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2005 Home Price Comparison Index
COLDWELL BANKER®: 2005 HOME PRICE COMPARISON INDEX REVEALS $1.7 MILLION DIFFERENCE FOR THE SAME SIZE HOME IN MOST EXPENSIVE AND MOST AFFORDABLE MARKETS
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. (September, 2005) - What's the difference between La Jolla, Calif., and Killeen, Texas? About 1,350 miles and $1.7 million. The annual Coldwell Banker®: Home Price Comparison Index (HPCI), which is an "apples-to-apples" comparison of homes sold in typical, middle-management neighborhoods, found that the stony, 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 garage1. 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®: 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 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®: 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. Sales Price |
Most Affordable |
2005 Avg. Sales Price |
1 |
La Jolla, Calif. |
$1,875,000 |
Kileen, 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, Mich. |
$149,600 |
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 www.coldwellbanker.com.
State |
Most Expensive |
2005 Avg. Sales Price |
Most Affordable |
2005 Avg. Sales Price |
Variance |
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 Springs |
$211,667 |
$334,683 |
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, Hawaii |
$737,625 |
$7,829 |
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 / Northern Kentucky |
$209,000 |
$34,634 |
MAINE |
Portland |
$377,250 |
Augusta |
$156,125 |
$221,125 |
MARYLAND |
Bethesda / Chevy Chase |
$829,750 |
Hagerstown |
$283,175 |
$546,575 |
MASSACHUSETTS |
Boston |
$1,260,000 |
Worcester |
$340,966 |
$919,034 |
MICHIGAN |
Ann Arbor |
$346,250 |
Grayling / Roscommon |
$149,600 |
$196,650 |
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 Philadelphia |
$574,567 |
Erie |
$193,975 |
$380,592 |
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 City |
$262,117 |
Provo |
$237,518 |
$24,599 |
VERMONT |
Burlington |
$338,750 |
Rutland |
$288,750 |
$50,000 |
VIRGINIA |
Alexandria |
$776,399 |
Roanoke / Blacksburg |
$220,942 |
$555,457 |
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/Territory |
Most Expensive |
2005 Avg. Sales Price |
Most Affordable |
2005 Avg. Sales Price |
Variance |
ALBERTA |
Calgary |
$257,957 |
Edmonton |
$249,939 |
$8,018 |
BRITISH COLUMBIA |
Vancouver |
$650,188 |
Burnaby |
$395,915 |
$254,273 |
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 ISLAND |
Charlottetown $117,819 * |
||||
QUEBEC |
Montreal $239,000 * |
||||
SASKATCHEWAN |
Saskatoon $186,763 * |
||||
YELLOWKNIFE |
Whitehorse $218,095 * |
||||
* Only one market included in the study.
Methodology - 2005 Coldwell Banker®: 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®:
Since 1906, the Coldwell Banker®: 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 StudySM. 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®: 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 Mortgage is one of the largest telephone/web based lenders in the country and the Coldwell Banker Commercial®: 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®: 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®: 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.
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