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3 2014 Assessment The percentage changes in 2014 aggregate value by property class, for the City of St. Paul, and for all the suburbs taken together and county -wide are as follows: Residential Commercial/Industrial Apartments Countywide- 2013 $156,500 $480,000 $572,100 Countywide- 2014 $172,800 $475,000 $589,100 Residential Market Summary • With a historic low supply of homes for sale, low interest rates and improving economic conditions will continue to put upward pressure on the median home sales prices in 2014. • The Minneapolis Area Association of Realtors reports a 2013 median sale price for Ramsey County of $163,000, up from $142,000 at the end of 2012. • Foreclosures fell by 30% in 2013 to 1,159; their lowest level in five years. • The price gap between the median price of traditional sales at $185,000 and foreclosed sales at $102,000 is 45%, with short sales showing a gap of 37% at a median sale price of $117,000. • The median values of single family homes increased most dramatically in the Payne -Phalen and Como neighborhoods in the City of St. Paul. • In the Suburbs the most dramatic increases were in the Cities of Maplewood and Shoreview. • The Townhomes and Condo market continue to have mixed results. • Townhomes in the Thomas -Dale and Como Planning Districts had the largest median value percentage increases. • Townhomes in the Westside Planning District experienced a minor setback in 2013. • The Downtown condo market is improving, and continues to show strong sales in 2014. Commercial Market Summary Office - • The Office market continues to be the softest market segment in our County, particularly in the suburban areas. • However, the Medical Office market remains very strong. Excellence * Respect • Diversity Overall Residential Commercial/Industrial Apartments City of Saint Paul +7.5% +9.4% +0.9% +7.4% Suburban Ramsey +7.0% +9.5% +0.5% +5.1% Countywide +7.3% +9.4% +0.6% +6.5% Median Values for 2013 and 2014 are as follow: Residential Commercial/Industrial Apartments Suburban Ramsey- 2013 $176,100 $729,200 $941,600 Suburban Ramsey— 2014 $194,800 $725,000 $983,400 Residential Commercial/Industrial Apartments Countywide- 2013 $156,500 $480,000 $572,100 Countywide- 2014 $172,800 $475,000 $589,100 Residential Market Summary • With a historic low supply of homes for sale, low interest rates and improving economic conditions will continue to put upward pressure on the median home sales prices in 2014. • The Minneapolis Area Association of Realtors reports a 2013 median sale price for Ramsey County of $163,000, up from $142,000 at the end of 2012. • Foreclosures fell by 30% in 2013 to 1,159; their lowest level in five years. • The price gap between the median price of traditional sales at $185,000 and foreclosed sales at $102,000 is 45%, with short sales showing a gap of 37% at a median sale price of $117,000. • The median values of single family homes increased most dramatically in the Payne -Phalen and Como neighborhoods in the City of St. Paul. • In the Suburbs the most dramatic increases were in the Cities of Maplewood and Shoreview. • The Townhomes and Condo market continue to have mixed results. • Townhomes in the Thomas -Dale and Como Planning Districts had the largest median value percentage increases. • Townhomes in the Westside Planning District experienced a minor setback in 2013. • The Downtown condo market is improving, and continues to show strong sales in 2014. Commercial Market Summary Office - • The Office market continues to be the softest market segment in our County, particularly in the suburban areas. • However, the Medical Office market remains very strong. Excellence * Respect • Diversity