|
NEWS RELEASE
FOR FURTHER INFORMATION CONTACT:
Drenda Collins
305-289-6484
COLDWELL BANKER HOME PRICE COMPARISON INDEX
FINDS $1.7 MILLION DIFFERENCE BETWEEN
NATION’S MOST EXPENSIVE AND AFFORDABLE HOUSING MARKETS
Key West and The Florida KeysRank Among the Nation’s More Expensive Markets
The Florida Keys, September 30, 2008 – Although both are waterfront cities, something besides the salt water separates La Jolla, Calif. on the Pacific Ocean from Sioux City, Iowa on the Missouri River – a $1.7 million dollar difference in the cost of homes studied in the 2008 Coldwell Banker®Home Price Comparison Index (HPCI). In an annual comparison of similar homes in 315 U.S. markets, La Jolla topped the chart as the most expensive real estate market in the nation with a $1,841,667 average home price. Sixteen hundred miles away in America’s heartland sits Sioux City, the most affordable real estate market in America, where a similar home would cost $133,459.
Differing from most housing reports which compare median prices, the annual Coldwell Banker HPCI, which first launched in the late 1980s, provides an apples-to-apples comparison of a similar type 2,200 square foot, four bedroom, two-and-a-half bath home with a family room (or equivalent) and a two-car garage in 315 markets across the United States in addition to Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker has a presence.
The cumulative average sales price of the four-bedroom homes surveyed in the 315 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $403,738, a 4.4% decline from the $422,343 reported in the 2007 Coldwell Banker study.
Subject homes in The Florida Keys, per an analysis prepared by Coldwell Banker Schmitt, depending on location, ranged from $818,239 for the Key West market area to $1,535,000 on Duck Key, making The Keys one of the most expensive markets in the nation.
Detailed figures for Florida Keys locations are as follows:
|
Location
|
Waterfront/Non-waterfront
|
Average Sale Price
|
|
Key Largo (MM 91-106)
|
WF
|
$969,278
|
|
Islamorada (MM 65-90)
|
WF
|
$955,933
|
|
Duck Key
|
WF
|
$1,535,000
|
|
Key Colony Beach
|
WF
|
$896,250
|
|
Marathon & Coco Plum
|
WF
|
$958,798
|
|
Lower Keys
|
WF
|
$921,089
|
|
Key West Old Town (MM:0-1.2)
|
NWF
|
$1,086,281
|
|
Key West New Town (MM:1.2-4)
|
NWF
|
$849,286
|
|
Key Haven
|
WF
|
$925,000
|
The Keys, at the lower end of the scale, compares to the average price of homes in Bellevue, WA ($814,483) and, at the higher end, to Newport Beach, CA ($1,546,250). Among the 83 markets studied outside of the U.S., the range represented in The Keys is similar in price to Cork County, Ireland, where the subject home costs $822,093, and to Paris, France ($1,413,077).
“The real estate market in The Keys is showing signs of positive change from a year ago,” says Brian Schmitt, president & broker, Coldwell Banker Schmitt Real Estate Co. “Inventory levels have fallen and the rate at which new listings come onto the market has slowed. If that trend continues, it will help stabilize prices here.”
Schmitt also indicates that through the comprehensive HPCI section on www.coldwellbanker.com, consumers can calculate what their homes may be worth in other areas in the United States and Canada to gather preliminary intelligence about the affordability of housing from one market to another.
2008 Coldwell Banker® HPCI – Highlights and Top Market Lists
· La Jolla, Calif., edges out Greenwich, Conn. ($1,787,000) and other west coast markets as the most expensive U.S. market in the study. Also on the east coast, Boston, Mass., ranks as the ninth most expensive ($1,493,750). Beverly Hills was the most expensive U.S. market studied last year at $2.21 million. Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes.
· Eight out of ten of the country’s most expensive housing markets are in California, compared to six Midwestern cities making the list of the nation’s 10 most affordable home markets.
