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2010 Home Listing Report Released (Canadian Version)

COLDWELL BANKER REAL ESTATE ISSUES HOME LISTING REPORT OF MOST EXPENSIVE AND AFFORDABLE HOUSING MARKETS FOR 'ASPIRATIONAL' HOMES

Newport Beach, Calif. ranks Most Expensive in North America for four-bedroom/two-bath home prices; Vancouver tops Canadian market list

Windsor scores Canada's most affordable four-bedroom/two-bath home prices; while across the river, Detroit, Mich., is Most Affordable Market in North America


BURLINGTON, ON (Sept. 22, 2010) – Coldwell Banker Real Estate LLC today released its Home Listing Report (HLR), a snapshot survey of four-bedroom, two-bathroom home listings in Canada and the U.S.  Reporting on a home size many homebuyers would aspire to own - the HLR found a $1.7 million difference between North America’s most expensive and most affordable housing markets. 


 Newport Beach, Calif., led the list of most expensive real estate markets, with an average listing price for four-bedroom/two-bathroom homes of $1,826,348 US. Vancouver, BC was the only Canadian city in the North American top ten, posting an average price of $1,324,000 CDN ($1,289,179 U.S).  North America’s most affordable housing market was Detroit, Mich., with an average four- bedroom/two- bath home listing price of $68,007 US. The HLR is the latest development from Coldwell Banker to provide comprehensive information on real estate data from across Canada and the U.S. It provides the average home listing price for four-bedroom, two-bathroom properties on coldwellbanker.com listed between February and August 2010 from nearly 300 U.S. and over 20 Canadian markets.  Markets included in this report had to have at least six properties fitting the above description listed within a recent six-month timeframe and a Coldwell Banker presence.1


"Coldwell Banker has released local real estate market reports annually for many years to provide consumers with insight into local market conditions,” said John Geha, president of Coldwell Banker Canada Operations ULC.  “Our study shows that due to a wide diversity of home types in major Canadian markets, a four-bedroom two bath home is still within reach for many Canadians.  In densely populated urban centers where condos, townhouses, and semi-detached homes provide a variety of alternatives for those looking for a four bedroom home, there are surprisingly affordable options available.  Those who have financial security and a lifestyle reason to move have a unique opportunity to take advantage of historically low mortgage interest rates.  And in many markets, home prices are now beginning to stabilize, and as inventory improves, buyers will have more to choose from.” 

“Looking at the pricing of four-bedroom homes across North America, there are some incredible opportunities in U.S. property right now,” Geha continues.  “Canadians who may be thinking of buying property south of the border will find there are a great many options available to them in price ranges not seen here in Canada.”

2010 Coldwell Banker HLR – Highlights
  • Western Canada in price forefront:  Of the Canadian markets included in the report, Western Canada continues to be a price leader.  In British Columbia, the average price of a four-bedroom, two-bathroom listing in Kelowna and Burnaby reached $916,697 and $705,746 CDN respectively.

 

  • Fort McMurray outpaces other Alberta leaders:  A booming job market in Fort McMurray kept four-bedroom, two-bathroom homes at the forefront of Alberta prices at $593,390 CDN, outdistancing Calgary* and Edmonton at $551,920 CDN  and $452,628 CDN respectively. 

 

  • Vancouver in North American top ten: Established Canadian home price leader, Vancouver* reported an average price of $1,324,000 CDN ($1,289,179 U.S.) for a four-bedroom, two-bath ‘aspirational’ home.  Vancouver was the only Canadian city to make the North American top ten rankings.

 

  • Diverse housing options in Ontario:  In Ontario, four-bedroom, two-bathroom homes showed surprisingly affordable pricing in some of the province’s more densely populated urban centers such as Toronto ($495,398 CDN ) and Mississauga ($393,691 CDN), where condo units provide an appealing option for buyers wanting a four-bedroom home in the city, without the price of a large lot. 

 

  • Canada’s most affordable seeks out-of-market buyers:  The most affordable market in Canada for a four-bedroom, two-bathroom home was Windsor, Ontario ($158,242 CDN), across the river from North America’s most affordable market, Detroit, MI.  Both markets have been affected by the recent auto industry woes.  Windsor presents an affordable alternative for out-of-market buyers, such as retirees and individuals who have the freedom to work from home.  The market combines one of Canada’s warmer climates, proximity to Ontario’s fruit land and wine country, and features such as cross-border shopping.

 

  • Affordable U.S. property a ‘bargain’ for Canadians: Canadians thinking of buying property in the U.S. will be pleased to find a large number of markets where homeownership is at very affordable levels. In total, there are 85 U.S. markets in the HLR with average reported listing prices less than $200,000 US for a four-bedroom, two-bathroom home.   There are 183 U.S. markets that are less than $300,000 US.  These markets include many ‘sunshine state’ destinations sought after by Canadian ‘snowbirds’.

