California the most expensive state in the US
I would love to send this post to any out of state buyer that is having a difficulty understanding why the prices out here in CA. aren't congruent with what they've heard in the media. This has been an issue that must be overcome sometimes because people forget that the mass media is usually reporting the market condition on a national level. I rarely watch the news but when I do all the negative news about real estate is based on a national level. I don't expect the news to go supre hyper local but they could do a better job of trying to report on the local market. So the next time I have a client that finds prices out here expensive I'll just send them this post.
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A new report from Coldwell Banker Real Estate has found that property in Newport Beach, California is the most expensive in the country, based on a survey of average listing prices for four-bedroom, two bath homes in over 2,300 North American markets.
This is the second year in a row that it has topped the list with an average price of $2.5 million for homes meeting these criteria. The second most expensive market was Pacific Palisades with an average listing price of $1.6 million.
In comparison the most affordable property in the US can be found in Niagara Falls in New York State where the average listing price is just $61,000. The report is based on average asking prices for properties listed between September 2010 and March 2011, and found the average property price was $293,000. In order to qualify for the survey, markets included in the report needed to have at least 10 properties fitting these criteria, while in Canada just five properties were required.
The report also found that the Canadian market was experiencing near-record property prices in major markets such as Vancouver which is once again the most expensive city in the country with an average price of $1.55 million.
Alberta in Western Canada is also performing strongly due to the large number of oil sands jobs, and Fort McMurray is the most expensive place in the province with an average price of $652,000. The most affordable place in Canada is Windsor in Ontario, with an average price of just $144,460. This is because it is just across the border from Detroit, Michigan, and has been adversely affected by the car manufacturing industry.
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Written by Les Calvert
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