value: - $470,000 2007 Limited Market Value: $342,700 For taxes payable in 2008 (2007 assessment), 1,162 parcels will have a.limited market value, representing 9% of all residential parcels in the city. The 2001 Legislature extended the Limited Market Value law for five more years. Limited Market Value had been scheduled to expire in payable 2002, so that property would have been taxed at its full market value beginning with taxes payable in 2003. This new law stated that all property would be taxed at its full estimated market value beginning with taxes payable in 2008. Ct/ Then in 2005, the legislature once again extended the Limited Market Value law for another year and it now should sunset with taxes payable in 2009. Assessment year 2006, the increase will not exceed the greater of: 1) 15 percent of the value in the preceding assessment, or 2) .25 percent of the difference. Assessment year 2007, the increase will not exceed the greater of: 1) 15 percent of the value in the preceding assessment, or 2) 33 percent of the difference. Assessment year 2008, the increase will not exceed the greater of: 1) 15 percent of the value in the preceding assessment, or 2) 50 percent of the difference. Assessment year 2009 - Limited Market Value scheduled to expire. Assess ment Year Estimated Market Value Limited Market Value Lost Value Due to Limited Market Value Percent Lost Due to Ltd Market Value Less Qualifying Improveme nt (This Old House) Total Taxable Market Value 2001 $4,796,773,500 $4,361,486,500 $435,287,000 9.07 $6,941,500 $4,354,545,000 2002 $5,576,453,100 $4,830,536,900 $745,916,200 13.38 $7,187,300 $4,823,349,600 2003 $5,999,694,100 $5,429,059,300 $570,634,800 9.51 $7,654,500 $5,421,404,800 2004 $6,559,558,300 $6,181,837,200 $377,721,100 5.76 $6,865,800 $6,174,971,400 2005 $7,095,236,400 $6,925,181,400. $170,055,000 2.40 $5,923,800 $6,919,257,600 2006 $9,598,697,600 $9,435,991,600 $162,706,000 1.70 $4,982,200 $9,431.009,400 2007 $9,984,799,500 $9,928,438,300 56,361,200 0.56 $4,260,500 $9,924,177,800 !f:3 THIS OLD HOUSE Since 1993, State law has provided for a deferral of a portion of the market value added to older homes through new improvements. Since its inception, the "This Old House" law has undergone many revisions. The latest version allowed deferrals for: • 50% of the first $50,000 of improvements to homes over 45 years old. • 100% of the first $50,000 of improvements to homes. over 70 years old. • Total market value for the property must have been less than $400,000 at the time the permit was issued. The 2002 Legislature allowed this law to sunset, beginning with the 2003 assessment. For the 2007 assessment, 343 properties have qualifying improvement amounts totaling $4,260,500 that will be deferred. Properties that had previously qualified and received a deferral will remain in the program until their 10- year exemption is complete. The 2007 assessment year is the third year for phasing in the excluded values on properties that were eligible for the This Old House program in 1993. For properties with exclusions over $10,000, the excluded value is phased in over a 5 -year period, at 20% per year. For improvements less than or equal to $10,000, the excluded value is phased back in over 2 years, at 50% per year. For the 2007 assessment, 48 properties no longer had deferred values. .. League of Minnesota Cities 145 University Avenue West, St Paul, MN 55103 -2044 (651) 281 -1200 • (800) 925 -1122 Fax: (651) 281 -1299 • TDD: (651) 281 -1290 www.Imnc.org Property Taxation 101 This guide is intended to describe the basics of Minnesota's property tax system. This system collected more than $5.94 billion in 2006 to help fund the services of schools, counties, cities, townships, and special districts.and the state general fund. One of the challenges of trying to understand this system is the complex array of terms involved. As new terms are introduced in this guide, they are shown in italics. A glossary at the end of the guide has short definitions of these terms. Assessment and classification The property tax system is a continuous cycle, but it effectively begins with the estimation of property market values by local assessors. Assessors attempt to determine the approximate selling price of each parcel of property based on the current market conditions. Along with the market value determination, aproperty'class is ascribed to each parcel of property based on the use of the property. For example, property that is owner- occupied as a personal residence is classified as a residential homestead. The "use class" is important because the Minnesota system, in effect, assigns a weight to each class of property. Generally, properties that are associated with income production (e.g., commercial and industrial properties) have a higher classification weight than other properties. The property classification system defines the tax capacity of each parcel as a percentage of each parcel's market value. For example, a $75,000 home which is classified as a residential homestead has a class rate of 1.0 percent and therefore has a tax capacity of $75,000 k.01 or $750. (A sample of the class rates are included in Table A.) [parcel market value] * [class rate] = [parcel tax capacity] The next step in calculating the tax burden for a parcel involves the determination of each local unit of government's property tax levy. The city, county, school district, and any special property taxing authorities must establish their levy by Dec. 28 of the year preceding the year in which the levy will be paid by taxpayers. The property tax levy is set after the consideration of all other revenues including state aids such as LGA. [city budget] - [all non - property tax revenues] _ [city levy] For cities within the seven -county Twin Cities metropolitan and on the iron range, . the levies are reduced by an amount of property tax revenue derived from the metropolitan and range area fiscal disparities programs (see Fiscal Disparities 101 for more information). Local tax rates Local governments do not directly set a tax rate. Instead, the tax rate is a function of the levy and the total tax base. To compute the AN EQUAL OPPORTUNITY /AFFIRMATIVE ACTION EMPLOYER 50 local tax rate, a county must determine the total tax capacity to be used for spreading the levies. The total-tax capacity is computed by first aggregating the tax capacities of all parcels within the city. Several adjustments to this total must be made because not all tax capacity is available for general tax purposes. The result of this calculation produces taxable tax capacity. Taxable tax capacity is used to determine the local tax rates. [city levy] / [taxable tax capacity] = [city tax rate] The city tax rate is computed by dividing the city levy (minus the fiscal disparities distribution levy, if applicable) by the taxable tax capacity. Under the current property tax system, the tax rate is expressed as a percentage.-For example, the average 2006 city tax capacity rate is approximately 37.05 percent. Dramatic changes to the tax system in 2001 increased the average city rate significantly in 2002. This same calculation is completed for the county based on the county's levy and tax base, the school district and all special taxing authorities. The sum of the tax rates for all taxing authorities that levy against a single property produces the total local tax rate. This total local tax rate is then used to determine the overall tax burden for each parcel of property. Parcel tax calculations The property tax bill for each parcel of property is determined by multiplying the parcel's tax capacity by the total local tax rate. The tax statement for each individual parcel itemizes the taxes for the county, municipality, school district, and any special taxing authorities. [parcel tax capacity] * [total local tax rate] _ [tax capacity tax bill] 51 To complicate the tax calculations, voter - approved referenda levies are applied to the market value of each parcel, not tax capacity. As a result, each identically valued parcel, regardless of the property's use, pays the same amount of referenda taxes (with the exception of certain agricultural and seasonal recreational properties, which are exempted from referenda taxes). In 2006, three counties, 45 cities, and 340 school districts levied market value -based levies. These communities must have a separate calculation for a market value referenda levy by the total taxable market value of each community. [parcel market value] * [market value tax rate] _ [market value tax bill] [tax capacity tax bill] + [market value tax bill] _ [total tax bill] State property tag New to the tax system in 2002 was a state property tax on all commercial, industrial, seasonal recreational, and utility real property. In 2006, this new tax raised $655 million statewide; the proceeds are deposited in the state general fund. Prior to 2002, the state last collected a property tax in 1968. Property tax credits Several tax credits for various types of properties are available in certain instances. These amounts are subtracted from the overall taxes for each parcel to determine the net tax bill for the individual owner. Minnesota also provides additional property tax relief directly to individual homeowners, cabin owners, and renters through the circuit breaker and the targeting refund programs. Property tax intricacies The technical details of computing property taxes mask many other intricacies of the property tax system. Many communities over the past several years have experienced situations where individual property taxes rise much faster than the increase in the levies that are certified by local units of government. The most common factor that results in an increase in an individual parcel's tax is the change in the parcel's estimated market value. Without any change in local levies, a property owner can experience a tax increase due almost exclusively to any valuation increase.- The Legislature frequently changes the classification system. Changes to the classification system can shift property tax burdens from one type of property to another. Table A demonstrates some of the changes the Legislature has made to class rates since 1997. Commercial, industrial, and apartment properties received significant reductions in their class rates. This shifts tax burden to other classes of property that did not receive class rate reductions. In an effort to minimize the effect of these shifts, the legislature reduced school levies across the state and created the Market Value Homestead Credit. This credit reduces property taxes for homesteads by 0.4 percent of the homestead's market value up to a maximum $304 dollars. As part of the credit program, the state has reimbursed cities for the amount by which the credits reduce cities' tax receipts. The Legislature, however, made significant reductions to the program in 2003 and 2005. While cities were estimated to receive about $82 million in credit reimbursement in 2006, they will receive only about $63 million. Economic factors that may affect broad classes of property can also influence the overall tax changes for individual parcels of property. For example, in the early 1990s the metropolitan area experienced major 52 declines in the valuation for commercial and industrial properties. These valuation declines shifted taxes from property classified as commercial and industrial to all other types of property. Valuation declines also may have accentuated the levy changes by local units of government. A 2002 law change exempted agricultural and cabin property from voter - approved referenda levies. In some jurisdictions where these types of property are a significant part of the tax base, this change shifted taxes onto other classes of property. Legislative changes in state aid programs can also affect the revenue needed to be raised from the property tax. In 2002 the Legislature eliminated HACA and increased the other major aid program, LGA, by $140 million. In 2003, the Legislature reduced 2003 LGA by about $120 million and 2004 LGA by about $150 million. In 2005, however, the Legislature added about $48 million to the LGA program for 2006 and beyond, $4 million of which is directed to cities under 5,000. Levy limits also impact local levy decisions. For eight of the last 10 years, the state Legislature has imposed strict levy limits on cities over 2,500 population. During the 2003 session, cities that had been previously covered by levy limits lost any unused levy authority. There were no levy limits in place for 2006 and the Legislature did not pass new levy limits. This discussion is only a general overview of the current Minnesota property tax system. Over time, the system has become more complex and difficult for taxpayers to understand. Unfortunately, local officials must frequently explain how the system works and take the blame for the complicated features of the system. Local officials, however, can only control local levy decisions. They have no direct ability to modify the overall structure of the tax system and are at the mercy of the Minnesota Legislature. Glossary of Terms Circuit breaker--A state -paid property tax refund program for homeowners who have property taxes out of proportion with their income. A similar program is also available to renters. Class rates —The percent of market value set by state law that establishes the property's tax capacity subject to the property tax. (See Table A for a sample list of class rates.) Fiscal disparities programs —Local units of government in the Twin Cities metropolitan area and on the iron range participate in property tax base sharing programs. Under these two programs, a portion of the growth in commercial and industrial property value of each city and township is contributed to a tax base sharing pool. Each city and township then receives a distribution of property value from the pool based on market value and population in each city. Homestead and agricultural credit aid (HACA) —A $200 million property tax relief program that was eliminated in 2001. Local government aid (LGA —A state government revenue sharing program for cities and townships that is intended to provide an alternative to the property tax. The formulae for distributing the aid payments were changed for 2004 and beyond. 2005 LGA is distributed using different formulae for cities over 2,500 and cities under 2,500. Large city formula factors are: pre -1940 housing percentage, population decline over last decade, accidents per capita, average household size, metro or non - metro, and adjusted net tax capacity per capita. Small city formula 53 factors are: pre -1940 housing percentage, population decline over last decade, commercial/industrial property percentage, and population. The new formulae began impacting city aid amounts in 2004. Transition mechanisms built into the new LGA law mean that it will be several years before all cities are fully "on" the new formula. Local tax rate --The rate used to compute taxes for each parcel of property. Local tax rate is computed by dividing the certified levy (after reduction for fiscal disparities distribution levy and disparity reduction) by the taxable tax capacity. Market value —An assessor's estimate of what property would be worth on the open market if sold. The market value is set on Jan. 2 of the year before taxes are payable. Market value homestead credit (MVHQ- This credit offsets a portion of each homestead's property tax burden equal to .4 percent of the homestead's market value up to a maximum credit of $304. Property class --The classification assigned to each parcel of property based on the use of the property. For example, owner- occupied residential property is classified as homestead. Property tax levy —The tax imposed by a local unit of government. The tax is established on or around Dec. 28 of the year preceding the year the levy will be paid by taxpayers. Targeting refund —A state paid property tax refund for homeowners whose property taxes have increased by more than 12 per- cent. A similar program is available to cabin owners. Tax capacity -The valuation of property based on market value and statutory class rates. The property tax for each parcel is based on its tax capacity. Total tax capacity -The amount computed by first totaling the tax capacities of all parcels of property within a city. Adjustments for fiscal disparities, tax increment and a portion of the powerline Table A: Class rates value are made to this total since not all tax capacity is available for general tax purposes. Truth -in- Taxation -The "taxation and notification law" requires local governments to set estimated levies, inform taxpayers about the impacts, and hold a separate hearing to take taxpayer input. Property Class Taxes Local Taw Local Taxes State Tax Payable Payable 1997 Payable 2004 Pa able 2005 2005 Residential Homestead: No state tax <$76,000 � 1.0% 1.0% 1.0% $76,0004500,000 2.0 1.0 1.0 >$500,000 2.0 1.25 1.25 Non - homestead Residential: Single unit: <$76,0001 2.3 1.0 1.0 No state tax $76,000 - $500,000 2.3 1.0 1.0 >$500,000 2.3 1.25 1.25 2 -3 unit buildings 2.3 1.25 1.25 Market -rate Apartments: 3.4 1.25 1.25 No state tax Commercial/Industrial: <$100,0002 3.0 1.5 1.5 1.5 $100,000 - $150,000 4.6 1.5 1.5 1.5 >$150,000 4.6 2.0 2.0 2.0 Seasonal Recreational Residential: <$76,001 $76,000 - $500,000 1.75 1.0 1.0 7011--25 4 >$500,000 2.5 1.0 1.0 0 2.5 1.25 1.25 'First tier limit was $72,000 for 1997, $76,000 for 2000, and $500,000 for 2002 2First tier limit was $100,000 for 1997, $150,000 thereafter Updated 8/06 M i"k, p I }} 1 `l SECTION 4 MISCELLANEOUS INFORMATION The Nation's Housing: Yes, sales fell, but not prices Page 1 of 2 IStaffribune.com I MINNEAPOLIS - ST. PAUL NUNNESOTA Last update: December 02, 2006 — 7:46 AM The Nation's Housing: Yes, sales fell, but not prices You might have seen the scary news reports just before Thanksgiving: Housing prices fell nationwide last quarter, the first such decline since 1993. Even grimmer, total sales of houses and condominiums plunged 12.7 percent across the country, compared with the same period the year before. Kenneth Harney, Washington Post Writers Group You might have seen the scary news reports just before Thanksgiving: Housing prices fell nationwide last quarter, the first such decline since 1993. Even grimmer, total sales of houses and condominiums plunged 12.7 percent across the country, compared with the same period the year before. You might have wondered: Is this the long- predicted popping of the housing - boom bubble or the beginning of an extended period of eroding values in American home real estate? How bad could it get in the months ahead? And what might that mean for the equity I've got in the home I own? Before considering those questions, its important to focus precisely on the statistical data that drew all the sobering news coverage. The third - quarter median prices and sales numbers were generated from local, state and regional data collected by the National Association of Realtors (NAR). The association has been compiling these statistics since 1981 in the case of housing sales and since 1982 for prices. Although the realty association might be viewed as having an ax to grind, its quarterly reports on median prices and sales generally are viewed as authoritative by economists and are cited by the federal government. The quarterly pricing data, however, do not deal with housing values -- the appreciation or depreciation rates for homes located in specific markets. A government agency, the Office of Federal Housing Enterprise Oversight, produces those quarterly numbers. The NAR pricing statistics focus instead on the median price of existing homes sold during the previous quarter. The median is the midpoint, with as many home prices above as there are below. The latest pricing data showed that the median price of all single family homes resold in the United States during the third quarter was 1.2 percent below the median during the third quarter of 2005. The slippage year to year came to $2,700. Decreases not common How bad is that? Not so bad, but it's still important: Median -price decreases have been unusual events in recent years. They signal that something negative is underway in the marketplace. But given the unprecedented run -ups in real estate prices during the boom years, plus near - record low mortgage rates fueling those fires, who is really shocked by a 1.2 percent decline? http: / /www.startribune.com/417 /v- print/story/845399.html 55 12/05/2006 The Nation's Housing: Yes, sales fell, but not prices Page 2 of 2 Something else that didn't get a lot of attention in the news reports: If you examine the 148 metropolitan markets covered by the NAR survey, you find that median prices in 102 of them actually increased, 45 declined, and one -- high - cost San Jose -- remained flat. In other words, in 69 percent of the local markets where median prices changed year to year, the directional arrow was up, and in 30.6 percent the arrow pointed down. Some of the median price jumps were surprisingly high: Seattle (up by 14.6 percent), Salt Lake City (19.2 percent), Beaumont, Texas (12.9 percent), and Portland, Ore.