· In total, 13 U.S. markets exceed the $1 million average price for the surveyed home. Joining Greenwich and Boston on that list outside of California is Wellesley, Mass. ($1.2 million).
· The Northeast Corridor (from Maine to Washington, D.C.) and California dominate all but five of the most expensive “top 40” U.S. markets slots – with just one town from those regions (Augusta, Maine) appearing among the top 40 most affordable markets. Texas, led by Arlington, has six of the study’s 40 most affordable markets.
· Dubai is the most expensive market studied outside of North America, where an HPCI subject home averages $2.45 million U.S. dollars, 33% higher than La Jolla. Coldwell Banker charts a total of 15 markets outside of the United States averaging more than $1 million, including Bucuresti, Romania ($1.9 million) and Madrid, Spain ($1.7 million). Quito, Ecuador, ($96,750) is the most affordable foreign market included in the survey. Nine markets altogether average less than $200,000 including Guayaquil, Ecuador and Samborondon, Costa Rica.
Coldwell Banker Schmitt has been a leading real estate company in The Keys for over 53 years. The hallmark of the company continues to be its focus on customer service, premier agent business development and support systems, leading edge technology, and Keys-wide presence.
# # #
TABLE 1
The top 10 most expensive and most affordable surveyed U.S. markets overall in 2008 are:
|
Rank
|
Most Expensive
|
2008 Avg. Sales Price
|
|
Most Affordable
|
2008 Avg. Sales Price
|
|
1
|
La Jolla, Calif.
|
$1,841,667
|
|
Sioux City, Iowa
|
$133,459
|
|
2
|
Greenwich, Conn.
|
$1,787,000
|
|
Jackson, Mich.
|
$134,325
|
|
3
|
Beverly Hills, Calif.
|
$1,777,475
|
|
Akron, Ohio
|
$135,780
|
|
4
|
Palo Alto, Calif.
|
$1,740,333
|
|
Canton, Ohio
|
$139,667
|
|
5
|
Santa Monica, Calif.
|
$1,653,333
|
|
Grayling, Mich.
|
$141,000
|
|
6
|
Santa Barbara, Calif.
|
$1,599,667
|
|
Minot, N.D.
|
$142,000
|
|
7
|
Newport Beach, Calif.
|
$1,546,250
|
|
Arlington, Texas
|
$143,775
|
|
8
|
San Francisco, Calif.
|
$1,513,181
|
|
Muncie, Ind.
|
$144,250
|
|
9
|
Boston, Mass.
|
$1,493,750
|
|
Killeen, Texas
|
$145,812
|
|
10
|
San Mateo, Calif.
|
$1,366,475
|
|
Eau Claire, Wis.
|
$147,300
|
TABLE 2
The most expensive and most affordable surveyed U.S. markets within each state in 2008 are:
