Study Evaluates Cost Variances in 319 U.S. Markets, with La Jolla, Calif., and
Killeen, Texas, at Opposite Ends of the Spectrum
PARSIPPANY, N.J., Sept. 22 /PRNewswire/ -- What's the difference between
La Jolla, Calif., and Killeen, Texas? About 1,350 miles and $1.7 million. The
annual Coldwell Banker(R) Home Price Comparison Index (HPCI), which is an
"apples-to-apples" comparison of homes sold in typical, middle-management
neighborhoods, found that the seaside community of La Jolla topped the charts
at $1,875,000, while Killeen was the most affordable area at $131,328. The
HPCI evaluated average home values for a single-family dwelling measuring
approximately 2,200 square feet with four bedrooms, two and one-half baths, a
family room (or equivalent) and two-car garage(1). The snapshot study examined
344 total markets across the United States, Puerto Rico and Canada.
"The HPCI reinforces what we have been saying all year -- the real estate
market remains strong," says Jim Gillespie, president and chief executive
officer of Coldwell Banker Real Estate Corporation. "Millions of consumers are
on the move, trading up and seeking new opportunities. In fact, the National
Association of REALTORS(R) predicts that more than seven million homes will be
sold in 2005, making this the top year on record. With the rapid price
appreciation we have seen in housing over recent years, the HPCI has become an
even more valuable tool. By helping Americans gauge the value of their home
in new markets, it takes some of the guesswork out of the stress of moving."
Gillespie noted that through an enhanced HPCI section on
http://www.coldwellbanker.com, consumers can calculate what their homes might
be worth in other areas and gather preliminary guidance about the
affordability of housing from one market to another.
2005 Coldwell Banker(R) HPCI -- Highlights and Top Market Lists
* The cumulative average sales price of the 319 U.S. markets surveyed in
the Coldwell Banker HPCI is $401,767 up 13.3 percent from $354,372 from
the same period last year.
* For the third year in a row, the study's most expensive market is La
Jolla, Calif. ($1,875,000). The most affordable market is Killeen,
Texas ($131,328).
* The price difference between La Jolla and Killeen is $1,743,672 for a
similar 2,200 square foot home.
* Of the markets surveyed, 52 percent have an average home price of less
than $300,000.
* The average sales price in the most affordable market, Killeen, Texas,
is a mere $1,028 more expensive than the most affordable market in
2004, Minot, N.D.
* Nine of the country's top 10 most expensive markets are in California.
Greenwich, Conn., rounds out the top 10 list. Other high-ticket areas
outside of California are along the East Coast, including Boston
($1,260,000), Rye, N.Y. ($869,125), and Bethesda/Chevy Chase
($829,750). Note that Manhattan (N.Y.) was not included in the study
due to a lack of single-family homes.
* Markets that come closest to the national average sales price of
$401,767 are Minneapolis, Minn. ($397,133) and Edina, Minn. ($404,150).
The study also found that Fresno, the least expensive market in
California, was a mere 3 percent below the national average.
* Among the top 10 most affordable markets, three are in Texas (Killeen,
Arlington, Fort Worth) and two are in West Virginia (Beckley,
Parkersburg).
* California has the greatest variance within the same state at
$1,485,542 between La Jolla at the high end ($1,875,000) and Fresno at
the low end ($389,458).
* Among the major cities included in the HPCI, the average home price for
San Francisco was $1,300,000, with Boston averaging $1,260,000 and
Chicago $815,000.
The top 10 most expensive and most affordable markets overall in 2005 are:
Rank Most Expensive 2005 Avg. Most Affordable 2005 Avg.
Sales Price Sales Price
1 La Jolla, Calif. $1,875,000 Killeen, Texas $131,328
2 Santa Monica, Calif. $1,766,666 Minot, N.D. $133,266
3 Beverly Hills, Calif. $1,656,500 Beckley, W.Va. $137,875
4 Santa Barbara, Calif. $1,603,750 Arlington, Texas $139,510
5 Palo Alto, Calif. $1,550,000 Billings, Mont. $142,500
6 Newport Beach, Calif. $1,499,000 Tulsa, Okla. $142,600
7 San Mateo, Calif. $1,334,425 Parkersburg, W.Va. $146,000
8 San Francisco, Calif. $1,300,000 Fort Worth, Texas $148,610
9 San Jose, Calif. $1,272,625 Yankton, S.D. $149,521
10 Greenwich, Conn. $1,267,500 Grayling/Roscommon, $149,600
Mich.
