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� <br /> � h��� <br /> MINNEAPQLIS AREA Association <br /> �f R E A�.T tJ �S <br /> Orono Housing Market Update <br /> Special Edition: 2006 Year-End Report <br /> *Note:Please inform us if any new council members or staff should be added to our distribution <br /> list. Thank you. <br /> Greetings, <br /> This is a unique edition of your Orono housing market update. It includes information on market <br /> conditions in December 2006 as well as activity for the entire year. You've been chosen to <br /> receive this letter because of your important role in local government in Orono. <br /> As 2007 begins, our regional housing market remains in the midst of an important shift. <br /> Understanding the dynamics of this shift and its effects on Orono and beyond will aid in informed <br /> decision-making relating to housing, land use, population growth and more. To view"Short-Term <br /> Pain, Long-Term Gain,"our 2007 Market Projections Report, visit <br /> http�//www mplsrealtor com/Seqments/Realtors/housinqmarket07 pdf. <br /> As always we welcome your questions, comments and feedback. Our goal is to provide relevant <br /> analysis while simultaneously opening the doors for important discussion on regional issues. <br /> All 2006 Activity <br /> Orono <br /> 2006 2005 Percent Change <br /> Closed Sales 115 158 -27.2 <br /> Average Sales Price $1,037,083 $921,058 12.6 <br /> Twin Cities Region <br /> 2006 2005 Percent Change <br /> Closed Sales 47,906 57,283 -16.3 <br /> Average Sales Price $278,462 �272,522 22 <br />