- Vancouver, Wash. (12.3 percent). Some of the most populous metropolitan markets saw net gains, including New York - northern New Jersey (up 3.6 percent), Chicago (1.7 percent), Los Angeles (5.2 percent), San Antonio (6.4 percent), San Francisco (3 percent) and Philadelphia (3.8 percent). Without question, there were significant declines in major metropolitan markets as well: Sarasota, Fla. (down 9.4 percent), Miami -Fort Lauderdale (5.6 percent), Boston (4.3 percent), Providence, R.I. (5.5 percent), metropolitan District of Columbia (2.2 percent), San Diego (2.1 percent) and Detroit (10.5 percent). Thbse decreases suggest that prices continue to outstrip buyers' economic ability — or willingness -- to pay. What's the real news? Now to the really important news that got lost in the latest statistics: The only real bust underway nationally -- and in many local markets -- is in sales volume, not prices or property values. The quarterly numbers could hardly be more dramatic: Sales in Nevada plunged 38 percent; Arizona, 26; Florida, 34.2; California, 28.6; and metropolitan Washington, D.C., 15 percent. All of these areas were hot spots during the boom years, and all of them saw significant percentages of sales to investors. They also were leaders in loan programs that allowed buyers to acquire houses they,couldn't afford if they had to pay traditional monthly costs. But if home sales are down so dramatically, why aren't median prices down more than 1.2 percent? The answer is that absent severe reversals in national or local economies, housing prices and values move-glacially in retreat. Most . home sellers in stable local economies aren't forced to sell if they don't get the price they want; they can postpone the sale until market conditions improve. That's what you're seeing right now: Sales volumes in the frothiest markets have tanked. But the statistical fact remains: Median prices in 70 percent of the nation's metropolitan areas are still growing, and are likely to continue to do so. Distributed by the Washington Post Writers Group. Kenneth Harney is a nationally syndicated real estate columnist. He can be reached at the Washington Post Writers Group, 1150 15th St. NW., Washington, DC 20071- 9200 or by e-mail at kenharneya-earthlink.net. ©2006 Star Tribune. All rights reserved. 56 http: / /www.startribune.com/417 /v- print/story/845399.html 12/05/2006 2oo6 Residential Real Estate Activity Report Research and Analysis for the Minneapolis —St. Paul Metropolitan Area Housing Market A publication of the Minneapolis Area Association of REALTORS' using data from RMLS Market Analysis Twin Cities Metro: 2oo6 -07 by Jeff Allen, MAAR Research Manager 2oo6— Taking a Needed Breather 2oo6 was the year of the steady descent back to reasonable expectations. Following five consecutive years of record or near - record home sales and strong home price appreciation, the ,o� Twin Cities housing market took an expected and necessary breather. 60.00p Buyer activity declined to its lowest level since 1999, as pending sales dropped by 17.7 percent from 2005 and closed sales fell by 16.3 percent. �^�^ Conversely, 2oo6 saw a record high for seller activity. There were over 1o8,000 new listings in aaao 2oo6 —up 9 percent from the previous record 1998 1999 set in 2005. The year started off very strong, with new listings per month going as high as 31 percent above their 2005 counterparts. As new construction slowed and builders began to sell off their excess inventory, listings leveled off in the latter part of the year, but stil easily set a new record (Figure 1). Increased housing supply colliding with lowered housing demand meant the buyer had relatively more control over the process, and buyers began to recognize their relative advantage (Figure 2). 2006 Twin Cities Housing Market Activity Supply- Demand Ratio Number of Active Listings for Each Buyer ■ 2006 ❑ 2008 553 14.32 U. 5e Continued on page 14 2000 2001 2002 2003 zoos 2005 2006 Figure t JMwry February March Apri3 May Ju" July August September Wooer November Dec ,ber Figure 2 www.mplsrealtor.com CONTENTS 1,14 Market Analysis for 2oo6 and 2007 2 -3 Quick Facts and Charts 4 -5 Unit Sales Data 6 -7 Price Data 8 Median Price Map 9 Price Per Square Foot Map 10-11 Historical Medians 12 -13 Historical Averages 15 Five -Year Price Appreciation Map 16 Annual Review MINNEAPOLIS AREA Association ,,f REALTORS 10.02 21 8 32 8 32 7 15 6" JMwry February March Apri3 May Ju" July August September Wooer November Dec ,ber Figure 2 www.mplsrealtor.com CONTENTS 1,14 Market Analysis for 2oo6 and 2007 2 -3 Quick Facts and Charts 4 -5 Unit Sales Data 6 -7 Price Data 8 Median Price Map 9 Price Per Square Foot Map 10-11 Historical Medians 12 -13 Historical Averages 15 Five -Year Price Appreciation Map 16 Annual Review MINNEAPOLIS AREA Association ,,f REALTORS Quick Facts 2oo6 Housing Market Analysis for the 13- county Twin Cities metropolitan area 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Twin Cities home prices grew dramatically during the recent boom years, and low interest rates and modest gains in consumer incomes weren't enough to stem the tide. As a result, affordability conditions declined to their lowest point in two decades during 2oo6. This is the chief factor in the 2oo6 pause in buyer activity. However, price growth moderated and interest rates fell in the second half of 2oo6, leading to important improvements in affordability. Average Total Finished Square Footage of Closed Sales 1,883 1,861 1,846 1,830 1,832 2002 2003 2004 2005 2006 The total average square footage of Twin Cities homes continues to grow as solid and steadily as it has for years despite a gradual decline in residents per household. This is a sign of continued improvement in the quality of life for the region's residents. On average, the largest homes were in higher - priced suburban areas like Sunfish Lake and Victoria. The lowest square footage was found in the center cities of Minneapolis and St. Paul. In fact, the bottom 17 areas in square footage were all based in one of the two central cities. Average Price Reduction from Original List Price 2002 2003 2004 2005 2006 With record levels of supply meeting calmed demand, the dynamics of the transaction shifted further in the buyer's favor in 2oo6. Those looking to sell their home in this environment — consumers and builders alike— competed for a smaller pool of buyers through a variety of methods, and price was one such method. The areas with the highest price reductions were split between high -price regions like Sunfish Lake and the Lake Minnetonka area and entry -level affordable areas in North Minneapolis and central Saint Paul. The lowest price reductions were found in the two central -city downtowns and several suburbs in the northern metro. Price Per Square Foot of Closed Sales $124 2002 $141 IIII illiIt IITIY>_ $149 $149 2005 2006 Much like the overall home price trend in the region, Price Per Square Foot held steady in 2oo6. Since 2002, it grew at a relatively steady 6 to 7 percent each year. On average, the highest price per square foot is found in the inner -core neighborhoods of both center cities, as well as in higher - priced suburban areas like Edina and the Lake Minnetonka area. The lowest price per square foot was found in exurban areas in Goodhue and Rice Counties, as well as a few small pockets in North Minneapolis and various older suburbs. 2 2oo6 Residential Real Estate Activity Report © 2007 Minneapolis Area Association of REALTORS® 2oo6 Housing Market Analysis Quick Facts for the 13- county Twin Cities metropolitan area Total Dollar Volume tin billions) 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Predictably, total dollar volume of closed sales fell in 2oo6. In a neat trick of algebra, dollar volume fell from 2005 in a rate almost identical with closed sales because home prices held relatively steady. Share of Home Sales —Single -Family Detached 70.2% 7___ 2002 2003 2004 2005 2006 Share of Home Sales With 3 or More Bedrooms 71.0% 2002 2003 2004 2005 2006 The vast majority of homes sold in 2oo6 had 3 bedrooms or more -69 percent of all sales. Due to increased consumer demand for townhomes and condominiums, the number of home sales with 3 or more bedrooms has been on a very slow but steady decline in recent years. Share of Home Sales—Townhouse/Condominium/Twin House 26.4% 24.5% 29.8% 2002 2003 2004 2005 2006 Changes in population dynamics have reduced the size of most households and increased the number of childless ones, leading to growing consumer demand for the reduced - maintenance living found in townhouses and condominiums. While sales of single - family detached homes remain robust, their overall market share has decreased steadily in recent years. Share of Total Sales That Were Previously Owned Share of Home Sales That Were Newly Constructed 11.4% 10.1 85.9 65.7% 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 Previously owned homes of all varieties have seen a steady decrease in market share. Part of this shift is likely due to the large number of new construction projects since 2002 —there are quite simply more newly constructed housing units available for purchase than before. www.mplsrealtorcom 2oo6 Residential Real Estate Activity Report 3 2oo6 Twin Cities Horne Sales - Unit Sales Data . includes single-family detached homes, condominiums, townhomes and twin homes MLS Code Area Total Sales 1 Bedrooms 2 3 4+ Previously Owned Percent New Construction Percent Single- Family Percent Townhouse - Condo Percent 300 Mpls - Calhoun -Isles 640 178 189 129 131 540 84.4% 100 15.6% . 241 37.7% 399 62.3% 301 Mpls - Camden 515 20 158 272 65 495 96.1% 20 3.9% 497 96.5% 18 3.5% 302 Mpls - Central 967 537 365 45 6 359 37.1% 608 62.9% 6 0.6% 961 99.4% 303 Mpls - Longfellow 394 33 128 188 45 385 97.7% 9 2.3% 369 93.7% 25 6.3% 304 Mpls - Nokomis 869 47 241 462 119 835 96.1% 34 3.9% 795 91.5% 74 8.5% 305 Mpls - North 279 3 47 150 78 255 91.4% 24 8.6% 260 93.2% 19 6.8% 306 Mpis - Northeast 490 46 140 222 82 448 91.4% 42 8.6% 422 86.1% 68 13.9% 307 Mpts - Phillips 113 26 36 22 29 56 49.6% 57 50.4% 44 38.9% 69 61.1% 308 Mpls - Powderhom 332 53 88 124 64 316 95.2% 16 4.8% 252 75.9% 80 24.1% 309 Mpls - Southwest 923 69 161 478 205 900 97.5% 23 2.5% 797 86.3% 126 13.7% 310 Mpls - University 121 19 34 34 31 81 66.9% 40 33.1% 68 56.2% 53 43.8% 340 Buffalo 334 2 76 141 114 256 76.6% 78 23.4% 284 85.0% 50 '115.0% 341 Wright County (except Buffalo) 1,795 29 501 726 539 1,100 61.3% 695 38.7% 1,282 71.4% 513 28.6% 342 Hutchinson 358 6 102 153 97 302 84.4% 56 15.6% 318 88.8% 40 11.2% 343 McLeod County 239 0 59 110 70 213 89.1% 26 10.9% 225 94.1% 14 5.9% 360 Robbinsdale 270 10 60 155 45 250 _ 92.6% 20 7.4% 241 89.3% 29 10.7% 361 Crystal 307 1 70 186 50 302 98.4% 5 1.6% 287 93.5% 20 6.5% 362 New Hope 227 13 33 115 66 207 91.2% 20 8.8% 168 74.0% 59 26.0% 363 Brooklyn Center 434 8 80 248 98 414 95.4% 20 4.6% 355 81.8% 79 18.2% 364 Brooklyn Park 1,210 20 215 438 537 1,008 83.3% 202 16.7% 857 70.8% 353 29.2% 365 MapleGrove /Osseo 1,304 7 378 423 496 1,119 85.8% 185 14.2% 749 57.4% 555 42.6% 366 Champlin 342 1 71 128 142 312 91.2% 30 8.8% 257 75.1% 85 24.9% 367 Hennepin -North 174 1 34 49 90 141 81.0% 33 19.0% 134. 