HomeMy WebLinkAboutCity Council Packet 04-08-2014 BOECITY OF PLYMOUTH
BOARD OF EQUALIZATION
AGENDA
APRIL 8, 2014, 6:00 p.m.
COUNCIL CHAMBERS
1. CALL TO ORDER
2. CITY ASSESSOR'S REPORT
3. PUBLIC COMMENTS
4. ADJOURN
Board of Equalization April 8, 2014
2014
Annual Assessment Report
City Assessor:
Commercial Appraiser
Appraisal Staff:
Assessment Technician:
Janene Hebert, SAMA
Jake Pidde, AMA
Tammy Anderson, SAMA
Cindy Bowman, AMA
Paul Kingsbury, CMA
Mike VanderLinden, AMA
Cathy Emerson
The assessing division can be reached at
763-509-5350
or
assessinggplymouthmn.gov
I'Op. City OfPlymouth
Addh,A,g Qua tita7 to Life
To: Plymouth Board of Appeal and Equalization
From: Janene Hebert, City Assessor
Through: Luke Fischer, Administrative Services Director
Re: 2014 Local Board of Appeal and Equalization
Date: 3/28/2014
The Board of Appeal and Equalization will be held on April 8, 2014. The purpose of the board is to hear testi-
mony from property owners on their objections to the Assessor's 2014 estimated market value or property clas-
sification. This may be done in three ways:
(1) in person,
(2) in writing, or
(3) by the property owner's representative.
The Board of Appeal & Equalization is not empowered to adjust taxes, but only address the 2014 estimated
market value or classification questions.
At the conclusion of the meeting, the Board of Appeal & Equalization will recess and reconvene, if necessary,
on April 22, 2014 at 6:00 p.m. Decisions on all appeals should be made after all appeals have been heard and
based on information submitted by the property owner and staff reports prepared by Assessing Division staff
appraisers.
Please read through the information and feel free to contact me with any questions or comments you may have
before the Board convenes.
Janene Hebert
763-509-5352
j hebert@plymouthmn. gov
Table of Contents
2014 Assessment
Duties of the Board 1
Purpose of the Board 3
Role of the Board in the Assessment Process 4
• Market Value
• Classification
• Overview of the Assessment Process
2014 Assessment for Taxes Payable in 2015 9
• Total Market Value
• Distribution of Estimated Market Value by Property Type
• Highlights of the 2014 Assessment
• Establishing Market Values
• Sales Ratio Study
• How Plymouth Compares
• 2014 Assessment Statistics
• 2014.Residential Property Information
• 2014 Non -Residential Property Information
Value Exclusions 21
• This Old House
• Veterans Exclusion
• Homestead Market Value Exclusion
Foreclosure Data 23
Appeal Process 25
Addenda
• Local Market Update December, 2013, Minneapolis Area Association of
Realtors
• Local Market Update February, 2014, Minneapolis Area Association of
Realtors
Duties of the Board
The board is to determine whether all of the taxable property in the jurisdiction has been properly valued and
classified for the current assessment. 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 carefully by the board. An appeal may be made in person, by letter, or through a rep-
resentative of the owner. Written objections should be filed prior to the meeting of the 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 should look for improvements to property, new construction, or other inadvertently excluded infor-
mation that are not on the tax rolls. When improvements are missing from the tax roils, a slightly higher burden
falls upon the owners of all properties that have been assessed. If the board finds any 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 as-
sessment 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.
Prohibition on changes within ten days of local board meeting
Because the Value Notice must be mailed to the taxpayer at least ten days prior to the LBAE meeting, the asses-
sor 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. The appraisers and assessor will continue to review properties
within ten days of the 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, they do not need to appeal to
the board. Instead, the assessor simply presents the change to be voted on by the board.
What the board can do:
Reduce the value of a property. The 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 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 must also 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 inust 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.
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 carefully 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 how they want
Page 1
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.
Local Boards Only: Add properties to the assessment list. 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.
What the board can't do:
The board can't consider prior year assessments. The Board of Appeal and Equalization does not 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 filing a tax court petition.
The board can't reduce the aggregate assessment by more than I percent. Although the both Local Board of
Appeal and Equalization has the authority to increase or reduce individual assessments, they cannot change an
entire class of property. Furthermore, the total of all adjustments must not reduce the aggregate assessment of
the jurisdiction by more than one percent. If the total amount of adjustments made by the board does lower
the aggregate assessment by more than one percent, none of the adjustments will be allowed.
The board can't exempt property. The Board of Appeal and Equalization does not have the authority to grant an
exemption or to order property removed from the tax rolls.
A member of the board can't make changes to property in which they have an interest in.
The board can't grant special program status.
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.
Page 2
The purpose of the Board of Appeal and Equalization is to provide a fair and objective forum for proper-
ty owners to appeal their valuation or classification. The local board often serves as the first formai step
in the appeals process for taxpayers.
The goal of the Board of Appeal and Equalization should be to attempt to address property owners' is-
sues efficiently, fairly and objectively. Effective actions taken by the board may potentially make a di-
rect contribution to attaining assessment equality.
A change made by the board must be substantiated by facts. Any value reductions must be justified be-
cause they have the effect of shifting the tax burden to other properties in the jurisdiction. Furthermore,
any changes made by the board must meet statutory guidelines.
Page 3
Role of the Board in the Assessment Process
The Board of Appeal and Equalization has the authority to change the valuation or classification of a prop-
erty for the current assessment year. Taxes or prior year assessments are not within the jurisdiction of the
board.
Any decisions made by the board must be supported by facts and by Minnesota law. The board must make
informed decisions and ensure all taxpayers are treated fairly and uniformly.
In order to make an informed decision on the valuation or classification of a property, it is important to un-
derstand the concepts of valuation and classification.
These two concepts are equally important in the assessment process. They are both determined on the as-
sessment date, January 2, each year.
We will look at the definition of market value and explain how classifications are determined.
Market Value
State law requires that all property shall be valued at its market value (Minnesota Statutes, Section 273.11,
subdivision 1).