The most expensive and most affordable markets within each state in the
United States are:
Editors note: As a result of the devastation in the Gulf Coast from
Hurricane Katrina, statistics from Alabama, Mississippi and Louisiana were not
included in this year's study and will not be on the enhanced report on
http://www.coldwellbanker.com.
State Most 2005 Avg. Most 2005 Avg. Variance
Expensive Sales Price Affordable Sales Price
ALASKA Juneau $ 443,000 Anchorage $305,107 $ 137,893
ARIZONA Scottsdale $ 478,833 Mesa $248,666 $ 230,167
ARKANSAS Fayetteville $ 227,050 Fort Smith $170,750 $ 56,300
CALIFORNIA La Jolla $1,875,000 Fresno $389,458 $1,485,542
COLORADO Boulder $ 546,350 Colorado $211,667 $ 334,683
Springs
CONNECTICUT Greenwich $1,267,500 Torrington $233,331 $1,034,169
DELAWARE Wilmington $377,250 *
FLORIDA Key West $ 949,375 Pensacola $222,258 $ 727,117
GEORGIA Atlanta $ 303,000 Macon $167,850 $ 135,150
HAWAII Kihei, Maui $ 745,454 Honolulu, $737,625 $ 7,829
Hawaii
IDAHO Coeur d'Alene $ 262,850 Boise $213,808 $ 49,042
ILLINOIS Chicago $ 815,000 Rockford $184,700 $ 630,300
INDIANA Munster $ 329,300 Evansville $171,912 $ 157,388
IOWA Des Moines $ 247,000 Sioux City $184,000 $ 63,000
KANSAS Lawrence $ 237,237 Wichita $151,275 $ 85,962
KENTUCKY Louisville $ 243,634 Florence/ $209,000 $ 34,634
Northern Kentucky
MAINE Portland $ 377,250 Augusta $156,125 $ 221,125
MARYLAND Bethesda/ $ 829,750 Hagerstown $283,175 $ 546,575
Chevy Chase
MASSACHUSETTS Boston $1,260,000 Worcester $340,966 $ 919,034
MICHIGAN Ann Arbor $ 346,250 Grayling/ $149,600 $ 196,650
Roscommon
MINNESOTA Edina $ 404,150 Moorhead $181,000 $ 223,150
MISSOURI St. Louis $ 254,700 Springfield $168,872 $ 85,828
MONTANA Bozeman $ 281,350 Billings $142,500 $ 138,850
NEBRASKA Kearney $ 200,375 Norfolk $176,450 $ 23,925
NEVADA Reno/Sparks $ 440,817 Las Vegas $359,500 $ 81,317
NEW HAMPSHIRE Hanover $ 498,125 Portsmouth $335,966 $ 162,159
NEW JERSEY Ridgewood $ 829,500 Turnersville $257,385 $ 572,115
NEW MEXICO Santa Fe $ 511,026 Albuquerque $243,034 $ 267,992
NEW YORK Rye $ 869,125 Binghamton $152,875 $ 716,250
NORTH CAROLINA Wilmington $ 286,650 Greensboro $181,166 $ 105,484
NORTH DAKOTA Fargo $ 200,800 Minot $133,266 $ 67,534
OHIO Cincinnati $ 244,250 Canton $156,666 $ 87,584
OKLAHOMA Oklahoma City $ 185,000 Tulsa $142,600 $ 42,400
OREGON Medford $ 387,500 Salem $253,536 $ 133,964
PENNSYLVANIA Center City $ 574,567 Erie $193,975 $ 380,592
Philadelphia
RHODE ISLAND Providence $520,000 *
SOUTH CAROLINA Charleston $ 307,400 Columbia $190,058 $ 117,342
SOUTH DAKOTA Rapid City $ 194,850 Yankton $149,521 $ 45,329
TENNESSEE Nashville $ 209,300 Knoxville $175,520 $ 33,780
TEXAS Dallas $ 261,325 Killeen $131,328 $ 129,997
UTAH Salt Lake $ 262,117 Provo $237,518 $ 24,599
City
VERMONT Burlington $ 338,750 Rutland $288,750 $ 50,000
VIRGINIA Alexandria $ 776,399 Roanoke/ $220,942 $ 555,457
Blacksburg
WASHINGTON Bellevue $ 566,330 Tri-Cities $206,115 $ 360,215
WEST VIRGINIA Charleston $ 179,050 Beckley $137,875 $ 41,175
WISCONSIN Milwaukee $ 331,000 Eau Claire $164,225 $ 166,775
WYOMING Cheyenne $221,838 *
The 2005 average price in the District of Columbia
DISTRICT OF COLUMBIA $ 727,250 *
The 2005 average price in the Commonwealth of Puerto Rico:
PUERTO RICO $ 311,250 *
The most expensive and most affordable markets (in U.S. dollars) within
each province in Canada are:
Province/ Most 2005 Avg. Most 2005 Avg. Variance
City Expensive Sales Price Affordable Sales Price
ALBERTA Calgary $ 257,957 Edmonton $249,939 $ 8,018
BRITISH Vancouver $ 650,188 Burnaby $395,915 $ 254,273
COLUMBIA
MANITOBA Winnipeg $206,739 *
NEW BRUNSWICK Moncton $153,041 *
NEWFOUNDLAND St. John's $167,616 *
NOVA SCOTIA Halifax $178,469 *
ONTARIO Toronto $ 513,598 Brantford $195,138 $ 318,460
PRINCE EDWARD Charlottetown $117,819 *
ISLAND
QUEBEC Montreal $239,000 *
SASKATCHEWAN Saskatoon $186,763 *
YELLOWKNIFE Whitehorse $218,095 *
* Only one market included in the study.
