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2009 Home Price Comparison Index Released

03-30-2012
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COLDWELL BANKER REAL ESTATE RELEASES ANNUAL HOME PRICE COMPARISON INDEX FOR UNITED STATES AND SELECT INTERNATIONAL MARKETS

$2 Million Difference Between Four-Bedroom Homes In Most Expensive Market of La Jolla, Calif., and Most Affordable Market, Grayling, Mich.

Singapore Tops International List as Most Expensive Foreign Market; Salinas, Ecuador Most Affordable


PARSIPPANY, N.J. (Sept. 23, 2009) –
The 2009 Coldwell Banker® Home Price Comparison Index (HPCI) released today found a price gap of more than $2 million between the most expensive and most affordable U.S. housing markets.  In the annual comparison of similar 2,200-square foot homes in 310 U.S. housing markets, La Jolla, Calif. led the list as the most expensive real estate market in the country with an average home price of $2,125,000.  Grayling, Mich., also known as the “canoe capital of the world,” ranked as the most affordable market in America, where a similarly sized home costs $112,675.

La Jolla was joined on the most expensive list by 13 other California markets while Grayling was one of 20 Midwest communities on the most affordable list.  Internationally, Singapore was the most expensive market for the same type of home, $1.9 million U.S. dollars, compared with Salinas, Ecuador, which at $69,375 U.S. dollars was the most affordable studied international market.

Differing from most housing reports that compare median prices, the annual Coldwell Banker HPCI, provides an apples-to-apples comparison of similar 2,200 square foot, four-bedroom, two-and-a-half bath homes in the United States, Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker Real Estate has a presence.

”While price differentials are interesting to compare, I am most intrigued with the affordability levels now seen across much of the nation,” says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC.  “The four-bedroom, two-and-a-half bath home is one we deem ‘aspirational’ and usually purchased by move-up buyers experiencing lifestyle changes.  Thirty percent of the markets show this type of home to be below $200,000, illustrating the opportunity to take advantage of price declines, interest rate levels and increased selection of homes.  Encouraging these move-up buyers back into the market is a crucial next step toward helping to rejuvenate the housing industry and the overall U.S. economy.”


A “Snapshot” of U.S. Home Affordability
Offering a “snapshot” of affordability across the United States, the Coldwell Banker HPCI evaluates average home values for select 2,200 square foot single-family homes with four bedrooms, two-and-one-half baths.1 The cumulative average sales price of the four-bedroom homes surveyed in the 310 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $363,460.

Through the comprehensive HPCI section on the Coldwell Banker web site (http://hpci.coldwellbanker.com), prospective homebuyers and sellers can calculate what similar homes may be worth in other areas and gather preliminary intelligence about the affordability of housing from one market to another.

2009 Coldwell Banker HPCI – Highlights and Top Market Lists

  • Affordable and Attractive: In addition to Grayling, Mich., the following are interesting tidbits about the other nine most affordable U.S. markets:
    • Akron, Ohio ($121,885), won the All-American City award three times and is birthplace to the ice cream cone
    • Fayetteville, N.C. ($130,875), a historic city known for its strong military ties
    • Canton, Ohio ($131,867), birthplace of American professional football and home to the NFL Pro Football Hall of Fame
    • Detroit, Michigan ($132,000), America’s automotive manufacturing and Motown music hub
    • Arlington, Texas ($138,775), home to the Dallas Cowboys’ new stadium which will host the 2011 Super Bowl XLV, and the Texas Rangers' Ballpark
    • Macon, Ga.  ($139,007), hometown to many legendary soul and blues acts like Otis Redding, and home of the Georgia Music Hall of Fame
    • Eau Claire, Wis. ($141,270), which has been named one of the 100 Best Communities for Young People by America's Promise in the past
    • Port Charlotte, Fla. ($142,750), which is minutes away from the Gulf of Mexico and setting to some of the country’s best sunset views
    • Wichita, Kans. ($144,625), home to more than 30 museums and a haven for art-lovers, theatre-goers and golfers alike

  •  Low Cost to Homeownership: In total, there are 84 U.S. markets in which the sample home price averages under $200,000.  The monthly mortgage cost for homes in this price range could average less than $600, and down payments could amount to less than $4,000.

  • Luxury Living: La Jolla, Calif. heads the list as the most expensive real estate market in the country ($2,125,000), beating out its California neighbor Beverly Hills, where the average home costs $1,981,750.  Greenwich, Conn., whose average price of $1,519,250 places it as the most expensive market on the East coast, followed by Boston at No. 7 overall.  In total, 11 U.S. markets exceeded the $1 million average price for the surveyed home.  Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes. 

  • On Average: The overall national average price of homes in the 2009 Coldwell Banker HPCI is $363,401. 

