2006 Home Price Comparision Country Wide

Our company Seacoast Realty is a  Franchise of Coldwell Banker. The company makes available a wide range of information to it's agents and to it'sconsumers. This article is a bird's eye view of the major markets around the country. Take a look and see how your town compares.

2006 Coldwell Banker^® home price comparison index reveals THAT

$1.7 Million separates celebrity glitz of Rodeo Drive from the

rugged Western frontier  of rodeo country

Beverly Hills, Calif., and Minot, N.D., Rank As Most Expensive and Most Affordable U.S. Markets, Respectively, in the Annual Coldwell Banker Study

New to the HPCI in 2006: Home Prices Evaluated in 42 International Markets

PARSIPPANY, N.J. (September 27, 2006) – What does it take to live among movie stars in Beverly Hills, Calif., who shop on Rodeo Drive and dine at the world renowned Spago? How much is needed to mingle with the high fashion set in Milan, Italy, against the majestic backdrop of the Duomo and evenings at La Scala opera house? According to the 2006 Coldwell Banker^® Home Price Comparison Index (HPCI), an “apples to apples” comparison of similar homes sold in typical, middle management neighborhoods, it will take at least $1.8 million to buy a house in either of those markets. However, the cosmopolitan lifestyle may not be for everyone. For those who prefer to soak in wide open western spaces, Minot, N.D., home to Minot Air Force Base, is an alternative. A similarly sized home would cost only $132,333 in Minot where residents enjoy such classic Americana as the North Dakota State Fair, local ethnic festivals like the Norsk Høstfest and access to any number of rodeos and bull riding events.

The 2006 Coldwell Banker HPCI evaluated home prices in a total of 384 markets, including, for the first time, 42 international markets outside of North America. The study found that home prices (all figures in   U.S. dollars) in Amsterdam, the Netherlands ($483,513) are comparable to those in Bend, Ore. ($482,750); Dubai, United Arab Emirates ($374,332) matches up to Portland, Maine ($375,500); prices in Warsaw, Poland ($317,586) are similar to those in Atlanta, Ga. ($322,210); and Sydney, Australia ($683,109) is on par with Bellevue, Wash. ($658,000). Interestingly, Vancouver ($887,762) is the most expensive city in Canada just as the West Coast leads the U.S. charts.

Serving as a “snapshot” study, the Coldwell Banker HPCI evaluated average home values for select 2,200 square foot single-family dwellings with four bedrooms, two and one-half baths, a family room (or equivalent) and a two-car garage¹ in 384 total markets across the United States, Puerto Rico, Canada and also key international markets where Coldwell Banker has a presence.

The cumulative average sales price of the homes surveyed in the 317 U.S. markets (and one in Puerto Rico) covered in the Coldwell Banker HPCI is $423,950, a 6 percent increase over $401,767 from the same period in 2005.  The 2001 Coldwell Banker HPCI showed a national average price for the subject home to be $269,241, 57 percent below this year’s survey result.   

“While 2006 likely will be the third best year in real estate history according to the National Association of REALTORS^®, there has been a shift to a buyers market,” says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. “With a larger inventory to choose from, buyers are taking their time and exploring several different homes before choosing to make an offer. Sellers, on the other hand, are beginning to be more realistic in what the market will bear for their home. It is critical for these sellers to work with their sales associate to set a proper price.

 “Looking at the data, in many markets you can buy a nice home with many amenities for a reasonable price,” Gillespie said.  “Twenty nine percent of the reporting markets indicated that their surveyed home averages were below the National Association of REALTORS median single family home price of $225,700.  It is also interesting to note that a full 47 percent of the U.S. markets on our survey averaged below $300,000.  Ultimately, the HPCI is designed as a guide for consumers to get a sense of how much a typical middle-management home may cost in various cities around the country and the globe,” Gillespie adds.

Gillespie also indicated that through a comprehensive HPCI section on http://www.coldwellbanker.com/, consumers can calculate what their homes may be worth in other areas in the United States and gather preliminary intelligence about the affordability of housing from one market to another.

2006 Coldwell Banker^® HPCI – Highlights and Top Market Lists

·         Beverly Hills, Calif., replaces La Jolla, Calif., as the study’s most expensive market in 2006
($1.8 million). Minot, N.D. returns as the most affordable market, at $132,333. Minot also ranked as the most affordable market in 2004, at $130,300. In 2005, Killeen, Texas, replaced Minot as the most affordable market.

·         The price difference between Beverly Hills and Minot is $1.67 million for a similar 2,200 square foot home. There is a $1.68 million difference between Milan, Italy and Minot.

·         Once again, nine of the top 10 most expensive markets in the U.S. are in California. Greenwich, Conn., is again the lone market in the top 10 not in the Golden State, ranking eighth with an HPCI average sales price of $1.4 million. Other pricey areas outside of California include: Boston, Mass. ($1.28 million); Wellesley, Mass. ($1.19 million); Ridgewood, N.J. ($1.01 million); Kihei, Maui, Hawaii ($935,000); Chicago ($916,667); and Katonah, N.Y. ($912,000). Note that the borough of Manhattan in New York City was not included in the study because of the lack of single-family homes.

·         Markets that rank nearest to the HPCI national average sales price of $423,950 include Minneapolis, Minn., ($421,433) and Northampton, Mass. ($431,000). Bakersfield ($411,500) is the least expensive market in California, and a mere 3 percent below the national average.

·         The most expensive international markets included (prices converted to U.S. dollar as of September 5, 2006): Milan, Italy ($1.81 million); St. Thomas, V.I. ($1.45 million); Bermuda ($1.44 million); Dublin ($1.41 million); and, Rome ($1.26 million). The most affordable international market tracked was Bogotá, Colombia, at $56,522.

TABLE 1

The top 10 most expensive and most affordable surveyed U.S. markets overall in 2006 are:

TABLE 2

The most expensive and most affordable surveyed U.S. markets within each state are: 

The 2006 average price in the District of Columbia: 

The 2006 average price in the Commonwealth of Puerto Rico: