COLDWELL BANKER ISSUES HOME LISTING REPORT OF MOST EXPENSIVE AND AFFORDABLE
HOUSING MARKETS FOR 'ASPIRATIONAL' HOMES
Newport Beach, Calif. ranks Most Expensive in North America for
four- bedroom/two-bath home prices; Vancouver tops Canadian market
list
Windsor scores Canada's most affordable four-bedroom/two-bath home
prices; while across the river, Detroit, Mich., Is Most Affordable
Market in North America
BURLINGTON, ON, Sept. 22 /CNW/ - Coldwell Banker Real Estate LLC today released its Home Listing Report (HLR), a snapshot survey of four-bedroom, two-bathroom home listings in Canada and the U.S. Reporting on a home size many homebuyers would aspire to own - the HLR found a $1.7 million difference between North America's most expensive and most affordable housing markets.
Newport Beach, Calif., led the list of most expensive real estate markets, with an average listing price for four-bedroom/two-bathroom homes of $1,826,348 US. Vancouver, BC was the only Canadian city in the North American top ten, posting an average price of $1,324,000 CDN ($1,289,179 U.S). North America's most affordable housing market was Detroit, Mich., with an average four- bedroom/two- bath home listing price of $68,007 US. The HLR is the latest development from Coldwell Banker to provide comprehensive information on real estate data from across Canada and the U.S. It provides the average home listing price for four-bedroom, two-bathroom properties on coldwellbanker.com listed between February and August 2010 from nearly 300 U.S. and over 20 Canadian markets. Markets included in this report had to have at least six properties fitting the above description listed within a recent six-month timeframe and a Coldwell Banker presence.(1)
"Coldwell Banker has released local real estate market reports annually for many years to provide consumers with insight into local market conditions," said John Geha, president of Coldwell Banker Canada Operations ULC. "Our study shows that due to a wide diversity of home types in major Canadian markets, a four-bedroom two bath home is still within reach for many Canadians. In densely populated urban centers where condos, townhouses, and semi-detached homes provide a variety of alternatives for those looking for a four bedroom home, there are surprisingly affordable options available. Those who have financial security and a lifestyle reason to move have a unique opportunity to take advantage of historically low mortgage interest rates. And in many markets, home prices are now beginning to stabilize, and as inventory improves, buyers will have more to choose from."
"Looking at the pricing of four-bedroom homes across North America, there are some incredible opportunities in U.S. property right now," Geha continues. "Canadians who may be thinking of buying property south of the border will find there are a great many options available to them in price ranges not seen here in Canada."
2010 Coldwell Banker HLR - Highlights
- Western Canada in price forefront: Of the Canadian markets included
in the report, Western Canada continues to be a price leader. In
British Columbia, the average price of a four-bedroom, two-bathroom
listing in Kelowna and Burnaby reached $916,697 and $705,746 CDN
respectively.
- Fort McMurray outpaces other Alberta leaders: A booming job market in
Fort McMurray kept four-bedroom, two-bathroom homes at the forefront
of Alberta prices at $593,390 CDN, outdistancing Calgary* and
Edmonton at $551,920 CDN and $452,628 CDN respectively.
- Vancouver in North American top ten: Established Canadian home price
leader, Vancouver* reported an average price of $1,324,000 CDN
($1,289,179 U.S.) for a four-bedroom, two-bath 'aspirational' home.
Vancouver was the only Canadian city to make the North American top
ten rankings.
- Diverse housing options in Ontario: In Ontario, four-bedroom, two-
bathroom homes showed surprisingly affordable pricing in some of the
province's more densely populated urban centers such as Toronto
($495,398 CDN ) and Mississauga ($393,691 CDN), where condo units
provide an appealing option for buyers wanting a four-bedroom home in
the city, without the price of a large lot.