Methodology -- 2005 Coldwell Banker(R) Home Price Comparison Index:
Coldwell Banker Real Estate Corporation conducted its Home Price
Comparison Index study by compiling survey data from Coldwell Banker offices
throughout the United States, Puerto Rico and Canada. Companies within the
Coldwell Banker system submitted data based on the average sales price of sold
listings through July 2005 or a comparative market analysis of homes
previously evaluated for the 2004 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(R)
Since 1906, the Coldwell Banker(R) organization has been a premier
provider of full-service real estate. In 2004, Franchise Times magazine's
prestigious Top 200 issue ranked Coldwell Banker number one in real estate and
number eight among all franchisors. Additionally, the Coldwell Banker
organization received the "Highest Overall Satisfaction For Repeat Home Buyers
Among National Full Service Real Estate Firms" from the J.D. Power and
Associates 2004 Home Buyer/Seller Satisfaction Study(SM). The study was based
on responses from 4,977 home buyers and sellers. The study was conducted for
Cendant Corporation by J.D. Power and Associates. The Coldwell Banker System
has more than 3,900 residential and commercial real estate offices and 125,000
Sales Associates in 28 countries and territories. The Coldwell Banker System
is a leader in the industry in residential real estate, and in niche markets
such as resort, new homes and luxury properties through its Coldwell Banker
Previews International(R) division. It is a pioneer in consumer services with
its Coldwell Banker Concierge(R) Service Program and award-winning Web site,
http://www.coldwellbanker.com. Coldwell Banker Mortgage is one of the largest
telephone/web based lenders in the country and the Coldwell Banker
Commercial(R) network is an industry leader in providing commercial real
estate solutions that serve the needs of tenants, landlords, sellers and
buyers in the leasing, acquisition, disposition and management of all property
types. Coldwell Banker Real Estate Corporation is a subsidiary of Cendant
Corporation (NYSE: CD). 2005 Coldwell Banker Real Estate Corporation Coldwell
Banker(R) licensed to Coldwell Banker Real Estate Corporation. Each office is
independently owned and operated except for offices owned and operated by NRT
Incorporated.
(1) The Coldwell Banker(R) Home Price Comparison Index (HPCI) is not
intended and should not be deemed to be a definitive determination of
price for any particular real estate. While the HPCI offers insight
into housing costs, Coldwell Banker Real Estate Corporation
recommends that potential homebuyers and sellers conduct additional
research and work with a reputable real estate professional on their
specific needs.
(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.
Attention Broadcast Media -- VNR Coordinates: Satellite: IA6C Transponder 19,
Down link frequency 4080V Audio 6.2, 6.8
The VNR will be posted on the satellite on Thursday, September 22, 2005 from
1:30 to 2:00 p.m. and 3:00 to 3:30 p.m.
203-965-6371 Trouble Number for the Uplink
SOURCE Coldwell Banker Real Estate Corporation
 back to top
Related links:
http://www.coldwellbanker.com
CONTACT:
David Siroty of Coldwell Banker,
+1-973-496-7199, David.Siroty@cendant.com; or Mike Fischer,
+1-212-279-5843, michael.fischer@publicis-usa.com, or Catherine
Sullivan, +1-212-279-6345, Catherine.Sullivan@publicis-usa.com,
both of Publicis Dialog for Coldwell Banker
|