|
State
|
Most Expensive
|
2008 Avg.
Sales Price
|
|
Most
Affordable
|
2008 Avg.
Sales
Price
|
Variance
|
|
ALASKA
|
Juneau
|
$402,873
|
|
Anchorage
|
$337,725
|
$65,148
|
|
ALABAMA
|
Mobile
|
$228,750
|
|
Huntsville
|
$218,267
|
$10,483
|
|
ARIZONA
|
Scottsdale
|
$472,833
|
|
Mesa
|
$231,720
|
$241,113
|
|
ARKANSAS
|
Fayetteville
|
$248,528
|
|
Fort Smith
|
$185,450
|
$63,078
|
|
CALIFORNIA
|
La Jolla
|
$1,841,667
|
|
Bakersfield
|
$273,457
|
$1,568,210
|
|
COLORADO
|
Boulder
|
$645,000
|
|
Colorado Springs
|
$198,500
|
$446,500
|
|
CONNECTICUT
|
Greenwich
|
$1,787,000
|
|
West Hartford
|
$394,500
|
$1,392,500
|
|
DELAWARE
|
Wilmington $409,000 *
|
|
FLORIDA
|
Key West
|
$818,239
|
|
Ormond Beach
|
$201,233
|
$617,006
|
|
GEORGIA
|
Atlanta
|
$314,333
|
|
Macon
|
$169,048
|
$145,285
|
|
HAWAII
|
Kihei, Maui
|
$934,950
|
|
Honolulu
|
$780,000
|
$154,950
|
|
IDAHO
|
Coeur d’Alene
|
$232,967
|
|
Boise
|
$232,750
|
$217
|
|
ILLINOIS
|
Chicago
|
$863,300
|
|
Rockford
|
$199,875
|
$663,425
|
|
INDIANA
|
Munster
|
$342,667
|
|
Muncie
|
$144,250
|
$198,417
|
|
IOWA
|
Des Moines
|
$236,875
|
|
Sioux City
|
$133,459
|
$103,416
|
|
KANSAS
|
Leavenworth
|
$239,500
|
|
Topeka
|
$150,075
|
$89,425
|
|
KENTUCKY
|
Lexington
|
$291,000
|
|
Florence
|
$223,257
|
$67,743
|
|
LOUISIANA
|
New Orleans
|
$306,900
|
|
Shreveport
|
$229,925
|
$76,975
|
|
MAINE
|
Portland
|
$352,250
|
|
Augusta
|
$152,947
|
$199,303
|
|
MARYLAND
|
Bethesda
|
$767,453
|
|
Hagerstown
|
$264,825
|
$502,628
|
|
MASSACHUSETTS
|
Boston
|
$1,493,750
|
|
Worcester
|
$269,333
|
$1,224,417
|
|
MICHIGAN
|
Ann Arbor
|
$263,783
|
|
Jackson
|
$134,325
|
$129,458
|
|
MINNESOTA
|
Edina
|
$413,325
|
|
Rochester
|
$201,900
|
$211,425
|
|
MISSISSIPPI
|
Jackson
|
$238,938
|
|
Tupelo
|
$195,790
|
$43,148
|
|
MISSOURI
|
Kansas City
|
$229,000
|
|
Springfield
|
$183,300
|
$45,700
|
|
MONTANA
|
Bozeman
|
$331,332
|
|
Great Falls
|
$175,500
|
$155,832
|
|
NEBRASKA
|
Kearney
|
$223,750
|
|
North Platte
|
$195,762
|
$27,988
|
|
NEVADA
|
Reno
|
$302,625
|
|
Las Vegas
|
$272,125
|
$30,500
|
|
NEW HAMPSHIRE
|
Hanover
|
$584,500
|
|
Portsmouth
|
$276,667
|
$307,833
|
|
NEW JERSEY
|
Ridgewood
|
$955,938
|
|
Haddon Heights
|
$275,680
|
$680,258
|
|
NEW MEXICO
|
Santa Fe
|
$627,500
|
|
Albuquerque
|
$329,185
|
$298,315
|
|
NEW YORK
|
Katonah
|
$888,750
|
|
Syracuse
|
$198,600
|
$690,150
|
|
NORTH CAROLINA
|
Wilmington
|
$356,355
|
|
Greensboro
|
$187,967
|
$168,388
|
|
NORTH DAKOTA
|
Fargo
|
$224,426
|
|
Minot
|
$142,000
|
$82,426
|
|
OHIO
|
Cincinnati
|
$243,583
|
|
Akron
|
$135,780
|
$107,803
|
|
OKLAHOMA
|
Oklahoma City
|
$165,000
|
|
Tulsa
|
$154,200
|
$10,800
|
|
OREGON
|
Bend
|
$404,250
|
|
Salem
|
$299,437
|
$104,813
|
|
PENNSYLVANIA
|
Philadelphia
|
$511,750