- Canada's most affordable seeks out-of-market buyers: The most
affordable market in Canada for a four-bedroom, two-bathroom home was
Windsor, Ontario ($158,242 CDN), across the river from North
America's most affordable market, Detroit, MI. Both markets have been
affected by the recent auto industry woes. Windsor presents an
affordable alternative for out-of-market buyers, such as retirees and
individuals who have the freedom to work from home. The market
combines one of Canada's warmer climates, proximity to Ontario's
fruit land and wine country, and features such as cross-border
shopping.
- Affordable U.S. property a 'bargain' for Canadians: Canadians
thinking of buying property in the U.S. will be pleased to find a
large number of markets where homeownership is at very affordable
levels. In total, there are 85 U.S. markets in the HLR with average
reported listing prices less than $200,000 US for a four-bedroom,
two-bathroom home. There are 183 U.S. markets that are less than
$300,000 US. These markets include many 'sunshine state' destinations
sought after by Canadian 'snowbirds'.
TABLE 1
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Below is a highlighted report on four-bedroom, two-bathroom home prices within select markets in Canada:
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Market Name Average Price - Average Price -
4 bed/2 bath 4 bed/2 bath
Listings US $ Listings CDN $
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BARRIE, ON $403,014 $413,900
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BRANTFORD, ON $243,230 $249,800
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BURLINGTON, ON $433,190 $444,891
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BURNABY, BC $685,503 $705,746
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CALGARY, AB $537,485 $551,920
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CHARLOTTETOWN, PEI $237,332 $243,742
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COLLINGWOOD, ON $367,639 $377,569
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EDMONTON, AB $440,723 $452,628
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FORT MCMURRAY, AB $577,871 $593,390
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HALIFAX, NS $302,773 $310,912
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HAMILTON, ON $232,394 $238,671
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HUNTSVILLE, ON $342,050 $351,289
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KELOWNA, BC $892,698 $916,697
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KITCHENER-WATERLOO, ON $338,611 $347,757
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LONDON, ON $217,667 $223,546
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MISSISSAUGA, ON $383,317 $393,671
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MONCTON, NB $196,222 $201,522
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NEWMARKET, ON $499,727 $513,225
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OAKVILLE, ON $722,133 $741,638
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OSHAWA, ON $201,867 $207,320
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OTTAWA, ON $414,137 $425,318
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SASKATOON, SK $253,955 $260,814
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SCARBOROUGH, ON $471,271 $484,000
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ST. CATHARINES, ON $258,469 $265,450
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ST. JOHN'S, NL* $374,875 $385,000
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TORONTO, ON $482,375 $495,398
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VANCOUVER, BC* $1,289,179 $1,324,000
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VICTORIA, BC* $656,712 $674,450
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WHITEHORSE, YK $361,675 $371,444
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WINDSOR, ON $154,085 $158,242
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WINNIPEG, MN $334,135 $343,160
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* Market did not conform to study methodology of six or more listings
with four bedrooms and two bathrooms on coldwellbanker.ca between
March 1, 2010 and September 1, 2010. However, the average prices
quoted are believed to be an accurate representation of pricing
during that timeframe.
TABLE 2
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The top 10 most expensive and most affordable North American markets in the 2010 Coldwell Banker HLR are:
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Rank Most Expensive Avg. Listing Price for
Feb. - Aug. 2010
In U.S. $
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1 Newport Beach, Calif. $1,826,348
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2 Palo Alto, Calif. $1,479,227
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3 Rye, N.Y. $1,325,500
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4 San Francisco, Calif. $1,325,103
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5 Vancouver, BC $1,289,179
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6 La Jolla, Calif. $1,210,300
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7 Greenwich, Conn. $1,195,614
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8 Wellesley, Mass. $1,080,458
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9 Pasadena, Calif. $1,043,683
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10 Honolulu, Hawaii $1,026,821
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Rank Most Affordable Avg. Listing Price for
Feb. - Aug. 2010
In U.S. $
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1 Detroit, Mich. $68,007
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2 Grayling, Mich. $84,625
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3 Sioux City, Iowa $85,967
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4 Cleveland, Ohio $87,240
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5 Muncie, Ind. $100,314
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6 Norfolk, Neb. $107,814
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7 Kansas City, Mo. $112,449
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8 Canton, Ohio $114,325
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9 Port Huron, Mich. $116,267
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10 Topeka, Kan. $116,343
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TABLE 3
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For all markets included in the U.S. Home Listing Report, below are the most expensive and most affordable markets by state (as well as Puerto Rico):
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State Most Avg. Listing Price Most Avg. Listing
Expensive for Feb. - Aug. 2010 Affordable Price for
In U.S. $ Feb. - Aug.