  • Canadian Prices Reach Record Levels:  Canada’s brief market downturn is over, with record prices now seen throughout the resurgent market. Vancouver, BC leads the hot-again west coast at $1.17 million U.S. dollars for the studied home, nearly double that of nearby Burnaby BC at $611,243.  Boomtown Fort McMurray at $593,340 surpasses Calgary as Alberta’s most expensive market.  Canada’s largest city, Toronto, Ontario comes in at $766,643, while Charlottetown PEI remains the country’s most affordable market, priced at $147,560 U.S. dollars.

  • Most Expensive Internationally: The most expensive market outside the United States is Singapore, where an HPCI subject home averages $1.9 million U.S. dollars, ten percent lower than La Jolla.  Coldwell Banker Real Estate compared a total of 57 markets in 29 countries outside of the United States, with those international home prices averaging $487,844 in U.S. dollars. 


Table 1
The top 10 most expensive and most affordable surveyed markets overall in 2009 are:

Rank

Most Expensive

2009 Avg. Sales Price

Most Affordable

2009 Avg. Sales Price

1

La Jolla, Calif.

$2,125,000

Grayling, Mich.

$112,675

2

Beverly Hills, Calif.

$1,981,750

Akron, Ohio

$121,885

3

Greenwich, Conn.

$1,519,250

Fayetteville, N.C.

$130,875

4

Palo Alto, Calif.

$1,489,726

Canton, Ohio

$131,867

5

Santa Monica, Calif.

$1,460,912

Detroit, Mich.

$132,000

6

San Francisco, Calif.

$1,363,250

Arlington, Texas

$138,775

7

Boston, Mass.

$1,337,578

Macon, Ga.


$139,007

8

Newport Beach, Calif.

$1,315,505

Eau Claire, Wis.

$141,270

9

Palos Verdes, Calif.

$1,237,041

Port Charlotte, Fla.

$142,750

10

San Mateo, Calif.

$1,090,000

Wichita, Kans.

$144,625


Table 2
The most expensive and most affordable surveyed U.S. markets within each state in 2009 are:

State

Most Expensive

2009 Avg. Sales Price

Most Affordable

2009 Avg. Sales Price

Variance

ALABAMA

Huntsville

$267,314

Mobile

$183,696

$83,618

ALASKA

Juneau

$375,667

Anchorage

$339,311

$36,356

ARIZONA

Flagstaff

$385,057

Phoenix 199,111

$213,373

ARKANSAS

Fayetteville

$216,125

Little Rock

$171,684

$44,441

CALIFORNIA

La Jolla

$2,125,000

Lancaster

$165,205

$1,959,795

COLORADO

Boulder

$622,000

Colorado Springs

$200,002

$421,998

CONNECTICUT

Greenwich

$1,519,250

West Hartford

$354,375

$1,164,875

DELAWARE

Wilmington $376,250 *

FLORIDA

Key West

$815,750

Port Charlotte

$142,750

$673,000

GEORGIA

Atlanta

$287,250

Macon

$139,007

$148,243

HAWAII

Honolulu

$712,500

Kihei, Maui

$540,044

$172,456

IDAHO

Boise

$215,432

Coeur d'Alene

$204,518

$10,914

ILLINOIS

Chicago

$768,333

Joliet

$176,536

$591,797

INDIANA

Munster

$336,000

Muncie

$144,996

$191,004

IOWA

Des Moines

$221,625

Sioux City

$150,060

$71,565

KANSAS

Overland Park

$230,317

Wichita

$144,625

$85,692

KENTUCKY

Florence

$212,720

Lexington

$188,017

$24,703

LOUISIANA

New Orleans

$255,066

Lafayette

$194,939

$60,127

MAINE

Portland

$310,500

Lewiston

$212,250

$98,250

MARYLAND

Bethesda

$759,664

Hagerstown

$237,946

$521,718

MASSACHUSETTS

Boston

$1,337,578

Worcester

$242,769

$1,094,809

MICHIGAN

Ann Arbor

$195,014

Grayling

$112,675

$82,339

MINNESOTA

Edina

$392,647

Rochester

$191,982

$200,665

MISSISSIPPI

Jackson

$238,000

Gulfport/Biloxi

$186,500

$51,500

MISSOURI

St. Louis

$228,852

Springfield

$156,225

$72,627

MONTANA

Bozeman

$297,488

Great Falls

$151,100

$146,388

NEBRASKA

Kearney

$212,100

Norfolk

$187,350

$24,750

NEVADA

Reno

$272,309

Las Vegas

$213,120

$59,189

NEW HAMPSHIRE

Hanover

$555,222

Nashua

$281,250

$273,972

NEW JERSEY

Ridgewood

$801,250

Haddon Heights

$238,448

$562,802

NEW MEXICO

Santa Fe

$362,602

Albuquerque

$215,059

$147,543

NEW YORK

Queens

$793,500

Syracuse

$171,711

$621,789

NORTH CAROLINA

Winston-Salem

$279,241

Fayetteville

$113,701

$165,540

NORTH DAKOTA

Fargo

$224,426

Minot

$157,167

$67,259

OHIO

Columbus

$307,250

Akron

$121,885

$185,365

OKLAHOMA

Oklahoma City

$164,250

Tulsa

$154,800

$9,450

OREGON

Salem

$335,840

Medford

$276,367

$59,473

PENNSYLVANIA

Philadelphia

County/

Center City

Philadelphia

$472,396

Erie

$206,500

$266,193

RHODE ISLAND

Providence $290,217 *

SOUTH CAROLINA

Charleston

$338,726

Myrtle Beach

$188,123

$150,123

TENNESSEE

Nashville

$235,336

Chattanooga

$161,975

$73,661

TEXAS

Dallas

$332,375

Arlington

$138,775

$193,600

UTAH

Salt Lake City

$291,152

Provo

$213,000

$78,152

VERMONT

Burlington

$352,000

Rutland

$237,600

$114,400

VIRGINIA

Vienna

$645,946

Winchester

$209,750

$436,196

WASHINGTON

Bellevue

$781,825

Tri-Cities

$224,475

$557,350

WEST VIRGINIA

Charleston

$203,528

Parkersburg

$155,000

$48,528

WISCONSIN

Madison

$298,000

Eau Claire

$141,270

$156,730


The 2009 average price in the District of Columbia

District of Columbia

$642,962 *


The 2009 average price in the Commonwealth of Puerto Rico:

PUERTO RICO

$311,750 *


Table 3
The most expensive and most affordable markets (in U.S. dollars2) within each Province in Canada are:

Province

Most Expensive

2009 Avg. Sales Price

Most Affordable

2009 Avg. Sales Price

Variance

ALBERTA

Fort McMurray

$593,340

Edmonton

$401,993

$191,347

BRITISH COLUMBIA

Vancouver

$1,174,241

Burnaby

$611,243

$562,998

MANITOBA

Winnipeg $363,042 *

NEW BRUNSWICK

Moncton $256,843 *

NEWFOUNDLAND

St. John's $324,338 *

NOVA SCOTIA

Halifax $257,891 *

ONTARIO

Toronto

$766,643

Brantford

$222,968

$543,675

PRINCE EDWARD ISLAND

Charlottetown $147,560 *

QUEBEC

Montreal $436,403 *

SASKATCHEWAN

Saskatoon $355,237 *

YUKON

Whitehorse $341,775 *


* Only one market included in the study.

Table 4
All Surveyed international markets 2009:

Country

Most Expensive

2009 Avg. Sales Price

Aruba

Aruba

$314,000

Australia

Brisbane

$217,071

Bahamas

Nassau

$458,906

Belize

San Pedro

$244,300

Bermuda

Hamilton

$1,348,813

Cayman Islands

Cayman Islands

$526,250

China

Shanghai

$1,386,750


Chongqing

$340,776

Colombia

Pereira

$151,884


Bogota

$182,926


Cartagena

$454,102

Costa Rica

Escazu

$293,750

I

Heredia

$265,000


Jaco Beach

$385,500


San Jose

$269,500

Ecuador

Guayaquil

$101,250


Samborondon

$154,250


Salinas

$69,375

Egypt

Cairo

$273,393


6th October

$859,625

Guatemala

Guatemala City

$207,175

Honduras

Roatan

$299,500


San Pedro

$220,000


Tegucigalpa

$228,166

Indonesia

Bandung

$112,367


South Jakarta

$494,252


Tangerang

$146,551

Ireland

Cork

$534,360


Dublin

$1,127,843


Galway

$746,874

italy

Florence

$1,612,224


Rome

$1,261,740


Milan

$1,636,758

Lebanon

Beirut

$512,000

Mexico

Mexico City

$207,020


Monterrey

$188,435

Nicaragua

Granada

$239,750


Managua
221,000

Panama

Panama City

$239,750

Romania

Ploiesti

$402,778


Brasov


$300,764


Bucuresti

$1,371,528

Singapore

Singapore

$1,898,500

St. Croix

Christiansted

$602,500

Turkey

Istanbul

$669,000


Ankara

$351,000


Gaziantep

$173,500


Izmir
$315,000


Turks and Caicos

Providencialies

$872,225

United Arab Emirates

Dubai

$1,077,703

Venezuela

Caracas

$165,615


Maracaibo
$118,461

Porlamar
151,653
Vietnam
Ho Chi Min City
$341,099

Hanoi
$166,470

DaNang
$172,900

Methodology – 2009 Coldwell Banker® Home Price Comparison Index: 
Coldwell Banker Real Estate LLC conducts its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States, Puerto Rico, Canada and a sampling of other countries where the Coldwell Banker system has a market presence. Companies within the Coldwell Banker system submit data based on the average sales price of comparable listings through July 2009, a comparative market analysis of homes previously evaluated for the 2008 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately) four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees.

1  2,200 square feet was the baseline figure used as size criteria for the HPCI subject homes. However, it is possible that in certain markets the size of the subject homes varied.

2  The Canadian dollar to U.S. dollar conversion rate was $.93.  The date of conversion was 9/15, and http://www.bank-banque-canada.ca was used to convert the figures.
# # #

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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