Minnesota Statutes, Section 272.03, subdivision 8 defines "market value" as follows:
" `Market value' means the usual selling price at the place where the property to
which the term is applied shall be at the time of assessment; being the price
which could be obtained at a private sale or an auction sale, if it is determined by
the assessor that the price from the auction sale represents an arm's-length trans-
action. The price obtained at a forced sale shall not be considered. "
The definition of market value usually implies the consummation of a sale as of a specific date under the
following conditions:
• The buyer and seller are typically motivated;
• Both parties are well informed or well advised and both are acting in what is con-
sidered to be their own best interest;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in cash or its equivalent;
• Financing, if any, is on terms generally available in the community on the specified
date and typical for the property type in its locale; and
• The price represents a normal consideration for the property sold unaffected by
special financing amounts and/or terms, services, fees, costs or credits incurred in
the transaction.
In other words, market value is the price that would tend to prevail under typical, normal competitive open
market conditions.
Minnesota Statutes, Section 273.11, subdivision 1 further states:
"In estimating and determining such value, the assessor shall not adopt a lower
or different standard of value because the same is to serve as a basis of taxation,
nor shall the assessor adopt as a criterion of value the price for which such prop-
erty would sell at a forced sale, or in the aggregate with all the property in the
town or district; but the assessor shall value each article or description of prop-
erty by itself, and at such sum or price as the assessor believes the same to be
fairly worth in money. "
Page 4
The law provides that all property must be valued at market value, not that it may be valued at market value.
This means that factors other than market value issues should not affect the market value determined by the
assessor.
Estimated market value
The value determined by the assessor as the price the property would likely sell for on the open market is
called the estimated market value (EMV). This value is determined on the assessment date, January 2 of each
year.
The EMV for the current assessment year is the only value property owners may appeal to the board,
even though taxpayers will also be given a taxable market value.
Taxable market value
Taxable market value (TMV) is the value that property taxes are actually based on, after all reductions, limita-
tions, exemptions, exclusions and deferrals. The board cannot change the TMV of a property. The only value
the board has the authority to change is the EMV for the current year. Changing the EMV may ultimately
change the TMV, but it is important to note that there can be instances where the board raises or lowers the
EMV, and the TMV remains the same.
There are many programs and provisions in Minnesota law that allow for a property's EMV to be different
from its TMV. For example, qualifying veterans who are disabled receive an exclusion of up to $150,000 or
$300,000 of their property's EMV. This reduction is reflected in their TMV.
Other programs and provisions to be aware of include the Homestead Market Value Exclusion (HMVE), Vet-
erans Exclusion, Agricultural Property Tax Law (Green Acres), the Rural Preserve Property Tax Program
(effective for the 2012 assessment) and Plat Deferment. If you have questions about these or any other pro-
grams, please call our office.
Classification
In Minnesota, property is classified according to its actual 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 classifications are defined in Minnesota Statutes. Examples of classifications include residential
homestead, residential non -homestead, apartment, commercial, and agricultural. The board can change the
classification for the current assessment year of any property, which in the board's opinion, is not properly
classified. The classification must be based on use, and in order for the board to change the classification, the
owner must present evidence that the property is used in a manner consistent with the classification he/she is
seeking.
The board can only change the classification of a property to a classification that is permitted by law. For ex-
ample, the assessor classifies a 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 agri-
culturally and meets the statutory requirements of the agricultural class.
It is important to remember that use — not zoning — is the key factor in determining the classification of a prop-
erty.
Page 5
Overview of the Assessment Process
The assessment of property — determining the estimated market value and classification — technically occurs
on January 2 (the assessment date) of each year. The work and analysis required to make these estimations
involves several months before and after the assessment date.
In Plymouth, the field inspections of real estate for the 2014 assessment began in February 2013 and continued
through the fall. Staff has already begun inspecting property for the 2015 assessment. During these inspec-
tions, the appraiser identifies and records the specific characteristics of each property being reviewed. These
characteristics include square footage, condition of the property, style of the home and number of bedrooms
for example. Appraisers gather a lot of information to help them estimate each property's value and determine
its use for classification purposes.
At about this same time, we start work on analyzing sales and other market data in a sales ratio study to help
estimate values. The sales included in this sales ratio study should represent a typical open market. The sales
are from October 1 of two years prior to the assessment year to September 30 of the year prior to the assess-
ment year. In other words for the current local board, sales from October 1, 2012 to September 30, 2013 are
included in the study for the 2014 assessment.
Based on the field inspections and sales ratio study, all taxpayers are notified of their value and classification
for the January 2 assessment in the spring of each year. This notification initiates the appeals process that
continues until the middle of June at the County Board level.
The final value and classification for each property for each assessment year is used to determine that
property's taxes in the following year. For example, the value and classification for the 2014 assessment, once
finalized, is used to determine the taxes paid in 2015.
Assessor estimates value
The assessor determines the approximate selling price (or EMV) for each taxable parcel based on the condi-
tions of the market on January 2 of each year. The assessor is required by law to view each property at least
once every five years. However, even if the assessor did not physically visit a property for that assessment
year, the property is subject to valuation changes to reflect market conditions. The assessor is required to
estimate the market value as of January 2 of each year to reflect current market conditions because the real
estate market is constantly changing — sometimes dramatically.
When the assessor views the interior of a property, he/she can make a more accurate assessment. The assessor
bases his/her assessment on multiple factors, including size, age, condition, quality of construction and other
features such as fireplaces.
The assessor compares the property to actual sales of similar properties in the area to determine the EMV of a
property. In addition to this approach to determining value, the assessor may also consider the cost to construct
the property or the income generated from the property. These techniques are often referred to as the "three
approaches to value."
Assessor determines classification
Along with estimating the market value of each property, the assessor must determine the classification, or
use, of each parcel of property. Property classifications are defined in Minnesota Statutes, and the assessor
classifies the property based on its use as of January 2 of each year. Examples of classifications include resi-
dential homestead, residential nonhomestead, apartment, commercial and agricultural.
Page 6
Assessor reviews sales ratio
The assessor and appraisal staff analyzes the sales within the City and in a community in order to understand
local market trends and provide direction in estimating values. Whenever real estate is sold for more than
$1,000, a certificate of real estate value (CRV) must be filed in the county in which the property is located.