2010 In U.S.$
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ALABAMA Huntsville $221,687 Mobile $199,596
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ALASKA Anchorage $326,399 Fairbanks $262,752
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ARIZONA Scottsdale $493,316 Mesa $199,219
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ARKANSAS Fort Smith $238,540 Little Rock $208,438
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CALIFORNIA Newport Beach $1,826,348 Lancaster $141,116
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COLORADO Boulder $788,404 Colorado
Springs $227,131
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CONNECTICUT Greenwich $1,195,614 West Hartford $379,968
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DELAWARE Wilmington(xx) $273,271
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FLORIDA Key West $643,333 Jacksonville $185,415
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GEORGIA Atlanta $288,032 Macon $160,387
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HAWAII Honolulu(xx) $1,026,821
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IDAHO Coeur d'Alene $239,540 Boise $194,903
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ILLINOIS Deerfield $552,918 Rockford $174,566
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INDIANA Munster $285,944 Muncie $100,314
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IOWA Iowa City $247,076 Sioux City $85,967
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KANSAS Overland Park $230,988 Topeka $116,343
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KENTUCKY Lexington $231,547 Louisville $199,200
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LOUISIANA Baton Rouge $246,106 New Orleans $166,009
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MAINE Portland $406,346 Lewiston $134,908
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MARYLAND Bethesda $806,817 Hagerstown $256,344
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MASSACHUSETTS Wellesley $1,080,458 Springfield $142,048
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MICHIGAN Indian River $361,738 Detroit $68,007
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MINNESOTA Edina $403,473 Rochester $172,004
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MISSISSIPPI Gulfport $223,525 Jackson $149,288
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MISSOURI St. Louis $223,819 Kansas City $112,449
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MONTANA Bozeman $356,066 Great Falls $179,737
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NEBRASKA Kearney $143,266 Norfolk $107,814
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NEVADA Reno $219,677 Las Vegas $167,133
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NEW HAMPSHIRE Hanover $908,862 Nashua $297,933
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NEW JERSEY Basking Ridge $820,207 Toms River $374,883
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NEW MEXICO Santa Fe $410,707 Albuquerque $355,169
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NEW YORK Rye $1,325,500 Binghamton $190,533
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NORTH
CAROLINA Raleigh $280,502 Greensboro $204,383
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NORTH DAKOTA Minot $216,248 Grand Forks $197,644
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OHIO Cincinnati $217,709 Cleveland $87,240
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OKLAHOMA Oklahoma City $171,095 Tulsa $141,143
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OREGON Portland $417,395 Medford $286,971
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PENNSYLVANIA Doylestown $513,663 Erie $179,759
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RHODE ISLAND Providence(xx) $144,900
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SOUTH
CAROLINA Charleston $307,817 Columbia $230,229
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TENNESSEE Nashville $213,190 Memphis $126,617
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TEXAS Austin $297,890 Arlington $155,286
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UTAH Salt Lake City $401,354 Provo $193,325
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VERMONT Burlington $332,570 Rutland $176,100
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VIRGINIA Alexandria $703,513 Lynchburg $165,100
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WASHINGTON Bellevue $702,048 Spokane $193,444
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WEST VIRGINIA Beckley $238,344 Parkersburg $164,261
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WISCONSIN Madison $299,675 Fond du Lac $119,838
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The 2010 average listing price from February - August 2010 in the District of Columbia:
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DISTRICT OF COLUMBIA $539,037(xx)
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The 2010 average listing price from February - August 2010 in the Commonwealth of Puerto Rico:
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San Juan $435,790(xx)
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(xx) Only one market was included in the study.