|
|
Erie
|
$211,625
|
$300,125
|
|
RHODE ISLAND
|
Providence $ $464,000 *
|
|
SOUTH CAROLINA
|
Charleston
|
$389,750
|
|
Columbia
|
$189,262
|
$200,488
|
|
SOUTH DAKOTA
|
Rapid City $ $213,925 *
|
|
TENNESSEE
|
Nashville
|
$239,500
|
|
Chattanooga
|
$158,000
|
$81,500
|
|
TEXAS
|
Dallas
|
$326,425
|
|
Arlington
|
$143,775
|
$182,650
|
|
UTAH
|
Salt Lake City
|
$389,400
|
|
Provo
|
$347,850
|
$41,550
|
|
VERMONT
|
Burlington
|
$367,750
|
|
Rutland
|
$278,898
|
$88,852
|
|
VIRGINIA
|
Alexandria
|
$744,190
|
|
Winchester
|
$264,500
|
$479,690
|
|
WASHINGTON
|
Bellevue
|
$814,483
|
|
Tri-Cities
|
$225,988
|
$588,495
|
|
WEST VIRGINIA
|
Charleston
|
$184,950
|
|
Parkersburg
|
$165,333
|
$19,617
|
|
WISCONSIN
|
Milwaukee
|
$374,825
|
|
Eau Claire
|
$147,300
|
$227,525
|
|
WYOMING
|
Casper$220,000 *
|
The 2008 average price in the District of Columbia:
|
DISTRICT OF COLUMBIA
|
$785,000 *
|
The 2008 average price in the Commonwealth of Puerto Rico:
|
PUERTO RICO
|
San Juan suburbs $329,750 *
|
TABLE 3
The most expensive and most affordable markets (in U.S. dollars) within selected provinces/territories in Canada3 are:
|
Province/Territory
|
Most Expensive
|
2008 Avg. Sales Price
|
|
Most Affordable
|
2008 Avg. Sales Price
|
Variance
|
|
ALBERTA
|
Calgary
|
$500,400
|
|
Edmonton
|
$482,500
|
$17,900
|
|
BRITISH COLUMBIA
|
Vancouver
|
$1,257,000
|
|
Burnaby
|
668,000
|
$677,125
|
|
MANITOBA
|
Winnipeg $382,476*
|
|
NEW BRUNSWICK
|
Moncton $273,800 *
|
|
NEWFOUNDLAND
|
St. John’s $308,750*
|
|
NOVA SCOTIA
|
Halifax $269,225*
|
|
ONTARIO
|
Toronto
|
$887,729
|
|
Brantford
|
$273,750
|
$613,979
|
|
PRINCE EDWARD
ISLAND
|
Charlottetown $157,000 *
|
|
QUEBEC
|
Montreal $252,350 *
|
|
SASKATCHEWAN
|
Saskatoon $421,000 *
|
|
YUKON
|
Whitehorse $367,500 *
|
* Only one market included in the study.
TABLE 4
All surveyed international markets3; conversions through September 3, 2008:
|
Country
|
Market
|
2008 Avg. Sales Price in U.S. $*
|
2008 Average Sales Price in Local Currency*
|
|
ARUBA
|
Aruba
|
$334,250
|
601,650 AWG
|
|
AUSTRALIA
|
Brisbane
|
$680,000
|
808,071 AUD
|
|
|
Sydney
|
$940,000
|
1,117,040 AUD
|
|
|
Perth
|
$635,000
|
754,596 AUD
|
|
BAHAMAS
|
Nassau
|
$507,000
|
516,031 BD
|
|
BELIZE
|
San Pedro
|
$349,000
|
694,454 BZD
|
|
BERMUDA
|
Hamilton
|
$1,347,500
|
1,347,500 BMD
|
|
CAYMAN ISLANDS
|
Grand Cayman
|
$703,000
|
585,833 KYD
|
|
CHINA
|
Beijing
|
$709,688
|
4,857,850 CNY
|
|
|
Hangzhou
|
$761,594
|
5,213,149 CNY
|
|
|
Shanghai
|
$1,169,118
|
8,002,671 CNY
|
|
|
Suzhou
|
$384,058
|
2,628,896 CNY
|
|
COLUMBIA
|
Pereira
|
$142,856
|
280,858,146 COP
|
|
|
Bogotá
|
$178,571
|
351,074,648 COP
|
|
|
Cartagena
|
$265,857
|
522,680,910 COP
|
|
COSTA RICA
|
San Jose
|
$142,322
|
79,938,651 CRC