In Plymouth, the assessor and appraisal staff uses CRVs to analyze actual sales of property and to complete
sales ratio studies for each neighborhood, style of home, and school district for each type of property. The ratio
is determined by dividing the EMV by the sale price. The staff uses the sales as guides to estimate what similar
properties would likely sell for on the open market. It is important to remember that one sale, taken by itself,
does not necessarily reflect the actual real estate market in a city or neighborhood.
The County Assessor reviews the sales ratio of the jurisdiction for accuracy and to ensure consistency and uni-
formity within the County. The Department of Revenue conducts a similar independent sales ratio study for
the jurisdiction to monitor how close the median ratio is to the required level of assessment and is used by the
State Board of Equalization. The Department of Revenue's sales ratio studies should be the same or similar to
the studies conducted by both the County and City.
The Sales Ratio Study
The sales ratio study is a tool assessors use to help determine values for properties. The study helps assessors
plan the upcoming assessment and evaluate the current assessment. If results of the study are not within ac-
ceptable guidelines, the assessor is required by law to either decrease or increase estimated market values so
that they more closely reflect the market.
The sales ratio study period includes sales that have occurred in a twelve month period. For the January 2,
2014 assessment, the assessor reviews sales that occur between October 1, 2012 and September 30, 2013. By
design, there is a lag between the sale and when it is used to help estimate value so it can be verified and
reviewed for accuracy.
The assessor only considers sales that have been verified as typical and open market. This means the buyer and
seller are typically motivated, both parties are acting in their own best interests and a reasonable time is al-
lowed for marketing. According to state law, the assessor must not use sales that cannot be verified as open
market sales. This means sales between family members, for example, are not included. This also means that
foreclosure sales are very rarely (if ever) included.
The assessor completes a sales ratio study by gathering basic data and screening and editing information to
make any adjustments and exclude all sales that do not represent arm's-length transactions. The remaining data
is processed and sorted by similar property types within each neighborhood. Finally, statistics are computed to
describe the information and determine results of the assessor's work.
There are numerous calculations in a sales ratio study that describe the overall levels and quality of the
assessment. An important one is the sales ratio; it shows the relationship between the EMV and a property's
sale price. It is the EMV divided by the sales price.
The median sales ratio is the midpoint (middle) of all the individual ratios that are included for that property
type in that city or township for that study period when they are put in order. In Minnesota, this median sales
ratio should be between 90% and 105%. Simply stated, when all of the ratios of the individual sales are placed
in an array, the ratio in the middle should be between 90% and 105%.
Page 7
Assessor notifies taxpayer
The assessor notifies taxpayers of their values and classifications each year after they have been estimated
on the assessment date. This notification — the Notice of Valuation and Classification — must be mailed at least
ten days prior to the Local Board of Appeal and Equalization meeting.
At this point, the property owner can appeal the EMV and/or classification if he/she feels that the property is:
• classified improperly;
• valued at an amount higher than they could sell the property for; and/or
• valued at a level different from similar properties in the area.
The property owner should first contact the assessor's office to discuss questions or concerns
Issues often can be resolved at this level. If questions or concerns are not resolved after talking with the apprais-
er or assessor, formal appeal options are available:
• Property owners may appeal to the Local Board of Appeal and Equalization;
• If the property owner is not satisfied with the local board's decision, he/she may then appeal to the
County Board of Appeal and Equalization; and/or
• The property owner may appeal to Tax Court.
The Notice of Valuation and Classification must provide the property owner with the date, time and location of
the Local and County Boards of Appeal and Equalization.
Page 8
2014 Assessment for Taxes Payable in 2015
The 2014 property assessment was submitted to Hennepin County in January, notices were mailed on
March 7th, and property owners should have received their Notice of Estimated Market Value. The 2014
property assessment applies to property taxes payable in 2015 and reflects the sales activity between Octo-
ber 1, 2012 and September 13, 2013, as well as market conditions as of January 2, 2014.
The total market value of the city increased between 2013 and 2014, up 6.9% to $9.49 billion, exceeding
the level set in 2010. As demonstrated in the following table, the total market value increased steadily
from 2000 until 2007 when it peaked at just under $10.0 billion in 2007. While the value base in Plymouth
demonstrated moderate declines through 2011, it was evident that the market began improving in 2012.
The 2014 assessment, which includes new construction, quintile adjustments, and market adjustments, re-
flects the total market value of real property for the City of Plymouth as of January 2, 2014. The market
value of the real property is $9,485,292,000, up 6.9% from the finalized January 2, 2013 base of
$8,872,621,700. The increase in market value is due to $137,442,800 in new construction and a 5.3%
growth in property values.
2014 Total City Value (Preliminary) $9,485,292,000
2013.Total City Value $8,872,621,700
$ 602,670,300
Percentage Change 6.9%
Value of New Construction $ 137,442,800
Percentage New Construction 1.6%
Value Change to Existing Property 5.3%
New for 2014, the beginning year assessment information does not include state assessed properties. The
state assessed properties include an estimated $18 million in commercial railroad utilities that will be added
to the industrial base in June, 2014.
Page 9
Distribution of 2014 Estimated Market Value by Property
2014 Estimated Market Value
Residential $ 7,041,980,400
Commercial/Industrial 1,772,632,900
Apartments
Total
670,678,700
$ 9,485,292,000
This chart shows the total distribution of estimated market value by property type. Residential proper-
ties account for 74.2% of the estimated market value in. Plymouth. Commercial and Industrial properties
make up 18.7% and Apartments constitute the remaining balance of 7.1% of the estimated market value
in Plymouth.
The above chart does not include an estimated $18 million of state assessed properties.
3
Page 10
Highlights of the 2014 Assessment
Highlights of the changes in the assessment are as follows:
The 2014 Tax Capacity of the Real Estate as of March 21, 2014 is $111,951,625 up 6.5% from year
end 2013.
■ The value of all residential properties is up approximately 8.1 %; 1.7% is the result of new construc-
tion, 0.1% shifted from agricultural to residential, and 6.1% is due to an increase in values. Tradi-
tional single family homes grew 6.1 % over 2013, while townhomes and condominiums increased
6.7% and 11.7%, respectively. Overall, lake shore property values increased 3.5%.
