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, NJ--(Marketwire - September 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, and 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, is 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, 10 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 U.S. markets overall in 2009 are:
2009 Avg. 2009 Avg.
Rank Most Expensive Sales Price Most Affordable 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:
2009 Avg. 2009 Avg.
Most Sales Most Sales
State Expensive Price Affordable Price Variance
--------------------------------------------------------------------------
ALASKA Juneau $ 375,667 Anchorage $ 339,311 $ 36,356
ALABAMA Huntsville $ 267,314 Mobile $ 183,696 $ 83,618
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
COLORADO Boulder $ 622,000 Springs $ 200,002 $ 421,998
CONNECTICUT Greenwich $ 1,519,250 West Hartford $ 354,375 $ 1,164,875
DELAWARE Wilmington* $ 376,250
Port
FLORIDA Key West $ 815,750 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 Mount Pleasant $ 195,014 Grayling $ 112,675 $ 82,339
MINNESOTA Edina $ 392,647 Rochester $ 191,982 $ 200,665
Gulfport/
MISSISSIPPI Jackson $ 238,000 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
Haddon
NEW JERSEY Ridgewood $ 801,250 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 $ 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 *
*Only one market included in the study.
TABLE 3
The most expensive and most affordable markets (in U.S. dollars(2)) within selected provinces/territories in Canada are:
2009 Avg. 2009 Avg.
Province/ Most Sales Most Sales
Territory Expensive Price Affordable 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:
2009 Avg.
Sales Price
Country Market in U.S. $
--------------------------------------------------------
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
Bogotá $ 182,926
Cartagena $ 454,102
COSTA RICA Escazu $ 293,750
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 Providenciales $ 872,225
UNITED ARAB EMIRATES Dubai $ 1,077,703
VENEZUELA Caracas $ 165,615
Maracaibo $ 118,461
Porlamar $ 151,653
VIETNAM Ho Chi Min City Dist 1 $ 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.
About Coldwell Banker Real Estate
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.
- 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.
- 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.
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