Table 1
Below is a highlighted report on four-bedroom, two-bathroom home prices within select marketsin Canada:
Market Name Avg. Price-4 bed/2 bath Listings US $ Avg. Price-4 bed/2 bath Listings CDN $
Barrie, ON $403,014 $413,900
Brantford, ON $243,230 $249,800
Burlington, ON $433,190 $444,891
Burnaby, ON $685,503 $705,746
Calgary, AB $537,485 $551,920
Charlottetown, PEI $237,332 $243,742
Collingwood, ON $367,639 $377,569
Edmonton, AB $440,723 $452,628
Fort McMurray, AB $577,871 $593,390
Halifax, NS $302,773 $310,912
Hamilton, ON $232,394 $238,671
Huntsville, ON $342,050 $351,289
Kelowna, BC $892,698 $916,697
 Kitchener-Waterloo, ON  $338,611  $347,757
 London, ON  $217,667  $223,546
 Mississauga, ON  $383,317  $393,671
 Moncton, NB  $196,222  $201,522
 Newmarket, ON  $499,727  $513,225
 Oakville, ON  $722,133  $741,638
 Oshawa, ON  $201,867  $207,320
 Ottawa, ON  $414,137  $425,318
 Saskatoon, SK  $253,955  $260,814
 Scarborough, ON  $471,271  $484,000
 St. Catharines, ON  $258,469  $265,450
 St. John's, NL*  $374,875  $385,000
 Toronto, ON  $482,375  $495,398
 Vancouver, BC*  $1,289,179  $1,324,000
 Victoria, BC*  $656,712  $674,450
 Whitehorse, YK  $361,675  $371,444
 Windsor, ON  $154,085  $158,242
Winnipeg, MN $334,135 $343,160
 
*Market did not conform to study methodology of six or more listings with four bedrooms and two bathrooms on coldwellbanker.ca between March 1, 2010 and September 1, 2010.  However, the average prices quoted are believed to be an accurate representation of pricing during that timeframe.

 

Table 2

 

The top 10 most expensive and most affordable North American markets in the 2010 Coldwell Banker HLR are:

 


 


Rank

Most Expensive

Avg. Listing Price for Feb.-Aug 2010 in U.S.$

Most Affordable

Avg. Listing Price for Feb.-Aug 2010 in U.S. $

 

1

Newport Beach, Calif.

$1,826,348

Detroit, Mich.

$68,007

2

Palo Alto, Calif..

$1,479,227

Grayling, Mich.

$84,625

3

Rye, N.Y.

$1,325,500

Sioux City, Iowa

$85,967

4

San Francisco, Calif.

$1,325,103

Cleveland, Ohio

$87,240

5

Vancouver, BC $1,289,179

Muncie, Ind.

$100,314

6

 

La Jolla, Calif.

$1,210,300

Norfolk, Neb.

 

$107,814

 

7

Greenwich, Conn.

$1,195,614

Kansas City, Mo.

 

$112,449

 

8

Wellesley, Mass.

$1,080,458

Canton, Ohio

$114,325

 

9

Pasadena, Calif.

$1,043,683

Port Huron, Mich.

$116,267

 

10

Honolulu, Hawaii

$1,026,821

Topeka, KS

$116,343


Table 3

For all markets included in the U.S. Home Listing Report, below are the most expensive and most affordable markets by state (as well as Puerto Rico)

State

Most Expensive

Avg. Listing Price for Feb.-Aug. 2010 in U.S.$

Most Affordable

Avg. Listing Price for Feb.-Aug. 2010 in U.S.$

 

ALABAMA

Huntsville

$221,687

Mobile

$199,596

 

ALASKA

Anchorage

$326,399

Fairbanks

$262,752

 

ARIZONA

Scottsdale

$493,316

Mesa $199,219

 

ARKANSAS

Fort Smith

$238,540

Little Rock

$208,438

 

CALIFORNIA

Newport Beach

$1,826,348

Lancaster

$141,116

 

COLORADO

Boulder

$788,404

Colorado Springs

$227,131

 

CONNECTICUT

Greenwich

$1,195,614

West Hartford

$379,968

 

DELAWARE

Wilmington $273,271 *

FLORIDA

Key West

$643,333

Jacksonville

$185,415

 

GEORGIA

Atlanta

$288,032

Macon

$160,387

 

HAWAII

 

Honolulu*

$1,026,821

 

 

IDAHO

Coeur d'Alene

$239,540

Boise

$194,903

 

ILLINOIS

Deerfield

$552,918

Rockford

$174,566

 

INDIANA

Munster

$285,944

Muncie

$100,314

 

IOWA

Iowa City

$247,076

Sioux City

$85,967

 

KANSAS

Overland Park

$230,988

Topeka

$116,343

 

KENTUCKY

Lexington

$231,547

Louisville

$199,200

 

LOUISIANA

Baton Rouge

$246,106

New Orleans

$166,009

 

MAINE

Portland

$406,346

Lewiston

$134,908

 

MARYLAND

Bethesda

$806,817

Hagerstown

$256,344

 

MASSACHUSETTS

Wellesley

$1,080,458

Springfield

$142,048

 

MICHIGAN

Indian River

$361,738

Detroit

$68,007

 

MINNESOTA

Edina

$403,473

Rochester

$172,004

 

MISSISSIPPI

Gulfport

$223,525

Jackson

$149,288

 