■ For the 2014 assessment, 91.9% of properties increased or remained unchanged.
Approximately 37.0% of the properties increased between five and ten percent and 26.6% of the
properties saw increases of more than ten percent.
1.8% of the properties increased 37.0% or more. Properties with increases of this magnitude were
generally those which had additions, improvements, or new construction.
■ The 2013 average sale price of a detached single family home was approximately $358,100, up
7.2% from the average sale price of $334,000 reported for 2013. Interestingly, the average sale
price in 2010 of the detached single home was $359,000. It is important to note that new construc-
tion sales, non -arm's length sales, and lender mediated sales are typically not reflected in the aver-
age sale price reported in the sales ratio analysis.
■ The median value of all single family residences including single family detached, townhomes, and
condominiums is $274,200 compared to $255,500 for the 2013 assessment taxes payable 2014.
■ The Apartment property values are up approximately 11.2%, including $6,199,900 in new construc-
tion.
■ Overall, the property values in the commercial and industrial markets decreased approximately
1.0%. Despite an uptick in property values for medical, retail remained relatively flat, and automo-
tive, banking, industrial, and owner occupied commercial building saw a slight decline. The total
new construction for commercial and industrial properties for the 2013 assessment is $13,080,000.
The figures for the 2014 assessment do not include an estimated $18,000,000 in railroad and utility
property that will be added to the base in July, 2014.
■ According to the Minneapolis Area Association of Realtors the number of listing and sales are up,
while the time on the market has declined resulting in an increase in the median sale price. Addi-
tional information about the real estate market is presented on pages 13 and 1.4 and a copy of the
December 2013 report produced by the board is contained in the Addenda of this report.
While the Minneapolis Area Association of Realtors reported significant gains, their statistics in-
clude all of the activity listed through the multiple listing service. During the October 1, 2012
through September 30, 2013 timeframe, we received and reviewed 1,419 transactions. After analyz-
ing the transactions and eliminating those sales with new construction, sales between related parties,
and lender mediated sales among others, the number of sales we were able to rely on was reduced to
949 residential sales and 11 commercial or industrial transactions.
Page 11
The following table summarizes the changes by market segment for each major property classification.
Exceptions to the above market value changes include new construction, quintile areas, reappraisals, and/
or other market adjustments.
Property Type
Percent
Change
2008-09
Percent
Change
2009-10
Percent
Change
2010-11
Percent
Change
2011-12
Percent
Change
2012-13
Percent
Change
2013-14
Residential
-4.80%
-5.70%
-2.10%
-4.40%
0.80%
6.10%
Residential Lakeshore
-3.90%
-8.10%
-5.20%
-1.50%
-4.00%
3.30%
Condominiums
-6.00%
-9.70%
-5.50%
-10.40%
-4.10%
11.70%
ownhomes
-6.00%
-6.10%
-3.20%
-5.80%
-0.70%
6.70%
Apartments
-6.40%
-8.50%
-0.10%
11.10%
3.00%
8.80%
Commercial/Industrial
-5.10%
-4.30%
-3.70'/0
3.80%
0.70%
-1.00%
The decline of the commercial and industrial segment is slightly overstated due to changes in the
reporting of some railroad and public utility properties. An estimated $18 million of value will be added
to the base in June 2014.
Page 12
Establishing Market Values
The intent of the annual assessment process is to make an accurate estimate of the market value for each parcel
of property. Doing so requires updated information about the properties and the local real estate market. The
Plymouth assessing division maintains a permanent record of every property in the city. The records consist of
size, location, physical characteristics, condition, and a photo of the exterior. Records are updated as new infor-
mation becomes available. At a minimum, State Statute requires properties to be reinspected every five years.
Information is updated during the scheduled quintile review, when improvements are made to a property, or
when a physical review is requested by the property owner. The information is maintained in a computer assist-
ed mass appraisal (CAMA) database, allowing statistical comparisons of properties.
In the City of Plymouth, 94% of the 26,579 assessed parcels are residential. The assessing staff uses city-wide
comparisons of similar styles, quality, and classes of homes to make the annual property assessment. This com-
parison results in the same market value adjustment being made to like properties throughout the city. The city
is divided into approximately 400 homogenous residential neighborhoods that allow adjustments to be made
based on locational influences.
It is important to know that the CAMA system used by assessors is different from appraisals used by banks,
mortgage companies, and others. The individually focused appraisal may differ as a result of a date, scope of
work, definition of value, and/or may be directed by the lender/bank to use different criteria in selecting their
comparables. The CAMA system involves the comparison of thousands of properties with the actual residential
market sales from the same district(s), and market sales of the same quality and type of property throughout the
city. New houses, additions and remodeling are valued based on their individual characteristics and the contribu-
tory value of the new improvement.
Sales Data
To have the local assessment operate efficiently requires a significant knowledge of the real estate market. The
assessing division makes a record of all sale transactions using the Certificate of Real Estate Value (CRV) filed
at Hennepin County at the time of sale. This sale information is combined with sale information obtained from
the Multiple Listing Service (MLS) and other sources.
The staff also examines properties that have sold more then once over a period of years. After taking into ac-
count any physical changes that may have taken place, the assessor is able to determine what is happening in the
real estate market during that time period. In all circumstances, sale information obtained by the assessing office
is carefully scrutinized. Evidence suggesting a forced sale, foreclosure, a sale to a relative, or anything besides
an "arms -length" transaction requires the sale to be removed from all of the statistical studies.
The value placed on properties is accomplished only after a thorough study of sales in the market and market
activity; replacement costs verified with local builders and industry recognized cost manuals; and work with.
neighboring jurisdictions and the County to ensure accuracy and uniformity. The assessors/appraisers do not
create value, they only measure its movement.
