Article

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.

© 2013 Coldwell Banker Real Estate LLC. A Realogy Company. All Rights Reserved. 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. Coldwell Banker^®and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.

Currency data provided by Xignite. Information deemed reliable but not guaranteed.

Coldwell Banker Home Protection Plan provided by American Home Shield.

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

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

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

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

2010 Home Listing Report Released (Canadian Version)