77.0% 40 23.0% 368 Hennepin - Northwest 195 2 16 55 122 160 82.1% 35 17.9% 180 92.3% 15 7.7% 370 Sibley County 104 1 27 53 23 83 79.8% 21 20.2% 93 89.4% 11 10.6% 373 Golden Valley 283 5 44 139 95 273 96.5% 10 3.5% 224 79.2% 59 20.8% 374 Plymouth 1,049 21 295 343 390 945 90.1% 104 9.9% 553 52.7% 496 47.3 378 Richfield 450 25 92 236 97 431 95.8% 19 4.2% 391 86.9% 59 13.1% 379 Bloomington -East 437 70 118 169 80 .318 72.8% 119 27.2% 288 65.9% 149 34.1% 380 Bloomington -West 695 22 190 274 208 678 97.6% 17 2.4% 421 60.6% 274 39.4% 381 Lake Minnetonka 748 38 144 241 324 634 84.8% 114 15.2% 572 76.5% 176 23.5% 385 Edina 760 55 168 208 326 739 97.2% 21 2.8% 541 71.2% 219. 28.8% 386 Hopkins 225 34 76 86 29 211 93.8% 14 6.2% 100 44.4% 125 55.6% 387 Minnetonka 822 130 230 236 226 674 82.0% 148 18.0% 420 51.1% 402 48.9% 391 Saint Louis Park 807 92 243 363 108 738 91.4% 69 8.6% 549 68.0% 258 32.0% 392 Eden Prairie 1,150 22 315 319 488 1,034 89.9% 116 10.1% 589 51.2% 561 48.8% 394 Carver County 509 4 93 184 227 385 75.6% 124 24.4% 430 84.5% 79 15.5% 396 Chanhassen 425 1 140 100 183 390 91.8% 35 8.2% 256 60.2% 169 39.8% 397 Chaska 393 9 102 135 147 309 78.6% 84 21.4% 234 59.5% 159 40.5% 398 Vlctorla 128 1 8 39 80 64 50.0% 64 50.0% 96 75.0% 32 25.0% 600 West St. Paul 229 10 72 98 49 215 93.9% 14 6.1% 175 76.4% 54 23.6% 602 South St. Paul 244 8 62 123 51 222 91.0% 22 9.0% 226 92.6% 18 7.4% 604 Mendota/Lilydale /Mendota Heights 136 3 35 52 46 130 95.6% 6 4.4% 78 57.4% 58 42.6% 605 Sunfish Lake 4 0 1 1 2 4 100.0% 0 0.0% 4 100.0% 0 0.0% 608 Inver Grove Heights 354 1 160 102 91 343 96.9% 11 3.1% 165 46.6% 189 53.4% 610 Eagan 1,014 33 310 328 343 932 91.9% 82 8.19/6 511 50.4% 503 49.6% 612 Burnsville 810 24 245 271 270 778- 96.0% 32 4.0% 422 52.1% 388 47.9% 614 Apple Valley 911 17 307 289 298 840 92.2% 71 7.8% 413 45.3% 498 54.7% 616 Rosemount 364 3 74 140 147 300 82.4% 64 17.6% 236 64.8% 128 35.2% 617 Hastings 309 0 88 122 99 262 84.8% 47 15.2% 183 59.2% 126 40.8% 618 Eastern Dakota County 25 0 3 15 7 25 100.0% 0 0.0% 25 100.0% 0 0.0% 624 Farmington 517 3 127 177 209 455 88.0% 62 12.0% 373 72.1% 144 27.9% 626 Lakeville 876 1 130 295 449 684 78.1% 192 21.9% 604 68.9% 272 31.1% 628 Southern Dakota County 29 0 5 13 11 26 89.7% 3 10.3% 27 93.1% 2 6.9% 630 Northfield 334 10 94 129 101 252 75.4% 82 24.6% 227 68.0% 107 32.0% 632 Rice County 404 4 99 185 116 335 82.9% 69 17.1% 366 90.6% 38 9.4% 640 Shakopee 666 0 202 251 213 560 84.1% 106 15.9% 332 49.8% 334 50.2% 642 Prior Lake 491 17 107 165 202 396 80.7% 95 19.3% 296 60.3% 195 39.7% 644 Savage 420 1 60 174 185 377 89.8% 43 10.2% 289 68.8% 131 31.2% 646 Jordan 105 1 15 42 47 74 70.5% 31 29.5% 99 94.3% 6 5.7% 648 - New Prague 315 1 62 129 123 160 50.8% 155. 49.2% 197 62.5% 118 37.5% 650 Belle Plaine 162 1 41 78 41 118 72.8% 44 . 27.2% 141 87.0% 21 13.0% 658 Le Sueur County 232 1 7 61 105 59 6 2.6% 226 97.4% 6 2.6% 226 97.4% 4 2oo6 Residential Real Estate Activity Report © 2007 Minneapolis Area Association of REALTORS® Unit Sales Data - Twin Cities Home Sales 2oo6 includes single-family detached homes, condominiums, townhomes and twin homes MLS Code Area Total Sales 1 Bedrooms 2 3 4+ Previously (honed Percent New Construction Percent Single- Family Percent Townhouse - Condo Percent 660 Goodhue County 458 9 117 210 122 410 89.5% 48 10.5% 406 88.6% 52 11.4% 702 Falcon HeighWLauderdale /Roseville 454 35 98 202 119 419 92.3% 35 7.7% 310 68.3% 144 31.7% 705 Lino Lakes/Hugo /Centerville 555 1 149 207 198 339 61.1% 216 38.9% 348 62.7% 207 37.3% 706 North Central Suburban 333 8 100 114 111 310 93.1% 23 6.9% 180 54.1% 153 45.9% 707 Ham Lake 149 1 13 52 83 120 80.5% 29 19.5% 137 91.9% 12 8.1% 708 White Bear Area 609 5 127 274 203 570 93.6% 39 6.4% 473 77.7% 136 22.3% 709 Forest Lake Area 390 7 88 163 132 333 85.4% 57 14.6% 305 78.2% 85 21.8% 710 Northeast Anoka County 102 2 16 38 46 82 80.4% 20 19.6% 99 97.1% 3 2.9% 711 Southern Chisago County 613 5 150 304 153 478 78.0% 135 22.0% 532 86.8% 81 13.2% 712 Maplewood /North St. Paul 592 6 130 303 153 506 85.5% 86 14.5% 429 72.5% 163 27.5% 713 Bethel 123 2 23 58 40 99 80.5% 24 19.5% 117 95.1% 6 4.9% 714 SP - Phalen 366 4 91 187 84 321 87.7% 45 12.3% 319 87.2% 47 12.8% 716 SP - Hillcrest/Hazei Park/Daytons Bluff 564 12 124 317 110 530 94.0% 34 6.0% 540 95.7% 24 4.3% 720 SP - Southeast St. Paul 119 4 13 71 31 110 92.4% 9 7.6% 104 87.4% 15 12.6% 721 Lakeland /Afton /Denmark 73 1 12 26 34 67 91.8% 6 8.2% 70 95.9% 3 4.1% 722 Newport/St. Paul Park/Cottage Grove 671 2 117 266 286 557 83.0% 114 17.0% 504 75.1% 167 24.9% 725 Pine Springs /Lake Elmo /Oakdale 470 4 123 187 156 430 91.5% 40 8.5% 287 61.1% 183 38.9% 726 Woodbury 1,226 7 336 352 530 906 73.9% 320 26.1% 638 52.0% 588 48.0% 727 Stillwater /Bayport 478 13 126 168 171 399 83.5% 79 16.5% 347 72.6% 131 27.4% 728 SP - Riverview /Cherokee 147 4 39 79 25 123 83.7% 24 16.3% 123 83.7% 24 16.3% 738 SP - Home Croft /W 7Th 102 4 35 52 11 97 95.1% 5 4.9% 95 93.1% 7 6.9% 740 SP - Crocus Hill 267 65 99 53 49 206 77.2% 61 22.8% 82 30.7% 185 69.3% 741 SP - Downtown /Capital Heights 277 158 71 7 2 112 40.4% 165 59.6% 5 1.8% 272 98.2% 742 SP - Central 291 21 86 131 53 281 96.6% 10 3.4% 264 90.7% 27 9.3% 744 SP - Como 276 15 102 130 29 265 96.0% 11 4.0% 245 88.8% 31 11.2% 746 SP - St. Anthony /Midway 250 19 91 95 45 206 82.4% 44 17.6% 194 77.6% 56 22.4% 748 SP - Town 8 Country/Merriam Park 149 3 25 70 51 147 98.7% 2 1.3% 138 92.6% 11 7.4% 750 SP - Mac/Groveland /River Road Area . 275 10 66 142 57 273 99.3% 2 0.7% 264 96.0% 11 4.0% 752 SP - Highland Area 316 4 95 163 54 287 90.8% 29 9.2% 267 84.5% 49 15.5% 754 Big Lake Township 331 2 75 139 115 254 76.7% 77 23.3% 314 94.9% 17 5.1 756 Elk River 439 1 92 166 180 312 71.1% 127 28.9% 320 72.9% 119 27.1% 758 Northwestern Anoka County 255 2 57 122 74 184 72.2% 71 27.8% 207 81.2% 48 18.8% 760 Ramsey 382 1 94 161 126 243 63.6% 139 36.4% 235 61.5% 147 38.5% 762 Andover 372 2 40 139 191 285 76.6% 87 23.4% 325 87.4% 47 12.6% 764 Blaine 955 2 283 341 329 751 78.6% 204 21.4% 620 64.9% 335 765 Arden Hills /Shoreview 417 19 128 133 137 403 96.6% 14 3.4% 245 58.8% 172 41.2% 766 Moundsvw /New Brightn /St. Anthny, Vilg 510 75 126 188 121 449 88.0% 61 12.0% 316 62.0% 194 38.0% 767 Coon Rapids 970 2 281 386 301 876 90.3% 94 9.7% 594 61.2% 376 38.8% 768 Fridley 292 9 60 148 74 277 94.9% 15 5.1% 226 77.4% 66 22.6% 769 Anoka 216 1 40 110 65 202 93.5% 14 6.5% 185 85.6% 31 14.4% 770 Hilltop /Columbia Heights 245 9 60 131 45 233 95.1% 12 4.9% 208 84.9% 37 15.1% 771 Spring Lake Park 70 1 21 34 14 67 95.7% 3 4.3% 54 77.1% 16 22.9% 772 Lexington /Circle Pines 101 2 23 54 22 90 89.1% 11 10.9% 65 64.4% 36 35.6% 780 " Sherburne County 626 12 146 259 209 464 74.1% 162 25.9% 561 89.6% 65 10.4% 782 Isanti County 443 9 167 180 87 4 0.9% 439 99.1% 6 1.4% 437 98.6% 783 Cambridge 112 1 40 44 27 88 78.6% 24 21.4% 94 83.9% 18 16.1% 784 Northern Chisago County 82 4 26 30 22 69 84.1% 13 15.9% 75 91.5% 7 8.5% 801 Southeast Wisconsin 1 0 0 0 1 1 100.0% 0 0.0% 1 100.0% 0 0.0% 802 Southern Wisconsin 48 0 6 22 20 43 89.6% 5 10.4% 47 97.9% 1 2.1% 803 Eastern Wisconsin 3. 0 1 0 2 2 66.7% 1 33.3% 2 66.7% 1 33.3% 804 Central Wisconsin 18 4 3 8 3 17 94.4% 1 5.6% 19 105.6% -1 -5.6% 805 Western Wisconsin 3,459 86 954 1,571 835 970 28.0% 2,489 72.0% 1,013 29.3% 2,446 70.7% 811 Northeast Minnesota 1,209 67 381 514 237 1 0.1% 1,208 99.9% 1 0.1% 1,208 99.9% 812 Northern Minnesota 326 12 80 149 85 270 - 82.8% 56 17.2% 294 90.2% 32 9.8% 813 Northwest Minnesota 82 10 22 28 22 81 98.8% 1 1.2% 76 92.7% 6 7.3% 814 West Central Minnesota 851 25 219 363 243 800 94.0% 51 6.0% 817 96.0% 34 4.0% 815 Southern Minnesota 1,265 18 271 565 411 1,153 91.1% 112 8.9% 1,194 94.4% 71 5.6% 816 Southeast Minnesota 1,634 30 368 626 609 40 2.4% 1,594 97.6% 42 2.6% 1,592 97.4% 817 Central Minnesota 2,924 96 839 1,182 796 8 0.3% 2,916 99.7% 9 0.3% 2,915 99.7% 840 North Dakota 43 1 6 15 21 43 100.0% 0 0.0% 36 83.7% 7 16.3% 850 South Dakota 1 0 0 1 0 1 100.0% 0 0.0% 1 100.0% 0 0.0% 851 Western Iowa 1 0 0 1 0 1 100.0% 0 0.0% 1 100.0% 0 0.0% 861 Eastern Iowa 1 1 0 0 1 0 1 100.0%1 0 0.0% 1 1 100.0%1 0 0.0% www.mpisrealtor.com 2oo6 Residential Real Estate Activity Report 5 2oo6 Twin Cities Home Sales - Price Data includes single-family detached homes, condominiums, townhomes and twin homes Code Area Median Price Average Price Avg. Total Finished Square Footage Avg. Price Reduction ( %) Price Per Square Foot 300 Mpls - Calhoun -Isles $263,590 $402,585 1,689 3.7 $226 301 Mpls - Camden $164,000 $162,024 1,353 5.0 $125 302 Mpls - Central $270,000 $312,041 1,209 -0.5 $256 303 Mpls - Longfellow $207,500 $219,423 1,304 3.2 $176 304 Mpls - Nokomis $225,000 $239,498 1,477 3.1 $169 305 Mpls - North $153,000 $154,151 1,603 6.6 $104 306 Mpls - Northeast $210,000 $214,526 1,430 3.3 $161 307 Mpls - Phillips $191,580 $211,006 1,361 0.2 $167 308 Mpls - Powderhom $183,700 $182,697 1,329 3.1 $153 309 Mpls - Southwest $287,000 $351,592 1,748 3.6 $200 310 Mpls - University $240,000 $259,010 1,485 3.0 $186 340 Buffalo $215,000 $247,690 1,882 3.4 $136 341 Wright County (except Buffalo) $216,000 $240,842 1,809 2.2 $147 342 Hutchinson $161,000 $173,861 1,803 3.5 $100 343 McLeod County $154,000 $171,820 1,703 3.4 $105 360 Robbinsdale $199,950 $204,958 1,568 2.5 $136 361 Crystal $197,700 $198,732 1,555 2.9 $135 362 New Hope $229,000 $218,317 1,695 2.6 $132 363 Brooklyn Center $192,925 $191,323 1,631 2.6 $123 364 Brooklyn Park $230,825 $253,466 1,921 2.1 $132 365 Maple Grove /Osseo $247,000 $308,723 2,131 2.8 $143 366 Champlin $233,500 $261,370 1,941 2.5 $136 367 Hennepin -North $288,950 $310,808 2,218 2.2 $142 368 Hennepin - Northwest $375,000 $520,271 2,843 4.9 $175 370 Sibley County $141,100 $144,607 1,653 3.9 $96 373 Golden Valley $268,000 $328,409 2,146 3.8 $151 374 Plymouth $293,000 $324,175 2,184 3.9 $150 378 Richfield $223,750 $224,389 1,594 3.5 $146 379 Bloomington -East $225,000 $232,296 1,398 1.2 $182 380 Bloomington -West $247,000 $272,810 1,939 3.6 $142 381 Lake Minnetonka $462,000 $701,558 2,774 5.1 $231 385 Edina $385,000 $502,437 2,427 4.7 $196 386 Hopkins $205,900 $220,239 1,527 4.1 $139 387 Minnetonka $271,768 $342,035 2,020 3.2 $169 391 Saint Louis Park $234,500 $251,665 1,527 3.0 $169 392 Eden Prairie $288,950 $365,798 2,382 3.5 $152 394 Carver County $243,150 $283,886 2,051 3.2 $140 396 Chanhassen $293,500 $367,267 2,340 3.3 $154 397 Chaska $234,900 $276,802 2,035 2.9 $137 398 Victoria $477,500 $469,349 2,910 7.8 $159 600 West St. Paul $200,500 $210,400 1,594 3.5 $140 602 South St. Paul $196,700 5198,868 1,560 3.0 $138 604 Mendota /Lilydale /Mendota Heights $330,200 $373,855 2,525 4.1 $161 