Appraisal and assessing is an art and not a science. Judgment is essential when conducting a ratio study or when
evaluating or using the results. Ratio studies reduce uncertainty about appraisal accuracy by providing an objec-
tive basis for evaluating appraisal level and uniformity. Nevertheless, real estate markets consist of many indi-
vidual properties, each unique in some way, and market participants who are imperfectly informed and not al-
ways rational. This, together with the statistical errors inherent in any sampling process, makes judgment essen-
tial when evaluating a ratio study and acting on the results.
Overview of the Residential Market in Plymouth
Lower supply levels, strong demand, and higher prices are among the encouraging developments in the residen-
tial real estate market in Plymouth that reflect an ongoing market recovery. Based on information provided by
the Minneapolis Area Association of Realtors (MAAR) and other market information, consumer purchase de-
mand increased, reaching levels not seen since mid 2000s. As the active supply of homes fell to an 11 year low,
absorption rates improved to levels not seen since early 2000s. Low, but upwardly mobile interest rates, afforda-
ble prices, and record housing affordability resulted in an 21.4% increase in the number of home sales.
Page 13
The December 2013 and February 2014 Local Market Updates published by MAAR are contained in the adden-
da of this report.
Sales Activity in Plymouth
Favorable rates, more employment opportunities and a rising stock market mixed with rising prices, rising rents
and shrinking inventory left buyers with a sense of empowerment and urgency. Unsurprisingly, buyers closed on
21.4 percent more homes in 2013 than in 2012, finishing at 1,347 for the year.
ME
1,000
X111 1-11
Jap'Mb
Jian 2006- Jan 20407' Jan 2008 Jean 2009 ,Faure 2010 Jan 2011 Jan 'tit Jean 2013 Jan 2}'14
The number of closings is the highest number of sales since 2005. Not only was there more demand in 2013, but
the product mix of those additional sales also skewed toward higher -priced traditional homes.
Listing Activity in Plymouth
The number of homes available and on the market (listings) in Plymouth at year end was 224. The available in-
ventory levels fell throughout most of the year, finishing 20.8 percent below 2012's total. That is likely to change
in 2014 as recovery continues. Rising prices should continue to unlock additional inventory. A better labor mar-
ket meant more stable household finances. There was pent-up demand remaining from the economic downturn,
and sellers were no longer apprehensive to make a move. Sellers regained a lot of ground in 2013, listing 1,778
properties or 13.3 percent more than 2012.
Distressed Properties
Foreclosures and short sales exerted far less downward pressure on prices, partly due to recovery within those
segments but mainly because of their dwindling market share. Down from 28.3 percent to 13.5 percent in two
years, the percentage of all sales that were in financial distress is on the decline. In this improving economy, few-
er homeowners are defaulting, leaving banks with fewer distressed homes, which means fewer are closing.
Prices
According to MAAR, the median sale price of all the homes sold in Plymouth closed 2013 9.4 percent higher the
December 2012. At $301,500, the median sales price according to MAAR is standing at an all time high. Ac-
cording to MAAR the median price is above the 2006 reported peak and 28.0 percent above their 2011 valley.
Page 14
Sales Ratio Study
The sales ratio study is a tool assessors use to help determine values for properties. The study helps plan
the upcoming assessment and evaluate the current assessment. If results of the study are not within
acceptable guidelines of between 90% and 105%, with a target ratio of 97.0%. If the assessment does not
fall with an acceptable range, the assessor is required to either decrease or increase values so that they
more closely reflect the market.
Additional measurements include the Coefficient of Dispersion (COD) and the Price Related Differential
(PRD). The COD measured the average dispersion around the midpoint. The more closely the assessor's
values are grouped around the midpoint, the more equitable the assessment. For the annual property
assessment, a coefficient of dispersion of less than 15.0 is deemed acceptable and less than 10.0 is
considered excellent.
The PRD is a measurement used to describe the regressivity of the assessment. Typically this ratio is
greater than 100.0, which implies that higher -priced properties have lower average assessment ratios than
lower-priced homes. A PRD of 97.0 to 102.0 is the desired range and anything above 103.0 warrants
additional review.
Single Family
The average single family residential (off the lake) change for the January 2, 2014 assessment was 6.1 %
not including any improvements or new constructions. When you add improvements and new
constructions, the average increase was 6.9%.
2.4%increased 17. na, .NaccA
The sales ratio for the single family market was 97.1 %, a COD of 7.2 and
PRD of 100.8. More simply stated, the residential single family
assessment is assessed at the proper level, equitably distributed, and the
assessed value relative to the total value of lower valued homes is only
slightly higher that of higher valued homes.
The median sale price of existing residential sales used in the analysis for
the 2014 assessment was $329,900 up 6.4% from $310,000 last year; this
price does not include townhouses or condos.
Residential Lakeshore
Lakeshore properties were adjusted according to the sale activity on each
lake. Overall, lakeshore increased approximately 3.3% and 3.5% when
including improvements. In preparing the 2014 assessment, the assessing
staff worked with representatives of Community Development and Parks
and Recreation to consistently reflect the contributory value of the
property rights and easements on Medicine Lake. The median sale price
of existing lakeshore property in 2013 for the 2014 assessment was
$565,000, up slightly over the prior year median sale price of $555,000.
Townhouse
The townhouse market increased approximately 6.9% for the 2014
assessment. A few neighborhoods such as Mission Ponds, Reserve
Craftsman, and the Courts of Nanterre which had been adversely affected
by the downturn realized gains excess of 18.0%.
While other neighborhoods such as Boulder Ridge, Pheasant Trails and the
Villages were affected by the inventory of lender mediated sales.
Overall, the median sale price was up 8.5% to $215,800.
0.1%increased
31.0% or more
Page 15
Condominiums
The condominium market demonstrated the largest overall increase, up 11.7% over 2013. While this
segment of the Plymouth residential market realized the largest declines in value, it also experienced
some of the largest increases; six complexes received increases in excess of 20%, while three of the
complexes saw declines. In addition, properties that had not been adequately maintained also declined in
value.
The median sale price of condominiums was $133,300, up 21.1% over last years median of $110,000.
Summary of Residential Changes
Presented below is a detailed breakout of the assessment levels of the various styles of homes for the
2014 assessment in Plymouth.