|
|
ECUADOR
|
Guayaquil
|
$108,750
|
2,718,750,000 ECS
|
|
|
Samborondon
|
$110,475
|
2,761,875,000 ECS
|
|
|
Quito
|
$96,750
|
2,418,750,000 ECS
|
|
EGYPT
|
Cairo
|
$265,206
|
1,437,122 EGP
|
|
|
6th October
|
$835,260
|
4,526,182 EGP
|
|
FRANCE
|
Paris
|
$1,413,077
|
971,715 EUR
|
|
|
Bossey
|
$1,096,714
|
754,165 EUR
|
|
IRELAND
|
Cork County
|
$822,093
|
565,319 EUR
|
|
|
Dublin
|
$1,611,205
|
1,107,959 EUR
|
|
|
Galway County
|
$995,832
|
684,792 EUR
|
|
ITALY
|
Florence
|
$1,334,286
|
917,533 EUR
|
|
|
Rome
|
$1,642,991
|
1,129,817 EUR
|
|
|
Milan
|
$2,126,000
|
1,461,962 EUR
|
|
JAMAICA
|
St. Andrew
|
$403,000
|
29,761,550 JMD
|
|
JAPAN
|
Tokyo
|
$676,400
|
73,383,177 JPY
|
|
|
Osaka
|
$549,400
|
59,604,846 JPY
|
|
|
Fukouka
|
$234,000
|
25,386,847 JPY
|
|
LEBANON
|
Beirut
|
$495,000
|
761,436,992 LBP
|
|
MALTA
|
St. Paul’s Bay
|
$261,000
|
179,479 EUR
|
|
|
Sliema
|
$606,000
|
416,721 EUR
|
|
MEXICO
|
Mexico City
|
$274,375
|
2,843,266 MXN
|
|
|
Monterrey
|
$244,350
|
2,532,126 MXN
|
|
NETHERLANDS
|
Amsterdam
|
$1,280,311
|
880,417 EUR
|
|
NICARAGUA
|
Granada
|
$199,000
|
4,004,660 NIO
|
|
PANAMA
|
Panama City
|
$158,125
|
160,649 PAB
|
|
ROMANIA
|
Ploiesti
|
$577,582
|
1,409,346 RON
|
|
|
Brasov
|
$331,800
|
809,619 RON
|
|
|
Bucuresti
|
$1,947,200
|
4,751,324 RON
|
|
SPAIN
|
Madrid
|
$1,743,072
|
1,198,638 EUR
|
|
ST. CROIX
|
Christiansted
|
$637,333
|
$637,333 US
|
|
TURKEY
|
Istanbul
|
$750,000
|
894,742 TRY
|
|
|
Ankara
|
350,000
|
417,546 TRY
|
|
|
Adana
|
$300,000
|
357,897 TRY
|
|
|
Bursa
|
$250,000
|
298,248 TRY
|
|
|
Bodrum
|
$450,000
|
536,846 TRY
|
|
|
Gaziantep
|
$250,000
|
298,248 TRY
|
|
TURKS AND CAICOS
|
Providenciales
|
$1,289,500
|
$1,289,500 US
|
|
UNITED ARAB EMIRATES
|
Dubai
|
$2,452,316
|
901,0226 AED
|
|
VIETNAM
|
Ho Chi Min City Dist 1
|
$515,633
|
8,696,509,735 VND
|
|
|
Ho Chi Min City Dist 7
|
$784,256
|
13,227,023,753 VND
|
|
|
Hanoi
|
$112,558
|
1,898,369,078 VND
|
Methodology – 2008 Coldwell BankerÒ 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 sold listings through July 2008 or a comparative market analysis of homes previously evaluated for the 2007 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately)2, 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®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estateprovider. In 2007, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the eighth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,600 residential real estate offices and 110,300 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 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.
3 Currency exchange rates were calculated as of September 5, 2008 on www.oanda.com.
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