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r <br />The average assessed total property value is $ 107,801. The average sale value of properties is lower, <br />at $60,825. This is largely attributable to many of the prop>erties being sold a number of years ago <br />when property values were lower. The average date of sale is February 1990, which indicates that <br />home ownership and mobility are stable. <br />Table 2 is a summary of the findings in Attachment B, which identifies market values of properties <br />sold in the study area during 1996 and 1997. <br />Table 2 <br />Sale Values for Properties In Navarre <br />Areal Area II Area III Area IV Total <br />Affordable Properties (<$120,000) <br />Other Properties (>$120,000) <br />1 6 <br />0 <br />19 <br />6 <br />Total Properties 8 <br />Percent Affordable 75% 60%100%100% 76% <br />Of the 25 properties that sold during this time, 19, or 76% sold at or less than $120,000. This is <br />almost the same percentage that are considered affordable overall in the area based on assessed <br />value. Also consistent with the assessed values is the location of properties that sold at a price <br />within the affordable category. Due to proximity to the lake. Areas I and 11 had the lowest <br />percentage in the affordable category. All properties in Areas III and IV were affordable. The sale <br />value is only slightly higher than the assessed value for the properties. As an average, the houses <br />sold for $100,882 where $107,801 is the average assessed value for the entire study area. <br />Overall, houses in the study area are affordable, with the primary exception being those along the <br />lakeshore. The Navarre study area provides approximately 183 units of affordable housing, based <br />on the analysis of assessed value and a review of sales during the previous two years. <br />These units represent 6.5% of the housing units in Orono. The median value of owner occupied <br />single family homes is $173,000. The average owner occupied single family home is $227,300. <br />Orono has 24% of its housing stock valued at $75,000 to $125,000. The Navarre area contributes <br />significantly to the affordable housing stock in Orono. <br />1 i <br />! 5