STYLE
# OF SALES
MEDIAN SALE
MEDIAN RATIO
PRICE
Ramblers
132
$ 326,800
.963
Splits
161
$ 286,600
.972
Two Stories
270
$ 422,000
.971
Rambler -Cluster Homes
22
$ 361,800
.980
Splits -Cluster Homes
11
$ 226,500
.996
2 Stories -Cluster Homes
11
$ 220,100
.994
Condominiums
139
$ 137,000
.973
Townhomes
176
$ 222,400
.972
It is important to remember that a sales ratio of slightly less than 100 percent is desirable in order to avoid
having numerous properties valued at more than their actual market value. With the median sale ratio at
100%, one half of the properties would be assessed at less than market value and one half assessed
higher, putting too many over the actual market value. With a sales ratio of 97% it means that half of
the properties are below 95 % of actual market value, half are higher, and a relatively low number are
valued by the assessor at more than actual market value. The acceptable range from the Commissioner of
Revenue is 90 to 105 percent. Hennepin County focused the target range to between 96% and 100% to
reflect the increasing property values. Annual standards of measurement mandated by the Department of
Revenue and enforced by Hennepin County tightly constrain the flexibility staff has to make adjustments
to property values.
Page 16
How Plymouth Compares
Hennepin County provides information on the market values for all of the jurisdictions within the
County. Presented below is a table summarizing the history of changes for Plymouth and several
of our peer communities.
The lower increase applied to the market value of residential property in Plymouth is slightly less
than those of our neighboring cities, this due in part to the following:
• The market in Plymouth did not recede as low as the other cities; and,
• We started to demonstrate signs of recovery in 2012, earlier than our peer communities.
It is important to recognize that none of the new construction is included in the table below.
Residential Single Family Market Adjustments by Jurisdiction
(excluding new construction/including class shift)
Jurisdiction 2005 2006 2007 2008 2009 2010 2011. 2012 2013. 201.4*
Bloomington
7.90%
7.10%
1.90%
-2.90%
-5.50%
-5.60%
-3.70%
-6.30%
-2.90%
8.70%
Edina
7.60%
10.90%
3.00%
-1.10%
-1.90%
-4.80%
-2.70%
-3.50%
0.00%
7.90%
Maple Grove
8.40%
8.60%
2.80%
-2.90%
-5.00%
-5.40%
-3.50%
-6.20%
0.60%
7.80%
Plymouth
6.30%
7.60%
2.20%
-2.60%
-4.80%
-5.70%
-2.40%
-3.80%
0.80%
6.10%
Minnetonka
6.60%
7.80%
2.20%
-1.80%
-4.30%
-6.40%
-2.30%
-3.60%
-1.20%
6.10%
Eden Prairie
7.50%
6.20%
3.20%
-0.90%
-4.70%
-6.10%
-3.30%
-4.50%
0.10%
5.20%
Average
7.40%
8.00%
2.60%
-2.00%
-4.40%
-5.70%
-3.00%
-5.50%
-0.40%
6.75%
Source: Hennepin County Assessor's Office
* Preliminary Survey from Assessing Offices
Page 17
2014 Assessment Statistics
Total City Parcel Count (01-02-13) 26,219
Total City Parcel Count (01-02-14) 26,579
2013 Assessment Total Estimated Market Value $8,872,621,700
2014 Assessment Total Estimated Market Value (Preliminary) $9,485,292,000
2012 to 2013 Total City Valuation Growth 2.30%
2013 to 2014 Total City Valuation Growth 6.90%
2012 Total Building Permits 2,224
2013 Total Building Permits 2,525
(Does not include townhouses or condos)
2011 Assessment Plymouth's 2010 Median Home Sale Price (rounded) $320,000
2011 Assessment Plymouth's 2010 Average Home Sale Price (rounded) $338,900
2012 Assessment Plymouth's 2011 Median Home Sale Price (rounded) $296,500
2012 Assessment Plymouth's 2011 Average Home Sale Price (rounded) $322,900
2013 Assessment Plymouth's 2012 Median Home Sale Price (rounded) $310,000
2013 Assessment Plymouth's 2012 Average Home Sale Price (rounded) $334,000
2014 Assessment Plymouth's 2013 Median Home Sale Price (rounded) $333,900
2014 Assessment Plymouth's 2013 Average Home Sale Price (rounded) $358,100
2013 Assessment "Median" Sales Ratio (Assessment Level) 97.00%
2014 Assessment "Median" Sales Ratio (Assessment Level) 97.1.0%
2013 Coefficient of Dispersion (Assessment Accuracy) 5.70%
2014 Coefficient of Dispersion (Assessment Accuracy) 7.20%
The coefficient of dispersion (COD) increased for 2014. This is due to the inclusion
of short sales as well as sales for assemblage and redevelopment. Because we val-
ued them at market (these were historically considered non market sales) the COD
2013 Approximate Number of Sales (Good Sales/Total. Sales) 621/1,340
2014 Approximate Number of Sales (Good Sales/Total Sales) 949/1,518
Page 18
Plymouth 2014 Residential Property Information
Value Range
# of Homes % of Homes
Under $100,000
875
3.80%
$100,001 to $200,000
4,585
19.80%
$200,001 to $300,000
7,995
34.50%
$300,001 to $400,000
5,229
22.50%
$400,001 to $500,000
2,515
10.80%
$500,001 to $700,000
1,647
7.10%
Over $700,000
349
1.50%
Total
23,195
100.00%
Distribution of Residential Values
9,000
8,000
7,000
8
p 6,000
5,000
y
4,000
3,000
2,000
1,000
Under $100,001 to $200,001 to $300,001 to $400,001 to $500,001 to Over
$100,000 $200,000 $300,000 $400,000 $500,000 $700,000 $700,000
Living Unit Breakdown
Type of Dwelling
2013.Asmnt
2014.Asmnt
# of Units
# of Units
Apartments
7,239
7,329
Single Family Homes
15,825
16,036
Duplex
64
64
Condominium
2,865
2,866
Townhomes
4,229
4,236
Permalease
23
23
Mobile Homes
59
59
Farm Houses
8
6
Seasonal Recreation
5
4
Co -Op Units
212
212
Total Living Units
30,529
30,835
The total number of homesteads as of January 2, 2014 was 20,864. The increase in homestead reflects the continued improve-
ment in the economy as well as a reflection. of the benefits of home ownership.