605 Sunfish Lake $696,500 $670,750 2,961 15.7 $222 608 Inver Grove Heights $205,450 $268,205 1,877 2.7 $141 610 Eagan $237,800 $261,240 1,955 2.9 $136 612 Burnsville $233,375 $245,242 1,962 3.1 $125 614 Apple Valley $226,000 $253,243 1,982 3.0 $130 616 Rosemount $248,200 $284,311 2,102 3.4 $136 617 Hastings $202,000 $223,961 1,825 3.5 $125 618 Eastern Dakota County $248,300 $280,492 2,123 5.8 $134 624 Farmington $233,000 $245,112 1,884 2.4 $132 626 Lakeville $278,950 $314,439 2,334 3.2 $139 628 Southern Dakota County $238,600 $284,607 1,889 4.5 $160 630 Northfield $220,000 $242,725 1,908 3.4 $133 632 Rice County $187,650 $205,569 1,779 3.5 $122 640 Shakopee $218,000 $258,217 1,923 2.8 $135 642 Prior Lake $279,900 $359,776 2,353 3.0 $152 644 Savage $266,950 $293,755 2,213 2.7 $134 646 Jordan $250,000 $282,775 2,004 2.6 $144 648 New Prague $250,000 $284,655 2,167 3.4 $145 650 Belle Plains $214,125 $214,035 1,653 3.1 $138 658 Le Sueur County $164,950 $182,358 1,512 9.5 $124 6 2oo6 Residential Real Estate Activity Report ® 2007 Minneapolis Area Association of REALTORS® Price Data - Twin Cities Home Sales 2oo6 includes single-family detached homes, condominiums, townhomes and twin homes Code Area Median Price Average Price Avg. Total Finished Square Footage Avg. Price Reduction J %) Price Per Square Foot 660 Goodhue County $174,675 $202,524 1,861 4.7 $111 702 Falcon Heights/Lauderdale /Roseville $246,750 $270,237 1,771 2.9 $153 705 Lino Lakes/Hugo /Centerville $262,000 $297,334 2,070 3.1 $150 706 North Central Suburban $264,900 $338,772 2,170 3.4 $148 707 Ham Lake $340,000 $351,350 2,401 3.6 $151 708 White Bear Area $245,000 $302,040 1,983 3.7 $153 709 Forest Lake Area $240,250 $279,186 1,892 3.8 $153 710 Northeast Anoka County $279,950 $304,578 2,061 3.1 $154 711 Southern Chisago County $211,900 $240.612 1,751 3.4 $144 712 Maplewood /North St. Paul $222,000 $238,968 1,798 3.5 $138 713 Bethel $240,500 $263,982 1,835 3.6 $150 714 SP - Phalen $176,450 $175,909 1,465 3.6 $125 716 SP - Hillcrest/Hazel Park/Daytons Bluff $176,000 $176,277 1,415 3.9 $130 720 SP- Southeast St. Paul $217,000 $217,221 1,761 3.9 $130 721 Lakeland /Afton/Denmark $350,000 $375,753 2,279 7.3 $166 722 Newport/St. Paul Park/Cottage Grove $227,400 $247,682 1,897 2.6 $133 725 Pine Springs/Lake Elmo /Oakdale $227,000 $259,843 1,858 3.3 $141 726 Woodbury $281,000 $314,279 2,239 3.7 $140 727 Stillwater /Bayport $299,000 $355,172 2,174 4.5 $167 728 SP - Riverview /Cherokee $187,686 $194,125 1,439 3.6 $139 738 SP - Home Croff/W 7Th $180,290 $178,354 1,320 3.9 $144 740 SP - Crocus Hill $266.000 $335,290 1,693 3.0 $204 741 SP - Downtown /Capital Heights $195,000 $222,833 1,096 0.2 $209 742 SP - Central $153,000 $151,477 1,283 4.9 $123 744 SP - Como $216,250 $216,457 1,417 3.5 $159 746 SP - St. Anthony /Midway $206,350 $222,771 1,377 2.2 $168 748 SP -Town 8 Country /Merriam Park $275,500 $303,259 1,760 4.5 $176 750 SP - Mac/Groveland/River Road Area $278,000 $318,755 1,605 4.0 $200 752 SP- Highland Area $274,400 $317,965 1,704 3.1 $189 754 Big Lake Township $211,000 $233,906 1,793 2.4 $138 756 Elk River $230,000 $248,760 2,012 3.3 $126 758 Northwestern Anoka County $232,000 $259,607 1,846 2.2 $146 760 Ramsey $229,900 $249,358 1,971 2.5 $130 762 Andover $272,475 $301,044 2,241 2.5 $138 764 Blaine $229,900 $266,214 1,934 1.7 $140 765 Arden Hills /Shoreview $242,500 $284,750 1,975 3.6 $144 766 Moundsvw /New Brightn /St. Anthny Vilg $225,000 $239,365 1,711 3.1 $148 767 Coon Rapids $205,900 $218,090 1,752 1.8 $128 768 Fridley $209,900 $218,337 1,803 2.5 $128 769 Anoka $200,873 $211,547 1,747 2.9 $125 770 Hilltop /Columbia Heights $189,300 $188,392 1,486 3.5 $134 771. Spring Lake Park $199,850 $210,524 1,629 2.0 $136 772 Lexington /Circle Pines $192,000 $207.301 1,598 3.8 $132 780 Sherburne County $214,950 $236,496 1,819 3.0 $137 782 Isanti County $189,900 $204,698 1,527 4.0 $157 783 Cambridge $175,450 $184,875 1,576 1.9 $126 784 Northern Chisago County $182,200 $202,794 1,529 3.2 $143 801 Southeast Wisconsin $408,000 $408,000 2,969 3.3 $137 802 Southern Wisconsin $145,950 $166,593 2,097 5.6 $81 803 Eastern Wisconsin $82,297 $85,099 1,550 4.1 $51 804 Central Wisconsin $86,500 $133,744 1,493 11.2 $97 805 Western Wisconsin $173,000 $198.538 1,878 3.9 $127 811 Northeast Minnesota $149,000 $172,589 1,180 2.9 $173 812 Northern Minnesota $151,267 $167,211 1,882. 5.5 $96 813 Northwest Minnesota $115,000 $136.277 1,754 8.7 $92 814 West Central Minnesota $138,500 $163,741 1,797 6.4 $112 815 Southern Minnesota $150,000 $158,461 2,388 3.4 $81 816 Southeast Minnesota $162,000 $190,809 2,135 3.9 $92 817 Central Minnesota $167,000 $194,447 1,978 -1.7 $127 840 North Dakota $137,500 $139,409 1,644 4.8 $87 850 South Dakota $340,000 $340,000 2,320 2.9 $147 851 Western Iowa N/A $136,000 N/A N/A N/A 861 Eastern Iowa $38,500 $38.500 N/A N/A N/A www.mplsrealtor.com 2oo6 Residential Real Estate Activity Report 7 Map 2oo6 Twin Cities Median Home Prices includes single-family detached homes, condominiums, townhomes and twin homes 782 L. LEGEND - $265,000 or more $230,000 - $264,999 U $200,000 - $229,999 Less than $200,000 RMLS Boundry 368 MLS Classification IM Airport ZIMMERMAN Sl-Fud Athens Oxrpb 4 Chicago Lake T Twp Twp 7 D S-P OTwP Lent 711 Twp 780 Twp Tw�a Twp I Beckpr ST FRANCIS BETH EL STACY CENTER , SHAPER wp LINDSTROM CKER EAST BETHELp 9 CHISAGO Fra 758 ncon ia CITY Twp BIG LAKE Lake TwP Sihwr Creek 754 ELK 756 TwP 713 WYOMING Ch—go Lake OSCFOI.A TM9 I LO 760 FOREST 341 Mor Wrlo OT SEGO LAKE FanTW° Twp RAMSEY Maple Lake Forest TwP Lake ALBERNILLE TwP Buffalo 769 Twp KA ST MICHAEL 767 fit NINE Twp BUFFALO Cnalnam � 340 HA366 COON 764 CENTERVILLE 705 Tw�ser MPLIN PIGS CIRCLE HUGO SPRING PINES LINO LAKES BROOKLYN LAKE I.F %INGTON —772 SOMERSET ock Rford OSSEO PARK _ Ma Yma rwp \771 "'LEwsH0RE'AEW wtlTTwPeeer. 40 365 364 DELL use, 805 ROCKFOHO ARDEN NORTH OAKS T MAPLE 768 HILLS 706 708 WAVERLY GROVE "RIDLEY N708— MONTROSE BRICHION SHOREVIEW 51 Joseph Tw �� YSTAI CFNTFR '11 766 """T a CFA r 361 .11K0 765 w DIE �pj 9Fre 301 F —'ST CANADA YMotllarW Franklin i PE ROB97NSDAI ANTHDNY 762 NT Twp Twp / 306 ROSEVILLE 712 v , "� wos Hutleon 305 HEIGHTS MAPLE WOW OgILDALE 72 Twp LAUDERDALE 744 714 ttEllL11IIMEEO 310 742 WATERTOWN TIS 300 AINT PAUL 746 716 LANDFALL HUDSON walenewn 3gfAINNEAFA&IS70 7 j2o TwP 386 ..726 w,eH 304 W� §t SAINT MAYER N CHFIELD Twp NEW GERMANY VV— V 378 P TwP Lakelewrt SuKEH SAINT Camden WACONIA Twp 380 379 PAUL 722 Twp CHASKA BLOOMINGTON EAGAN 608 PARK COTTAGE Cb� 394 397 610 GROVE � GROVE NOFi✓YOOD Ch- ikn HEIGHTS HIP TwP YOUNG COLOGNE JarJkspn 640 BURNSVILLE 617 You AMERICA Da�on CARVER Twp SHAKOPEE 616 ESCOTT A.— Benton wp Lur. Ale 612 614 ROSEMOUNT Zr NOekwp TwP Twp VALLEY TwP HASTINGS T'A'P HAMBURG COATES 618 Washlr�glon San Franasco 'i TwP Lake Twp H Tw'P Twp JORDAN �� CPreek ETwpp VERMILLION Marshan Ravenna 646 624 V-11 do TwP FARMINGTON Twp 370 Faxon S,I:,wr „� Twp wp MIESVILLE W.” PL AINE Ma *M HAMPTON TRIER T HIP Be1W Plalne HeIena Twp l�.ss,�nlr "'t Blekeley Twp Twp Cetlar NEW EurrMa Twp Castle Hock Hampton r� . Twp Twp 650 NEW lake Twp MARKET ELKO Twp Twp 628.,0 a .� TwP PRAGUE 648 630 RarWolph CANNON ' 660 HENDERSON „� Lanes n WTeat� Walerlatl S aRANDOLPH TwpTwp _�: FAL $ - — iynme Twp TwP Wab "' QIMIIYW Twp \/ 4 w'P Twpa HBMersen �' TwP Derrynane MEIOELBERG Cemon Faes Twp Twp Stanton Twp Twp SUEDH 658 LONPDALE. 632 gome 1L Leon BeM Greek IXtawa Twp Lexingtm MONTGOMERYIT ry Enn Twp ForMl Twp ' ^P IELD Twp Twp Twp TwP 8 2oo6 Residential Real Estate Activity Report ® 2007 Minneapolis Area Association of REALTORS® LEGEND - $160 or more PRAIRIE $145—$159 FAGAN 608 $135 —$144 Clifton Tw p Less than $135 RMLS Boundary 368 610 INVER NILS Classification © Airport 2oo6 Home Price Per Square Foot Map closing sales price relative to total finished square footage ZIMMERMAN ecke 780 0'—' 0'—' 1-1-1 N1-1-1 o Twp Twp _ Bt Twp BEC�.ER Big 756 81G L-E lake Silver Creek 754 Twp EI KRIVER Twp M RCELLO 341 Mont'aelb OTSEGO 782 784 Stanford ,( Athens o4o, Twp Twp Twp ST FRANCIS BETHEL EAST BETHEL Linwood 758 713 Twp Bums OAK Twp GROVE 710 760 762 707 CPwwD , RAMSFv Chisago Lake TwP Sharer Twp 711 Twp STACY CENTER SHAFER CITY LINDSTROM Wyoming CHISAGO Franconla Twp CITY Twp Ch�s WYOMING 190 Lake Twp 'OSCEOLA 709 F°AKET Farmington Twp Maple Lake Twp Twp ANDOVER HAM LAKE Forest ALBERTVILLE Lake Twp Bcdalo 69 ChaNam Tw ST MICHAEL Hassan 367 DAYTON I1A 767 BLA.NF Somerset Twp BUFFALO 340 Twp ROGERS V / Twp 366 COON 764 CENTERVILLE 705 ` HANOV CHAMPLIN PIGS MUGO PINES SPRING PINES LINO LAKES BROOKLYN P KE LEXINGTON —772 SOMERSET Rockford OSSEO PARK MOUNDS White Be' Maryy�y�b Twp 771 VIEWSHOREV'�EW Twp EL ROCKFORD 365 364 A NORTH OAKS GRO DEL SeTwpset o� MAPLE 768 HILLS {tCEN 706 708 8 WAVERLY -; -r'� VE 363 RIDLEY NEW MONTROSE -- BRIGHTON SHOREVIEW BW)OKIVN r,LL aWiLwGE St Joseph CRYSTAL CFN,FR 'a- 766 �iTS `'"t' wv TwP 374 362361 n0 765` ar "` ewe DE O 301 a�NUw LITTLE Woodland Franklin / PLYMOUTH HOPE NEEW BOBBIN 301 NV 70'1 CANADA NO — TwP Twp ROSEVILLE ,; 712 PAUL NONTN MEDICINE GOLDEN 305 FALCON MAPLEWOOD 725 M11D Y N WD n / LAKE 3 Vp.�LEY HEIGHTS / LAKE /7r 7J3 E 74t ELM 742 774 EJA/0 WATERTOWN All L 716 LANDFALL HUDSON N�yw�ad waterrown 3051 3 74& No x'720 �v TwP 386 7� Taa 728 wa X 7 �?,� 6UU 726 ate. S I v.EST WOODBURY T SAINT 60 Twp NEW GERMANY MAVEft vICTORI CHFIELD u4 P�SOU IH NEWPORT SAINT WT 378 onia 398 CHANHASSEN 60\ PAUL Laketown 392 380 L-E" SAINT 722 Camden WACONIA Twp* 396 EDEN PAUL Twp CHASKA PRAIRIE BLOOMIN FAGAN 608 PARK COTTAGE Clifton Tw p 394 397 610 INVER Clam GROVE GRROVOV E wp NORWOOD C Two TWp 640 HEIGHTS ��' 617 YOUNG COLOGNE AMERICA Dahl Jackson HAKOPEE W� Twp p TWIT, CARVER P 644 614 616 r ESCOTT g Benton A Twp p ou aville PRIOR SAVAGE 612 °I UNT Nln,ngr-i II Oak GI TwP Twp Twp LAKE API F sAI I Fv rwp HASTING HAMBURG .�_. _ 642 CDATE3 618 Hancock Lake Twon San Lake Twp TwP Franusrn r.wP Send Creek JORDAN TwP Credit Rlver 626 Ff'N File VERMILLION MTwp� Twp LAKEVILLE 624 Ra- TMP 370 Faxon 51 Lawrence 646 wing I fWp FARMINGTON varmalon Twp Twp BEL E PLAINE New Market H Welch T wp Jessenland Twp y FFlle Plague 'wl' Helena Twp Cedar Lake Twp Twp NEW MARKET { Eureka Tw D CasTWFiock ' 650 NEW PRAGUE ELKO I P 648 630 ' 660 RAN F HENDERSON Laneshurg Twp Wheatland TwP WaOYM ,� Waterford Scala Twp T�ror�e Twp Derryna HEIDELBERG Twp Twp Twp Twp Cannon Fah Henderson Twp �^':.