The same methodology was used to capture the same six months of listings in Canada for four-bedroom, two-bathroom homes. The Canadian version of the Coldwell Banker HLR offers perspectives on several major Canadian cities.
Separately, Coldwell Banker reached out to sales professionals within the Coldwell Banker international network, to get an anecdotal sense of how HLR listing prices for four-bedroom, two-bathroom homes in the U.S. might compare with prices in select international markets:
TABLE 4 (Anecdotal Only)
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All surveyed international markets in 2010:
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Country Market Avg. Listing Price for Feb. - Aug.
2010 In U.S. $
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ARUBA Aruba $413,500
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AUSTRALIA Brisbane $425,816
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Gold Coast $452,365
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Sydney $452,987
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BAHAMAS Nassau $937,500
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Harbour Island $1,900,000
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Green Turtle Cay, Abaco $1,300,000
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BELIZE San Pedro $279,300
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BERMUDA Bermuda $1,261,250
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CAYMAN ISLANDS Cayman Islands $526,250
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CHINA Shanghai $1,494,072
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COLOMBIA Bogota $393,089
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Cartagena $594,641
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Medellin $358,037
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San Andres $528,918
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COSTA RICA Escazu $308,500
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Heredia $191,125
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Sabana $222,250
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Santa Ana $309,250
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ECUADOR Guayaquil $176,250
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Samborondon $228,875
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Salinas $68,125
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GREECE Athens $808,750
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GUATEMALA Guatemala City $270,750
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HONDURAS San Pedro Sula $218,750
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Tegucigalpa $249,375
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INDONESIA Bandung $161,451
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South Jakarta $511,918
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Tangerang $223,143
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IRELAND Dublin $565,775
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ITALY Rome $1,384,810
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Milan $1,193,748
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Venice $935,433
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MEXICO Mexico City $231,775
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Guadalajara $231,450
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NETHERLANDS Amsterdam $640,830
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Rotterdam $485,000
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The Hague $506,000
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NICARAGUA Granada $195,000
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Managua $287,125
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Leon $398,750
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San Juan del Sur $230,000
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PANAMA Boquete $185,000
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Coronado $145,000
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David $125,000
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Panama City $225,000
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PERU Lima $310,750
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Cusco $202,525
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Trujillo $236,250
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ST. CROIX Christiansted $582,500
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TURKEY Istanbul $520,000
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Ankara $370,000
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Izmir $345,000
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TURKS AND
CAICOS Providenciales $822,475
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UNITED ARAB
EMIRATES Dubai $1,413,750
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VENEZUELA Caracas $228,488
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Maracaibo $147,209
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Porlamar $317,093
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(1) The HLR also includes U.S. residential listings from other
subsidiaries of Realogy Corporation that fit the same bed-and-bath
criteria.
(2) Currency rates were calculated on http://xe.com on September 14,
2010, and rounded to the nearest dollar amount.
About Coldwell Banker(R)
------------------------
Since 1906, the Coldwell Banker(R) organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of nearly 93,000 sales associates and brokers working in approximately 3,300 offices in 49 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to augment its web site www.coldwellbanker.com for smart phones, the first to create a iPhone application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International(R) marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
For further information: For Greater National Perspective on Real Estate Trends & Home Values and/or to Obtain Local Market Interviews: Barbara Zaprzala, Coldwell Banker Canada, 1.800.268-9599, ex. 401, [email protected]; David Siroty, Coldwell Banker Real Estate LLC, 973.407.7199, [email protected]; Kathleen Reynolds, CooperKatz for Coldwell Banker Real Estate LLC, 917.595.3031, [email protected]
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