Page 19
Plymouth 2014 Non -Residential Property Information
Apartment Market
Apartments saw an overall increase of just under 9.0% for 2014. In addition, The Waters, a 90 unit senior
living facility at the site of the former Plymouth Shopping Center on Highway 55, was completed adding
over $6,000,000 in new improvement value.
Office Market
The office market continued to demonstrate signs of improvement with institutional properties leading the
way. Market conditions supported increases in the metro area for higher end office properties and Plym-
outh was no exception. 505 Waterford sold in December of 2013 for approximately $121.00 per square
foot, which is comparable to similar sales in the metro area. In contrast, 605 Waterford sold in June of
2011 for $107.00 per square foot. Though the buildings are not identical, it shows a definitive improve-
ment in the large office market over that time period. Plymouth has also become a destination for medical
related businesses. We have witnessed the addition and renovation of the St. Jude/AGA property, a new
medical office building near City Hall, groundbreaking on a new Park Nicollet Clinic as well as absorption
in existing buildings. The balance of the office product saw minor to no adjustments for 2014.
For 2014, Plymouth will see office condominium properties increase in value in the 2-3% range. There
were two qualified sales in our Plymouth analysis, which support the increase in value. In addition, there is
still a fair amount of vacancy in the regular office market which directly affects the office condo market.
Retail Market
As in 2012, Plymouth did not see any major retail transactions in 2013. Simonson's completed their pro-
ject at the former Gym site near Hwy. 55 and Fernbrook for their new spa and small retail location. As of
the assessment date, Kohl's was nearing completion of their renovation of the former Rainbow Foods near
Target. The large grocery anchored centers, smaller retail centers and big box stores saw little to no
change in value for 2014.
Modest adjustments were made to the automotive, day care, mortuary, entertainment, food, and lodging
properties as reflected by adjustments to the neighborhood and building rates.
Industrial Market
The industrial market saw no major changes in Plymouth for 2014..Overall, the Plymouth industrial market saw a
decrease of approximately 2% less improvement value. This is due mainly to sales and equalization activity. There
was a fair amount of industrial sales activity in 2013 including a number of package sales which supported this slight
decrease in value.
Page 20
Value Exclusions
This Old House
Since 1993, state law has provided for a deferral of a portion of the market value added to older homes
through renovations commonly known as "This Old House". The law went through many revisions
since it's conception. The law was phased out beginning with the 2003 assessment, and no additional
properties can be enrolled in the program. The last revision allowed deferrals for:
• 50% of the first $50,000 of improvements to homes 45 years old.
100% of the first $50,000 of improvements to homes over 70 years old.
• Total market value of the property must have been less than $400,000 at the time the permit was
issued.
For the 2014 assessment, 22 properties still have qualifying improvement amounts totaling $219,100
that will be deferred. Properties that qualified will remain in the program until their 10 year exemption
period is complete.
The 2014 assessment is the tenth year for phasing in the excluded values on properties that were eligible
for the program. For properties with exclusions over $10,000, the excluded value is phased in over a
five-year period, at 20% per year. For improvements less than or equal to $10,000, the excluded value is
phased back in over two years, at 50% each year. Beginning this year, all of the properties with deferred
values will have started to be phased back in, and in 2015, all of the excluded value will be restored.
Veterans Exclusion
The 2008 State Legislature amended the homestead law that provides a market value exclusion for all or
a portion of property used as a homestead by a military veteran with a service connected disability of
70% or more. To qualify, a veteran must have been honorably discharged from the United States armed
forces and must be certified by the United States Veterans Administration as having a service connected
disability.
A veteran who has a disability rating of 70% or more qualifies for a $150,000 market value exclusion.
To qualify for this valuation exclusion, a property owner must apply to the assessor by July 1 of each
assessment year.
A veteran who has a total (100%) and permanent disability qualifies for a $300,000 market value
exclusion. This exclusion is a one-time application and the property continues to qualify until there is a
change of ownership. If a disabled veteran qualifying for an exemption predeceases the veteran's
spouse, and if upon death of the veteran the spouse holds the legal or beneficial title to the homestead
and permanently resides there, the exclusion will carry over to the benefit of the veteran's spouse for one
additional year or until such a time as the spouse transfers, sells, or otherwise deposes of the property,
whichever comes first.
For the 2014 assessment, there are 73 Plymouth properties that have made application for this exclusion,
with a total of $1.7,450,200 of market value excluded from taxation.
Homestead Market Value Exclusion
In 2012 the Legislature repealed the Homestead Market Value Credit and replaced it with a Homestead
Market Value Exclusion. The homesteaded property no longer receives a credit that reduces property
taxes paid. Instead, a portion of the homestead's property value will be excluded from taxation.
Page 21
All homesteaded property less than $413,800 in value will receive a Homestead Market Value Exclu-
sion. This Exclusion is identified on the valuation notices that were mailed.
The Homestead Market Value Exclusion excludes from taxation 40% of the value of the first $76,000 of
a property's value. The amount excluded is reduced as the value rises above $76,000 at a rate equal to
9% of the value above $76,000. Properties valued in excess of $413,800 do not receive an exclusion.
The chart below Illustrates the exclusion amounts of various values.
Market Value
Homestead Market
Value Exclusion
Taxable Market Value
(After Homestead
Exclusion)
$76,000
$30,400
$45,600
$100,000
$28,240
$71,760
$150,000
$23,740
$126,260
$250,000
$14,740
$235,260
$300,000
$10,240
$289,760
$350,000
$5,740
$344,260
$400,000
$1,240
$398,760
$450,000
$0
$450,000
The Homestead Market Value Exclusion for the 2014 assessment was $241,950,000.
Page 22
The City of Plymouth tracks foreclosures for a number of reasons, however the properties are not used to
determine overall assessment valuations. The Department of Revenue requires lender -mediated sales, such
as foreclosures and short sales, to be rejected from the sales ratio criteria in determining property valuation.