MISSOURI

St. Louis

$223,819

Kansas City

$112,449

 

MONTANA

Bozeman

$356,066

Great Falls

$179,737

 

NEBRASKA

Kearney

$143,266

Norfolk

$107,814

 

NEVADA

Reno

$219,677

Las Vegas

$167,133

 

NEW HAMPSHIRE

Hanover

$908,862

Nashua

$297,933

 

NEW JERSEY

Basking Ridge

$820,207

Toms River

$374,883

 

NEW MEXICO

Santa Fe

$410,707

Albuquerque

$355,169

 

NEW YORK

Rye

$1,325,500

Binghamton

$190,533

 

NORTH CAROLINA

Raleigh

$280,502

Greensboro

$204,383

 

NORTH DAKOTA

Minot

$216,248

Grand Forks

$197,644

 

OHIO

Cincinnati

$217,709

Cleveland

$87,240

 

OKLAHOMA

Oklahoma City

$171,095

Tulsa

$141,143

 

OREGON

Portland

$417,395

Medford

$286,971

 

PENNSYLVANIA

Doylestown

 

 

$513,663

Erie

$179,759

 

RHODE ISLAND

Providence $144,900 *

SOUTH CAROLINA

Charleston

$307,817

Columbia

$230,229

 

TENNESSEE

Nashville

$213,190

Memphis

$126,617

 

TEXAS

Austin

$297,890

Arlington

$155,286

 

UTAH

Salt Lake City

$401,354

Provo

$193,325

 

VERMONT

Burlington

$332,570

Rutland

$176,100

 

VIRGINIA

Alexandria

$703,513

Lynchburg

$165,100

 

WASHINGTON

Bellevue

$702,048

Spokane

$193,444

 

WEST VIRGINIA

Beckley

$238,344

Parkersburg

$164,261

 

WISCONSIN

Madison

$299,675

Fond du Lac

$119,838

 


The 20010 average listing price from February - August 2010 in the District of Columbia:

District of Columbia

$539,037*


The 2010 average listing price from February - August 2010 in the Commonwealth of Puerto Rico: 

San Juan

$435,790 *

 
*Only one market was included in the study
The same methodology was used to capture six months of listings in Canada for four-bedroom, two-bathroom homes between March - September 2010. The Canadian version of the Coldwell Banker HLR offers perspectives on several major Canadian cities. 
Separately, Coldwell Banker surveyed local sales professionals within the Coldwell Banker international network, to get a sense of four-bedroom, two-bathroom home listing prices in select international markets:

Table 4 - (Anecdotal Only)
All surveyed intertional markets in 2010:

Country

Market

Avg. Listing Price for Feb.-Aug. 2010 in U.S.$

Aruba

Aruba

$413,500

Australia

Brisbane

$425,816

  Gold Coast $452,365
  Sydney $452,987

Bahamas

Nassau

$937,500

  Harbour Island $1,900,000
  Green Turtle Cay, Abaco $1,300,000

Belize

San Pedro

$279,300

Bermuda

Bermuda

$1,261,250

Cayman Islands

Cayman Islands

$526,250

China

Shanghai

$1,494,072

Colombia

Bogota

$393,089


Cartagena

$594,641


Medellin

$358,037

  San Andres $528,918

Costa Rica

Escazu

$308,500

I

Heredia

$191,125


Sabana

$222,250


Santa Ana

$309,250

Ecuador

Guayaquil

$176,250


Samborondon

$228,875


Salinas

$68,125

Greece

Athens

$808,750

Guatemala

Guatemala City

$270,750

Honduras

San Pedro Sula

$218,750


Tegucigalpa

$249,375

Indonesia

Bandung

$161,451


South Jakarta

$511,918


Tangerang

$223,143

Ireland

Dublin

$565,775

italy

Rome

$1,384,810


Milan

$1,193,748


Venice

$935,433

Mexico

Mexico City

$231,775


Guadalajara

$231,450

Netherlands Amsterdam $640,830
  Rotterdam $485,000
  The Hague $506,000

Nicaragua

Granada

$195,000


Managua
287,125
  Leon $398,750
  San Juan del Sur 230,000

Panama

Boquete

$185,000

  Coronado $145,000
  David $125,000
  Panama City $225,000

Peru

LIma

$310,750


Cusco


$202,525


Trujillo

$236,250

St. Croix

Christiansted

$582,500

Turkey

Istanbul

$520,000


Ankara

$370,000


Izmir

$345,000


Turks and Caicos

Providencialies

$872,475

United Arab Emirates

Dubai

$1,413,750

Venezuela

Caracas

$228,488


Maracaibo
$147,209

Porlamar
$317,093
1The Coldwell Banker U.S. Home Listing Report includes residential real estate listings appearing on coldwellbanker.com. This market data includes property listings from Coldwell Banker affiliates as well as listings from other Realogy franchise brands that fit the same four-bedroom, two-bathroom criteria.
2Currency rates were calculated on http://xe.com on September 14, 2010, and rounded to the nearest dollar amount.

About Coldwell Banker®

Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of approximately 83,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
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