- TwP ne 632 Stern TwP Twp 658 LUNSDALE www.mpisrealtor.com 2oo6 Residential Real Estate Activity Report 9 Historical Median Sales Price by Area includes single-family detached homes, condominiums, townhomes and twin homes Code Area 2000 2001 2002 2003 2004 2005 2006 % Change from 2005 % Change from 2000 300 Mpls - Calhoun -Isles $220,000 $248,700 $292,000 $287,900 $258,958 $255,000 $263,590 3.4 19.8 301 Mpls - Camden $95,000 $116,950 $130,000 $144,900 $157,000 $163,900 $164,000 0.1 72.6 302 Mpls - Central $146,000 $176,000 $240,250 $219,000 $267,000 $247,045 $270,000 9.3 84.9 303 Mpls - Longfellow $124,950 $149,900 $169,900 $180,000 $199,900 $211,000 $207,500 -1.7 66.1 304 Mpls - Nokomis $139,900 $162,000 $179,000 $195,000 $210,000 $223,450 $225,000 0.7 60.8 305 Mpls - North $78,900 $102,900 $123,150 $139.900 $149,900 $159,000 $153,000 -3.8 93.9 306 Mpls - Northeast $129,000 $146,000 $163,000 $179,950 $195,650 $205,900 $210,000 2.0 62.8 307 Mpls - Phillips $85,950 $116,750 $130,450 $144,000 $167,750 $174,500 $191,580 9.8 122.9 308 Mpls - Powderhom $110,000 $137,000 $158,000 $166,500 $182,300 $193,400 $183,700 -5.0 67.0 309 Mpls - Southwest $182,700 $210,000 $238,000 $257,500 $268,750 $285,000 $287,000 0.7 57.1 310 Mpls - University $148,000 $170,000 $180,000 $210,500 $235,000 $239,414 $240,000 0.2 62.2 340 Buffalo $146,500 $156,500 $170,900 $185,810 $204,000 $200,000 $215,000 7.5 46.8 341 Wright County (except Buffalo) $149,000 $165,000 $175,625 $185,500 $197,300 $218,000 $216,000 -0.9 45.0 342 Hutchinson $112,500 $121,350 $125,000 $140,750 $142,200 $158,250 $161,000 1.7 43.1 343 McLeod County $97,000 $119,500 $122,400 $127,000 $142,638 $157,494 $154,000 -2.2 58.8 360 Robbinsdale $130,000 $150,000 $164,900 $177,000 $189,900 $196,900 $199,950 1.5 53.8 361 Crystal $129,950 $150,000 $163,060 $174,900 $186,500 $197,500 $197,700 0.1 52.1 362 New Hope $150,000 $167,500 $183,000 $201,400 $216,900 $224,400 $229,000 2.0 52.7 363 Brooklyn Center $126,900 $144,900 $157,600 $169,900 $183,450 $195,000 $192,925 -1.1 52.0 364 Brooklyn Park $147,900 $165,000 $178,900 $196,200 $215,050 $229,000 $230,825 0.8 56.1 365 Maple Grove /Osseo $168,900 $185,000 $201,000 $212,000 $224,900 $242,000 $247,000 2.1 46.2 366 Champlin $151,900 $168,500 $183,500 $199,900 $217,500 $226,900 $233,500 2.9 53.7 367 Hennepin -North $192,756 $211,000 $222,005 $244,504 $249,250 $285,000 $288,950 1.4 49.9 368 Hennepin - Northwest $224,372 $238,800 $268,500 $359,950 $343,000 $393,000 $375,000 -4.6 67.1 370 Sibley County $88,000 $97,510 $129,900 $123,900 $135,000 $146,100 $141,100 -3.4 60.3 373 Golden Valley $167,500 $192,350 $214,950 $225,900 $249,000 $260,500 $268,000 2.9 60.0 374 Plymouth $209,900 $225,000 $238,750 $250,000 $273,750 $290,000 $293,000 1.0 39.6 378 Richfield $142,900 $162,000 $180,500 $195,150 $210,000 $221,000 $223,750 1.2 56.6 379 Bloomington -East $143,000 $164,000 $180,000 $194,900 $205,000 $221,450 $225,000 1.6 57.3 380 Bloomington -West $169,900 $189,000 $202,000 $220,000 $234,900 $249,900 $247,000 -1.2 45.4 381 Lake Minnetonka $275,000 $297,500 $337,205 $349,950 $400,000 1$427,750 $462,000 8.0 68.0 385 Edina $245,950 $269,000 $285,000 $295,500 $322,250 $360,000 $385,000 6.9 56.5 386 Hopkins $115,000 $141,200 $154,250 $175,000 $176,450 $194,450 $205,900 5.9 79.0 387 Minnetonka $264,900 $224,900 $240,000 $255,000 $280,000 $290,000 $271,768 -6.3 32.6 391 Saint Louis Park $145,000 $164,800 $184,950 $199,000 $215,000 $230,000 $234,500 2.0 61.7 392 Eden Prairie $204,500 $220,000 $239,000 $254,750 $281,200 $294,000 $288,950 -1.7 41.3 394 Carver County $150,455 $180,000 $189,032 $200,000 $221,000 $235,010 $243,150 3.5 61.6 396 Chanhassen $212,900 $230,000 $259,900 $257,250 $284,250 $290,000 $293,500 1.2 37.9 397 Chaska $172,250 $196,000 $207,000 $214,000 $233,600 $241,000 $234,900 -2.5 36.4 398 Victoria $274,900 $269.500 $289,900 $325,000 $347,500 $386,250 $477,500 23.6 73.7 600 West St. Paul $133,700 $149,900 $165,250 $183,340 $189,900 $202,500 $200,500 -1.0 50.0 602 South St. Paul $127,000 $143,900 $159,850 $175,000 $180,000 $197,500 $196,700 -0.4 54.9 604 Mendota /Lilydale /Mendota Heights $234,000 $244,500 $261,500 $305,750 $317,550 $343,000 $330,200 -3.7 41.1 605 Sunfish Lake $422,500 $480,000 $745,000 $672,000 $807,500 $650,000 $696,500 7.2 64.9 608 Inver Grove Heights $158,250 $169,900 $187,000 $198,250 $208,250 $221,000 $205,450 -7.0 29.8 610 Eagan $168,500 $182,900 $192,000 $205,000 $223,700 $231,025 $237,800 2.9 41.1 612 Burnsville $154,900 $167,000 $185,000 $208,450 $221,500 $235,500 $233,375 -0.9 50.7 614 Apple Valley $159,500 $174,900 $184,900 $197,700 $208,450 .$223,000 $226,000 1.3 41.7 616 Rosemount $159,500 $180,500 $198,000 $217,950 $226,000 $238,200 $248,200 4.2 55.6 617 Hastings $141,500 $165,000 $179,900 $197,500 $204,412 $202,500 $202,000 -0.2 42.8 618 Eastern Dakota County $194,000 $221,950 $225,500 $214,872 $259,900 $300,000 $248,300 -17.2 28.0 624 Farmington $157,450 $176,000 $195,900 $207,000 $221,100 $229,900 $233,000 1.3 48.0 626 Lakeville $199,200 $224,900 $239,900 $249,450 $267,500 $279,000 $278,950 0.0 40.0 628 Southern Dakota County $168,950 $207,000 $180,000 $260,000 $243,450 $265,000 $238,600 -10.0 41.2 630 Northfield $151,000 $174,000 $184,900 $187,500 $219,950 $233,000 $220,000 -5.6 45.7 632 Rice County $118,000 $134,000 $146,000 $151,300 $171,900 $193,800 $187,650 -3.2 59.0 640 Shakopee $153,400 $169,800 $176,500 $189.000 $205,900 $217,900 $218,000 0.0 42.1 642 Prior Lake $211,141 $223,650 $245.000 $255,000 $274,000 $293,000 $279,900 -4.5 32.6 644 Savage $187,900 $212,950 $227,000 $234,900 $259,000 $264,900 $266,950 0.8 42.1 646 Jordan $165,755 $174,000 $182,000 $219,900 $229,500 $256,000 $250,000 -2.3 50.8 648 New Prague $159,900 $179,900 $195,000 $205,950 $224,900 $253,000 $250,000 -1.2 56.3 650 Belle Plaine $140,500 $160,600 $172,300 $180,000 $209,000 $217,000 $214,125 -1.3 52.4 658 Le Sueur County $119,900 $114,900 $121,500 $135.900 $146,000 $165,000 $164,950 0.0 37.6 10 2oo6 Residential Real Estate Activity Report m 2007 Minneapolis Area Association of REALTORS® Median Sales Price by Area Historical includes single-family detached homes, condominiums, townhomes and twin homes Code Area 2000 2001 2002 2003 2004 2005 2006 % Change from 2005 % Change from 2000 660 Goodhue County $126,225 $140,750 $141,750 $153,000 $164,900 $169,000 $174,675 3.4 38.4 702 Falcon Heights/Lauderdale /Roseville $154,950 $175,000 $194,000 $212,000 $229,000 $233,000 $246,750 5.9 59.2 705 Lino Lakes/Hugo /Centerville $174,000 $201,065 $215,200 $225,000 $250,000 $271,800 $262,000 -3.6 50.6 706 North Central Suburban $157,750 $176,900 $194,000 $210,000 $224,900 $251,900 $264,900 5.2 67.9 707 Ham Lake $188,500 $222,589 $252,185 $298,000 $343,400 $366,500 $340,000 -7.2 80.4 708 White Bear Area $161,000 $179,900 $199,900 $223,500 $235,000 $244,900 $245,000 0.0 52.2 709 Forest Lake Area $162,500 $183,000 $209,473 $224,000 $244,900 $248,893. $240,250 -3.5 47.8 710 Northeast Anoka County $158,900 $176,450 $223,500 $225,900 $272,269 $274,000 $279,950 2.2 76.2 711 Southern Chisago County $143,900 $160,000 $179,000 $195,387 $204,989 $221,000 $211,900 -4.1 47.3 712 Maplewood /North St. Paul $146,000 $160,950 $180,400 $189,900 $206,000 $219,900 $222,000 1.0 52.1 713 Bethel $159,550 $182,000 $199,900 $217,421 $229,900 $260,000 $240,500 -7.5 50.7 714 SP - Phalen $105,000 $126,500 $139,900 $155,900 $168,000 $177,675 $176,450 -0.7 68.0 716 SP - Hillcrest/Hazel Park/Daytons Bluff $110,100 $129,900 $143,000 $157,900 $168,000 $178,950 $176,000 -1.6 59.9 720 SP- Southeast St. Paul $138,000 $150,000 $173,000 $175,000 $200,747 $208,450 $217,000 4.1 57.2 721 Lakeland/Afton /Denmark $226,091 $250,000 $260,000 $293,750 $335,000 $310,600 $350,000 12.7 54.8 722 Newport/St. Paul Park/Cottage Grove $145,950 $164,900 $179,950 $194,900 $212,000 $222,600 $227,400 2.2 55.8 725 Pine Springs /Lake Elmo /Oakdale $160,000 $177,000 $190,000 $199,900 $217,698 $223,500 $227,000 1.6 41.9 726 Woodbury $193,888 $210,000 $227,500 $245,000 $269,900 $282,500 $281,000 -0.5 44.9 727 Stillwater /Bayport $208,900 $224,950 $238,500 $260,950 $279,900 $289,000 $299,000 3.5 43.1 728 SP - Riverview /Cherokee $102,900 $130,000 $146,000 $156,924 $167,400 $182,250 $187,686 3.0 82.4 738 SP - Home Croft 1W 7th $112,900 $129,000 $149,900 $167,500 $174,500 $179,000 $180,290 0.7 59.7 740 SP - Crocus Hill $164,000 $189,950 $202,500 $235,000 $230,000 $254,380 $266,000 4.6 62.2 741 SP- Downtown/CapitalHeights $89,000 $110,950 $144,900 $138,600 $151,537 $180,613 $195,000 . 8.0 119.1 742 SP - Central $87,500 $108,000 $122,000 $138,000 $150,000 $160,000 $153,000 -4.4 74.9 744 SP -Como $134,900 $160,000 $177,000 $183,750 $200,000 $218,000 $216,250 -0.8 60.3 746 SP - St.Anthony /Midway $117,193 $145,000 $158,975 $172,711 $193,640 $195,154 $206,350 5.7 76.1 748 SP -Town & Country/Merriam Park $152,750 $185,500 $225,600 $245,000 $245,000 $293,750 $275,500 -6.2 80.4 750 SP - Mac/Groveland /River Road Area $170,000 $199,900 $219,900 $245,000 $264,000 $280,000 $278,000 -0.7 63.5 752 SP - Highland Area $175,450 $204,900 $225,000 $246,450 $269,900 $275,000 $274,400 -0.2 56.4 754 Big Lake Township $134,689 $152,000 $164,000 $178,000 $189,900 $202,900 $211,000 4.0 56.7 756 Elk River $156,900 $173,678 $184,000 $205,000 $225,000 $234,900 $230,000 -2.1 46.6 758 Northwestern Anoka County $150,050 $170,125 $185,177 $199,428 $239,900 $235,950 $232,000 -1.7 54.6 760 Ramsey $153,500 $170,350 $179,900 $209,250 $226,000 $226,000 $229,900_ 1.7 49.8 762 Andover $179,929 $196,000 $222,550 $229,450 $254,329 $275,000 $272,475 -0.9 51.4 764 Blaine $140,110 $164,000 $179,000 $189,000 $213,000 $225,000 $229,900 2.2 64.1 765 Arden Hills/Shoreview $168,900 $186,000 $195,000 $205,000 $220,250 $238,900 $242,500 1.5 43.6 766 Moundsvw /New Brightn /St. Anthny Vilg $150,000 $169,325 $187,000 $197,700 $219,500 $229,950 $225,000 -2.2 50.0 767 Coon Rapids $133,150 $147,900 $163,000 $177,900 $195,000 $206,000 $205,900 0.0 54.6 768 Fridley $134,900• $154,450 $169,900 $183,000 $195,549 $209,900 $209,900 0.0 55.6 769 Anoka $130,000 $150,900 $164,900 $174,900 $195,500 $203,111 $200,873 -1.1 54.5 770 Hilltop /Columbia Heights $121,000 $142,000 $155,250 $168,950 $180,000 $189,900 $189,300 -0.3 56.4 771 Spring Lake Park $138,000 $149,775 $163,375 $180,500 $190,990 $208,000 $199,850 -3.9 44.8 772 Lexington/Circle Pines. $128,000 $149,950 $155,000 $175,000 $189,450 $193,000 $192,000 -0.5 50.0 780 Sherburne County $132,000 $147,000 $156,777 $169,900 $182,400 $210,000 $214,950 2.4 62.8 782 Isanti County $126,700 $142,269 $154,800 $164,250 $176,500 $188,900 $189,900 0.5 49.9 783 Cambridge $120,000 $134,104 $144,900 $155,813 $172,500 $180,000 $175,450 -2.5 46.2 784 Northern Chisago County $119,700 $136,000 $147,880 $170,950 $175,000 $207,125 $182,200 -12.0 52.2 801 Southeast Wisconsin $650,000 $134,000 $136,900 $162,000 WA $206,000 $408,000 98.1 -37.2 802 Southern Wisconsin $224,000 WA WA $107,100 WA $109,900 $145,950 32.8 -34.8 803 Eastern Wisconsin WA N/A WA $389,300 $145,000 $96,900 $82,297 -15.1 N/A 804 Central Wisconsin $191,755 $180,000 $147,450 $195,450 $163,751 $96,950 $86,500 -10.8 -54.9 805 Western Wisconsin $132,500 $145,000 $154,900 $163,900 $170,000 $173,000 $173,000 0.0 30.6 811 Northeast Minnesota $89,000 $115,500 $126,100 $132,500 $139,900 $147,500 $149,000 1.0 67.4 812 Northern Minnesota $147,450 $84,700 $133,900 $174,000 $146,113 $151,000 $151,267 0.2 2.6 813 Northwest Minnesota $55,900 $112,000 $97,250 $105,000 $126,150 $106,000 $115,000 8.5 105.7 814 West Central Minnesota $89,000 $91,900 $105,000 $108,500, $116,250 $135,000 $138,500 2.6 55.6 815 Southern Minnesota $95,000 $116,900 $127,500 $138,950 $140,050 $146,900 $150,000 2.1 57.9 816 Southeast Minnesota $127,700 $134,500 $139,900 $148,400 $151,270 $159,000 $162,000 1.9 26.9 817 Central Minnesota $109,900 $121,900 $133,500 $145,000 $153,000 $163,000 $167,000 2.5 52.0 840 North Dakota $88,500 $89,250 $88,250 $98,450 $99,950 $123,499 $137,500 11.3 55.4 850 South Dakota N/A N/A WA $20,000 $38,750 $61,250 $340,000 455.1 WA 851 Western Iowa $90,000 WA $45,000 WA N/A WA WA WA -100.0 861 Eastern Iowa $110,000 WA $56,250 $80,250 WA $199,900 $38,500 -80.7 -65.0 -- plsrealtor.com 2oo6 Residential Real Estate Activity Report 11 Historical Average Sales Price by Area includes single-family detached homes, condominiums, townhomes and twin, homes Code Area 2000 2001 2002 2003 2004 2005 2006 % Change from 2005 % Change from 2000 300 Mpls - Calhoun -Isles $296,188 $351,333 $373,148 $408,461 $370,656 $372,066 $402,585 8.2 35.9, 301 Mpls - Camden $93,216 $113,612 $130,219 $145,436 $159,716 $170,491 $162,024 -5.0 73.8 302 Mpls - Central $200,293 $217,375 $273,907 $275,497 $314,868 $290,640 $312,041 7.4 55.8 303 Mpls - Longfellow $130,985 $155,226 $175,815 $188,073 $214,911 $230,133 $219,423 -4.7 67.5 304 Mpls- Nokomis $142,080 $170,066 $191,160 $207,649 $223,953 $234,483 $239,498 2.1 68.6 305 Mpls - North $78,102 $99,441 $122,340 $142,153 $167,074 $166,173 $154,151 -7.2 97.4 306 Mpls - Northeast $128,335 $148,796 $168,894 $187,518 $200,452 $209,454 $214,526 2.4 67.2 307 Mpls - Phillips $87,570 $117,363 $130,063 $147,269 $168,620 $181,357 $211,006 16.3 141.0 308 Mpls - Powderhom $105,359 $134,277 $159,232 $163,621 $180,765 $192,626 $182,697 -5.2 73.4 309 Mpls - Southwest $219,038 $246,128 $271,354 $301,059 $314,957 $334,398 $351,592 5.1 60.5 310 Mpls - University $146,263 $181,312 $197,087 $216,047 $237,979 $252,909 $259,010 2.4 77.1 340 Buffalo $169,647 $176,167 $187,495 $207,208 $222,891 $235,955 $247,690 5.0 46.0 341 Wright County (except Buffalo) $162,416 $179,046 $192,085 $204,680 $219,996 $241,140 $240,842 -0.1 48.3 342 Hutchinson $119,572 $129,042 $138,202 $147,905 $155,138 $173,593 $173,861 0.2 45.4 343 McLeod County $109,231 $126,988 $128,594 $131,286 $161,672 $163,395 $171,820 5.2 57.3 360 Robbinsdale $131,249 $152,150 $164,450 $178,450 $190,824 $193,651 $204,958 5.8 56.2 361 Crystal $129,017 $153,720 $164,021 $178,753 $189,784 $201,502 $198,732 -1.4 54.0 362 New Hope $146,715 $161,770 $180,464 $197,142 $209,819 $219,473 $218,317 -0.5 48.8 363 Brooklyn Center $124,435 $142,706 $157,313 $169,248 $183,319 $194,124 $191,323 -1.4 53.8 364 Brooklyn Park $151,298 $169,395 $183,140 $208,506 $228,103 $248,074 $253,466 2.2 67.5 365 Maple Grove /Osseo $200,674 $214,828 $236,904 $254,679 $263,719 $290,334 $308,723 6.3 53.8 366 Champlin $173,531 $191,458 $205,855 $226,442 $239,231 $253,513 $261,370 3.1 50.6 367 Hennepin -North $206,833 $217,317 $229,931 $251.558 $275,829 $295,692 $310.808 5.1 50.3 368 Hennepin - Northwest $310,009 $344,611 $396,752 $444,263 $486,537 $520,261 $520,271 0.0 67.8 370 Sibley County $99,849 $112,158 $134,317 $121,962 $137,108 $160,087 $144,607 -9.7 44.8 373 Golden Valley $196,321 $219,014 $245,643 $268,775 $287,259 $312,516 $328,409 5.1 67.3 374 Plymouth $226,656 $252,473 $265,395 $287,489 $310,289 $323,608 $324,175 0.2 43.0 378 'Richfield $141,573 $160,101 $182,861 $195,271 $211,395 $221,212 $224,389 1.4 58.5 379 Bloomington -East $144,184 $165,828 $177,642 $195,983 $197,441 $218,165 $232,296 6.5 61.1 380 Bloomington -West $198,693 $213,478 $231,466 $246,102 $259,541 $281,523 $272,810 -3.1 37.3 381 Lake Minnetonka $391,826 $422,298 $458,777 $463,802 $585,078 $629,488 $701,558 11.4 79.0 385 Edina $298,541 $328,204 $353,081 $396,287 $402,321 $450,131 $502,437 11.6 68.3 386 Hopkins $130,129 $159,910 $173,365 $191,917 $183,448 $211,202 $220,239 4.3 69.2 387 Minnetonka $247,102 $265,938 $298,175 $315,353 $338,985 $353,159 $342,035 -3.1 38.4 391 Saint Louis Park $156,214 $179,190 $195,192 $215,910 $230,017 $248,018 $251,665 1.5 61.1 392 Eden Prairie $265,131 $305,008 $308,243 $325,661 $348,903 $374,874 $365,798 -2.4 38.0 394 Carver County $172,728 $205,973 $211,771 $224,526 $251,231 $258,895 $283,886 9.7 64.4 396 Chanhassen $256,782 $285,722 $299,911 $317,921 $353,801 $353,302 $367,267 4.0 43.0 397 Chaska $208,377 $237,662 $242,979 $254,163 $273,326 $281,629 $276,802 -1.7 32.8 398 Victoria $294,411 $285,423 $318,443 $367,246 $369,473 $474,128 $469,349 -1.0 59.4 600 West St. Paul $134,958 $163,483 $178,400 $194,257 $199,323 $211,498- $210,400 -0.5 55.9 602 South St. Paul $126,011 $144,573 $161,951 $178,497 $178,282 $200,609 $198,868- -0.9 57.8 604 Mendola/Lilydale /Mendota Heights $254,392 $291,807 $294,488 $330,320 $366,850 $398,571 $373,855 -6.2 47.0 605 Sunfish Lake $559,801 $525,980 $1,062,857 $688.167 $933,312 $757,500 $670,750 -11.5 19.8 608 Inver Grove Heights $196,205 $205,041 $228,108 $235,180 $252,528 $275,729 $268,205 -2.7 36.7 610 Eagan $184,979 $206,104 $214,259 $229,843 $244,712 $254,526 $261,240 2.6 41.2 612 Burnsville $164,506 $181,752 $199,733 $217,112 $229,557 $245,142 $245,242 0.0 49.1 614 Apple Valley $175,929 $195,302 $206,233 $219,874 $229,441 $249,193 $253,243 1.6 43.9 616 Rosemount $171,871 $212,366 5228,440 $245,721 $249,532 $266,023 $284,311 6.9 65.4 617 Hastings $153,298 $177,393 $202,418 $221,145 $229,517 $225,358 $223,961 -0.6 46.1 618 Eastern Dakota County $212,606 $228,613 $233,409 $228,987 $269,507 $329,748 $260,492 -14.9 31.9 624 Farmington $169,777 $187,196 $207245 $220,031 $238,664 $239,999 $245,112 2.1 44.4 626 Lakeville $220,515 $246,753 $263,089 $281,013 $300,381 $313,680 $314,439 0.2 42.6 628 Southern Dakota County $193,795 $221,330 $196,027 $263,097 $265,998 $299,540 $284,607 -5.0 46.9 630 Northfield $169,815 $194,508 $204,569 $207,130 $242,104 $254,550 $242,725 -4.6 42.9 632 Rice County $136,491 $153,727 $164,607 $172,959 $191,320 $212,835 $205,569 -3.4 50.6 640 Shakopee $172,012 $191,207 $204,443 $215,760 $242,545 $260,817 $258,217 -1.0 50.1 642 Prior Lake $242,838 $262,396 $285,996 $309,519 $326,702 $376,577 $359,776 -4.5 48.2 644 Savage $205,987 $235,027 $250,057 $261,389 $260,792 $288,448 $293,755 1.8 42.6 646 Jordan $196,760 $195,913 $202,940 $238,691 $259,793 $287,166 $282,775 -1.5 43.7 648 New Prague $184,322 $210,506 $214,418 $230,162 $250,423 $289,409 $284,655 -1.6 54.4 650 Belle Plaine $152,350 $176,108 $179.386 $193,083 $224,152 $222,630 $214,035 -3.9 40.5 658 Le Sueur County $129,156 $127,046 $130,289 $160,175 $159,705 $184,791 $182,358 -1.3 1 41.2 12 2oo6 Residential Real Estate Activity Report p 2007 Minneapolis Area Association of REALTORS® Average Sales Price by Area Historical includes single-family detached homes, condominiums, townhomes and twin homes Code Area 2000 2001 2002 2003 2004 2005 2006 % Change from 2005 % Change from 2000 660 Goodhue County $144,355 $160,310 $166,418 $172,142 $185,307 $197,693 $202,524 2.4 40.3 702 Falcon Heights/Lauderdale/Roseville $170,533 $185,823 $206,608 $223,683 $236,748 . $251,424 $270,237 7.5 58.5 705 Lino Lakes /Hugo /Centerville $191,278 $218,316 $238,088 $251,102 $277,830 $301,904 $297,334 -1.5 55.4 706 North Central Suburban $228,916 $259,503 $266,970 $281,496 $293,901 $322,878 $338,772 4.9 48.0 707 Ham Lake $216,438 $242,855 $264,818 $309,602 $352,868 $363,343 $351,350 -3.3 62.3 708 While Bear Area $201,038 $222,445 $250,047 $272,624 $292,243 $303,513 $302,040 -0.5 50.2 709 Forest Lake Area $187,490 $206,693 $238,186 $243,298 $266,384 $283,599 $279,186 -1.6 48.9 710 Northeast Anoka County $182,513 $187,068 $227,501 $237,552 $280,592 $286,579 $304,578 6.3 66.9 711 Southern Chisago County $157,520 $177,804 $196,943 $215,250 $230,952 $241,783 . $240,612 -0.5 52.7 712 Maplewood /North St. Paul $160,572 $173,321 $200,978 $214,242 $233,457 $237,227 $238,968 0.7 48.8 713 Bethel $165,630 $186,313 $213,416 $227,201 $241,940 $271,563 $263,982 -2.8 59.4 714 SP - Phalen $103,412 $125,090 $140,936 $156,803 $169,588 $182,019 $175,909 -3.4 70.1 716 SP- Hillcrest/Hazel Park/Daytons Bluff $106,257 $126,743 $142,131 $156,186 $166,868 $178,764 $176,277 -1.4 65.9 720 SP- Southeast St. Paul $142,098 $155,535 $172,550 $188,331 $223,181 $210,616 $217,221 3.1 52.9 721 Lakeland/Afton /Denmark $264,112 $293,905 $347,114 $371,366 $409,081 $385,566 $375,753 -2.5 42.3 722 Newport/St. Paul Park/Collage Grove $160,202 $178,737 $194,409 $208,873 $224,418 $242,292 $247,682 2.2 .54.6 725 Pine Springs /Lake Elmo /Oakdale $183,840 $205,840 $216,676 $224,297 $248,208 $253,505 $259,843 2.5 41.3 726 Woodbury $217,228 $228,497 $248,226 $264,717 $296,442 $308,438 $314,279 1.9 44.7 727 Stillwater /Bayport $245,022 $268,318 $285,575 $321,336 $341,634 $341,231 $355,172 4.1 45.0 728 SP - Riverview /Cherokee $105,093 $128,990 $147,204 $161,272 $172,290 $191,106 $194,125 1.6 84.7 738 SP- Home Cfotl/W7th $113,761 $124,904 $148,995 $163,401 $175,020 $178,105 $178,354 0.1 56.8 740 SP - Crocus Hill $203,916 $251,860 $254,447 $297,520 $308,590 $332,208 $335,290 0.9 64.4 741 SP - Downtown Stp /Capital Heights $128,299 $130,664 $168,435 $161,880 $168,796 $212,141 $222,833 5.0 73.7 742 SP - Central $87,413 $106,802 $118,900 $136,810 $146,874 $157,419 $151,477 -3.8 73.3 744 SP -Como $138,758 $163,159 $179,960 $189,887 $212,986 $226,192 $216,457 -4.3 56.0 746 SP - St.Anthony /Midway $126,397 $153,926 $169,216 $193,002 $207,924 $219,697 $222,771 1.4 76.2 748 SP -Town & Country/Merriam Park $170,429 $210,449 $250,604 $278,951 $311,999 $340,854 $303,259 -11.0 77.9 750 SP - Mar/Groveland /River Road Area $195,494 $227,913 $258,049 $277,691 $299,435 $313,704 $318,755 1.6 63.1 752 SP - Highland Area $189,770 $229,321 $252,338 $277,868 $300,440 $315,100 $317,965 0.9 67.6 754 Big Lake Township $142,223 $167,123 $173,982 $193,404 $273,370 $221,601 $233,906 5.6 64.5 756 Elk River $168,769 $187,731 $209,399 $225,580 $239,728 $253,438 $248,760 -1.8 47.4 758 Northwestern Anoka County $157,729 $185,810 $201,524 $221,465 $257,708 $265,673 $259,607 -2.3 64.6 760 Ramsey $166,406 $185,919 $198,824 $232,674 $246,388 $244,127 $249,358 2.1 49.8 762 Andover $192,561 $211,422 $237,184 $250,219 $270,562 $293,140 $301,044 2.7 56.3 764 Blaine $149,820 $183,335 $197,854 $210,564 $242,180 $259,167 $266,214 2.7 77.7 765 Arden Hills/Shoreview $192,528 $209,225 $225,124 $228,952 $245,406 $264,269 $284,750 7.8 47.9 766 Moundsvw /New Brightn /St.Anthny ViIg $161,784 $176,243 $201,968 $213,614 $229,438 $248,361 $239,365 -3.6 48.0 767 Coon Rapids $137,595 $154,143 $169,428 $191,665 $211,480 $219,483 $218,090 -0.6 58.5 768 Fridley $136,025 $155,890 $174,415 $188,243 $203,433 $213,696 $218,337 2.2 60.5 769 Anoka $133,930 $152,746 $171,651 $180,952 $209,277 $210,090 $211,547 0.7 58.0 770 Hilltop /Columbia Heights $120,264 $143,207 $155,020 $168,864 $183,996 $193,931 $188,392 -2.9 56.6 771 Spring Lake Park $140,165 $153,230 $166,995 $180,275 $199,317 $206,555 $210,524 1.9 50.2 772 Lexington /Circle Pines $139,651 $156,731 $167,894 $187,174 $198,048 $211,932 $207,301 -2.2 48.4 780 Sherburne County $139,347 $158,014 $168,828 $183,593 $216,025 $228,194 $236,496 3.6 69.7 782 Isanli County $131,978 $152,671 $169,355 $174,655 $193,645 $203,846 $204,698 0.4 55.1 783 Cambridge $122,599 $136,058 $146,682 $163,684 $183,958 $195,872 $184,875 -5.6 50.8 784 Northern Chisago County $124,987 $146,804 $165,343 $195,136, $191,769 $216,483 $202,794 -6.3 62.3 801 Southeast Wisconsin $650,000 $134,000 $136,900 $162,000 N/A $206,000 $408,000 98.1 -37.2 802 Southern Wisconsin $224,000 . N/A N/A $107,100 $174,997 $124,024 $166,593 34.3 -25.6 803 Eastern Wisconsin N/A N/A N/A $389,300 $145,000 $123,980 $85,099 -31.4 N/A 804 Central Wisconsin $209,003 $180,000 $150,200 $191,806 $150,940 $127,656 $133,744 4.8 -36.0 805 Western Wisconsin $150,853 $163,846 $173,752 $184,629 $202,493 $195,318 $198,538 1.6 31.6 811 Northeast Minnesota $101,322 $118,422 $140,505 $152,160 $163,874 $172,615 $172,589 0.0 70.3 812 Northern Minnesota $172,740 $108,896 $144,262 $205,664 $199,762 $176,126 $167,211 -5.1 -3.2 813 Northwest Minnesota $123,903 $123,451 $135,847 $142,315 $148,826 $134,427 $136,277 1.4 10.0 814 West Central Minnesota $103,821 $106,556 $115,641 $124,949 $135,486 $162,607 $163,741 0.7 57.7 815 Southern Minnesota $107,714 $121,881 $138,461 $150,726 $155,952 $161,184 $158,461 -1.7 47.1 816 Southeast Minnesota $142,007 $153,752 $161,139 $175,758 $177,641 $181,753 $190,809 5.0 34.4 817 Central Minnesota $128,610 $127,488 $145,871 $160,782 $172,788 - $189,206 $194,447 2.8 51.2 840 North Dakota $88,257 $91,483 $93,847 $106.024 $106,544 $125,755 $139,409 10.9 58.0 850 South Dakota N/A N/A N/A WA $38,750 $61,250 $340,000 455.1 WA 851 Western Iowa $90,000 N/A $45,000 71800.0 N/A WA 136000.0 N/A 51.1 861 Eastern Iowa $110,000 N/A $56,250 $80,250 N/A $199,900 $38,500 -80.7 -65.0 www.mplsrealtoccom 2oo6 Residential Real Estate Activity Report 13 (continued) Market Analysis Twin Cities Metro: 2oo6 -07 Home Price Growth 11.8% Figure 3 11.0% 9.6% 8.8% 8.1% 8.0% 7.2% 6.0% 0.5% 1998 1999 2000 2001 2002 2003 2004 2005 2006 Continued from page 1 Builders and homesellers were competing for a smaller pool of active buyers and were forced to compete on price in some circumstances. As a result, the 2oo6 median sales price held relatively steady with 2005, posting a 0.5 percent increase to $23o,000. For the past decade, home price appreciation has been unsustainably high for our marketplace —an average of 8 percent each year and reaching a peak of 12 percent in 2001 (Figure 3). Greeting the Pause With Open Arms Too often, the residential real estate downturn is painted in a negative light. What few seem to be talking about is perhaps the most important and relevant aspect of this whole recent housing slowdown: The decline is not only natural and expected, but it's exactly what we need right now. Some make the mistake of viewing the temporary price pause as a harbinger of doom, but it is actually the very cure to what ails our regional housing market. The chief factor in the current market pause is decreased housing affordability. During the early 2000s, conditions were characterized by skyrocketing consumer demand due to low interest rates, demographic changes and the relative weakness of the stock market as an investment vehicle. The supply of homes available for sale struggled to keep up with demand. As a result, home prices escalated dramatically —from a median Of $152,000 in 2000 to $228,90o in 2005, a jump of 50 percent. While the spending capabilities of Twin Cities consumers did increase in the same time period thanks to the aforementioned low interest rates and a slow rise in wages, they didn't keep pace with home prices (Figure 4). Consumers will only spend what they are able for goods and services, and housing is no exception. The buying environment must become more hospitable for consumers to return en masse. That will only occur on a meaningful scale if there is a pause in home price growth. As we saw in 2oo6, this is exactly what is happening. Affordability conditions improved dramatically in the latter part of the year due to flat prices and the continued prevalence of historically -low interest Growth i rates. This makes home ownership more likely and desirable for first - time home buyers —a necessity for future growth. An accessible market is a growing market. For those concerned that a decline in home price growth could lead to a large -scale price decline, consider this: The Twin Cities housing market is quintessentially Midwestern. Our highs aren't too high and our lows aren't too low. The Twin Cities has not seen a real decline in home prices since the Great Depression. While long -term price declines may be seen in the overheated and speculator - rich markets on the coasts, don't expect anything similar in our region. 2007 —A Light at the End of the Tunnel We are clearly in the midst of a downturn, but consternation persists regarding when we'll finally see a rebound. 2007 will indeed be the year that the bounce back begins, but not right away. Our market still faces some complex issues. Affordability. Foreclosures. Overleveraged consumer debt. The "buy forward" effect. These byproducts of the boom years will prevent a quick bounce back and require some patience from armchair economists. Its important to understand that a quick and easy rebound is not in the cards. We will continue to experience the necessary and healthy growing pains of a changing market. In the end, we'll all benefit in the future from the happenings of the present. The first half of 2007 should see an extension of current conditions before buyers begin to reawaken later in the year. The rebound will be gradual enough, faint enough in its inception and occur late enough in the year that the net sales activity for 2007 will hold relatively stable with 2oo6. But the seeds of recovery will be sown, and the market should show solid buyer gains in 2oo8. n Prices and Income -2000 through 2005 Consumer Income Home Price 14 2oo6 Residential Real Estate Activity Report ® 2oo7 Minneapolis Area Association of REALTORS® LEGEND - 61 % or more 55%-60.9% 45%-54.9% Less than 45°% RMLS Boundary 368 MLS Classification IT Airport Home Price Appreciation Since 2000 Map includes single-family detached homes, condominiums, townhomes and twin homes 782 784 StaNOd Ath— Oxford Chisago Lake Twp Twp w0 711 she" T-P Twp Twp ST FRANCIS BE THEL STACV CENTER SHAPER YVypm LINDSTROM EAST BETHEL iV CITY FraTncona 756 758 OAK 713 BIG LAJ(E Lake sspo sn.� 754 ELK RIVER T WYOMING 709 Twp�ka OSCEOIA M ELLO f 760 FOREST New SCandla 341 Monticello OTSEGO LAKE RAMSEY 762 TwD Twp wI' Mapb Laks yrP ANDOVER Fake ALBERTVIIIE ? TwP Somb 769 Twp A MARINE ON ST CROIK cban ST MICHAEL Hassan 367 DArTGN 767 T BUFFALO Twp ROGFRS 705 P Somerset Twp 340 366 COON NTERVILLE 5 TAwy T* — HA FR CHAMPLN PUS SPRI LINO LAKES HUGO -1 BROOKLYN LA X772 727 SOMERSET Rockford OSSE0 PARK PA\ - MO11N05 it Bear MaiP 65 364 771 IF SI�ORFV FVJ r�, wp ROCKFORD ROCKFORO MAPLE 768 agL'EN N ORAN7 StAw�ter Dot 805 GROVE HILLS 708 wHr WAVERLY 363 RIDLEY NEW w MONTROSE BRIGHTON SHOREV St Joseph n w who BROOKLYN Hty r.�E w ( ;RY STAL CENTER IoP ,yaL STILLWATER p 374 361 770 765 765 �H o�KPN DELANO 362 360 Lt ✓ ... e,oHTs Woodland Franklin YMOUTH r0 ROBBI 702 aIANIT exraor:r Twp Twp 1 -0PE ROSEVILLE 712 PµK Baytown NoaTH Twp UDSo— Hudson GOLDEN FALCON �J Twp MECIC,NE VALLEY HEIGHTS MAPLEWOOD OAKDALE (25 IAKE 373 E 744 E` �`a well Lakeland S 300 � � SAI L 716 LANDFALL Twp � UDSON y INNE `/so 740 720 5 HOPKI � � 728 :� 19 387 '385 309 304 752 La n.l 600 726 Tyr eaei r.1INN FTONKA EDINA SAINT 602 WOODBURV - Troy Twp RICHFIE7$ LD 1; n 604 *SOUTH NEWPORT 721 3 SAINT CHANHASSEN ! ` x+uu„s PAUL 396 392 380 379 J „ P 722 EDEN ASKA PRAIRIE BLOOMINGTON �� FAGAN 608 ARK COTTAGE Cldtoo 397 610 NVFR Clad GROVE DeT.p Twp GROVE and Twp F° 640 617 J ` SHAKOPEE SURNSVKLE 616 Tap 1 4 PRESCOTT Lorla," PRIOR 644 612 APPLE ROSEMOUNT No,rvger Oak Grove T Twp HASTINGS Twp LAKE VALLEY �a42 COAIF.S 618 wash, send creel {7YL. Lake Twp JORDAN 1Vr0 R7ver ET pYe VERMILLION MarvvP Ravenna Tw'P LAKEVILLE 624 wP Vermlpan ° Twp 370 646 a FARMINOTON Twp Faxon St l:.wrerKr P Twp Twp SFtlF NEW MIESVILLE VVelfJ1 Ps q,t;F MN t TON TRIER TWP Helena Twp y,=ne I'fn�nn M- 628 Oougia Jesss WrJantl nKe Fy -wp Twp Lake NEW ELKO Eureka Twp Castle Rock Ha' _ TIP D 650 pRgGUE 648 630 � - 660 ENDERSON Randolph NNON Laresburg WheadaM Greenvale Waterbrtl ScIdeRAN LPH T FAILS- _I,rr.tip Twp Twp Webster T T Henderson - Tw Derrynane HEIDELBERG Twp Twp Cannon Falls Twp Twp ONSDALE 632 StTwp Twp SUEUR 658 ?H.p*Ii�iTHFI0LD www.mpisrealtor.com 2oo6 Residential Real Estate Activity Report 15 7a,oss =198o--,996-: roperty types, all MLS districts. 80,238 Year L Listings Processed T Total Dollar Volume, On bill[") :. - - Unit Sale 1980 3 37,018 $ $1.34 1 18,351 1981 3 35.580 $ $1.25 1 15,675 1982 4 41,465 $ $1.00 1 12,193 8 82,288 1983 5 50,794 $ $1.35 1 15,914 8 84,953 1984 5 53,646 $ $1.55 1 18,231 8 85,007 1985 5 51,492 $ $1.87 2 21,335 8 87.789 1986 5 58,382 $ $2.52 2 28,015 9 90,319 1987 5 55,422 $ $2.46 2 25,772 9 95,914 1988 8 80,771 $ $3.21 3 34,244 9 93,977 1989 8 89,170 $ $3.28 - 3 33,962 9 96,658 1990 7 78,548 $ $3.37 3 34,496 9 98,016 1991 7 71,850 $ $3.52 3 35,598 9 99,402 1992 7 72,730 $ $4.31 4 41,944 1 103,264 1993 7 70,685 $ $4.30 3 39,842 1 107,569 1994 6 63,369 $ $4.73 4 42,454 1 111,806 1995 6 64,556 $ $4.94 4 42,310 1 117,053 1996 7 73,433 $ $5.82 4 46,949 1 124,022 1997 6 63,189 $ $5.68 4 41,441 1 137,085 1998 6 64,280 $ $7.09 4 47,836 1 147,346 1999 5 57,573 $ $7.62 4 46,675 1 163,277 2000 5 59,618 $ $8.76 4 48,208 1 181,605 2001 7 71,861 . .$10.22 5 50,298 2 203,136 2002 7 73,940 $ $11.33 5 51,212 2 221,275 2003 8 86,378 $ $13.48 5 56,528 2 238,446 2004 9 97,737 $ $14.92 5 58,233 2 256,252 2005 9 99,211 $ $15.61 5 57,283 2 272,522 2006 1 108,022 $ $13.34 4 47,906 2 278,462 1997 - present: Single family detached homes, condominiums, townhouses and twin homes for the 13-county metropolitan area. 2002: Home sales were recalculated by RMLS on March 6, 2003 due to the fact that the previous report included some sales reported early in 2003.