According to Hennepin County, in 2013 there were 99 properties that went into foreclosure including 93
residential properties, one residential land parcel, three commercial land parcels, and two commercial or
industrial parcels. The 93 residential parcels represent 0.4% of the housing stock in the city. Approximate-
ly 43% of the residential properties that went into foreclosure were homestead properties. The number of
properties going into foreclosure has decreased from 2009, and is below 2008 levels.
The map on the following page outlines the properties currently in foreclosure as well as those properties
foreclosed properties which sold in 2013 and the first two months of 2014.
Page 23
N
0 2 Miles
TH15REPRESENTS ACCMILATIG14OFlt4FORMATIOtAAt4DOIATA
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00T BEEpa FIrUD VMFIEI). INFOKMATRON SHOULD 6E FICLO
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0 Current Foreclosure Properties
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February, 2014
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0 Current Foreclosure Properties
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February, 2014
C C�ty
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Appeal Process
Valuation Notice
Discuss value with the Administrative
Assessor's Office Review
Local Board of
Appeal & Equalization
Deny Change
Appeal Value
Hennepin County Board Approve Appeal
of Appeal & Equalization
Deny Appeal
State Tax Court
Following the mailing of the assessment valuation notices the appeal process is a key aspect to the annu-
al property assessment. Residents having questions about their 2014.valuation or classification are
urged to contact the local assessing department. This allows staff to discuss property characteristics and,
where needed, conduct an on-site review. No changes will be made to a valuation without an on-site
inspection. Because some properties receive statistical -based adjustments to market value, the review
allows the assessing staff the opportunity to individually examine certain properties.
By appealing to the Local Board of Appeal & Equalization the petitioner is granted the opportunity to
appeal to a higher authority if unsatisfied with the decision. Where there is evidence a property has been
overvalued or valued inequitably, its market value can be adjusted to an appropriate amount. An appeal
can result in values staying the same, reduced or, in some cases, increased.
Page 25
Addenda
te -- De(.,fiett'iber 2013
tj 01111ME rl F', Aj"O I I,,, ,illy u1, d I,, T I "n", H j� I
f INNAPIN ft, eIMP A A,,,-, —
,,f lR E A isl R S*
December 20.112 42013 Year to Date 2012 n2013
89 83
A ?V7V
4 15%
4, 10%
+5%
0%
5%
10%
15'K
-20%
-25%
- 30%
1-2008 7-2008 1-2009 7-2,009 1-2010 7-2010 1-2011 7-4V11 1-2012
+5.0% -6.7%
New Listings Closed Sales
1,778
+13.3% +21.4%
New Listings Closed Sales
Twin Cities Begion
PIymmith
7-2012 1-2013 7-2013
+5.0%
-6.7%
+3.4%
Change in
Changein
Change in
Pin
ffNew
lymouth
Listings
Closed Sales
Median Sales Price
December
Year to Date
2012 2013
+1'- 2012
2013 +/-
New Ustings
60, 63
4- 5.0% 1,569
1,778 + 13.3%
Closed Sales
89 83
-6.7% 1,110
1,347 + 21 A%
Medlan Sales Price'
$290,000 $300,000
+3.4% $275,500
$301,500 +9.4%
Average Sales, Price'
$343,864 $373,864
f 83% $316,661
$343,212 1.8.4%
Price Per Square Foot*
$1!18 $135
+ 14.21/o $116,
$127 +9,8%
Percent of Original List Price Received'
95.3% 95.7%
+0.4% 94.8%
96.7% + 2.0%
Days on Market Until Sale
97 90
-7,2% ill
74 -313%
Inventory of Homes for Sale
283 224
-20.8%
-- --
KA—th. 0" 1 M 1—..fa
30 20
-333%
December 20.112 42013 Year to Date 2012 n2013
89 83
A ?V7V
4 15%
4, 10%
+5%
0%
5%
10%
15'K
-20%
-25%
- 30%
1-2008 7-2008 1-2009 7-2,009 1-2010 7-2010 1-2011 7-4V11 1-2012
+5.0% -6.7%
New Listings Closed Sales
1,778
+13.3% +21.4%
New Listings Closed Sales
Twin Cities Begion
PIymmith
7-2012 1-2013 7-2013
Lcicai Mark(.,,,1,,,t Update — FeW,,,i�uiory 211, , )14
,, Pd l t , , , o d I , vi 'i ; , I , ryMN P(:I "," /' P A , FofAYif,YYf C7, F RE )"f h T
W
m14HNNH,APOW, Ai �A
+ 6.5% -2 .2% +13.1%
Cflange in Change in Change in
New Listings Closed Sales Median Sales Price
108 115 253
+6.5% -29.2%
New Listings , Closed Sates
W-WeYsT.Tz.
2013,
2014
February
253
208
2013
2014
105
New Listings
108
115
+ 6.5%
Closed Sales
72
51
-29.2%
Median Sales Price*
$252,000
$285,000
+113.1%
Average Sales Price'
$315,447
$339,2114
+ T5%
Price Per Square Foot*
$118
$128
+ 8.3%
Percent of Original List Price Received'
94,6%
94,5%
.01%
Days on Market Until Sale
71
110
+54.9%
Inventory of Homes for Sale
295
248
-15.9%
Months Supply of Inventory
3.0
2.3
-23.3%
February
2013 n2014
Year to Date
108 115 253
+6.5% -29.2%
New Listings , Closed Sates
W-WeYsT.Tz.
2013,
2014
+/ —
253
208
-17.8%
132
105
-20.5%
$257,250
$W2,4,50
+ 17.6%
$313,956
$350,483
+ 11,6%
$118
$131
+ 11.2%
94.7%
95.5%
+ 0.8%
819
93
4- 4.5%
2013 n2014
208
132
105
..... . .... ....
-20.5%
NewListings Closed Sales
Change in Median Sales Price from Prior Year (6 -Month Average)"
Twin Cities Region
Piymouth
+5%
0%
. 5%
10%
15%
20%
25%
-30%
1-2008
7-2008 1-2009 7-2009 1-2010 7.2010 1.2011 7-2011 1.2,012 7-2012 1-2013 7-2013 1-2014