Thursday, October 05, 2006

Home Price Survey

The 2006 Coldwell Banker “Home Price Survey” evaluated home prices in a total of 384 markets, including, for the first time, 42 international markets outside of North America. The study compared a 2,200 square foot single-family dwellings, with four bedrooms, two and one-half baths, a family room (or equivalent) and a two-car garage in 384 total markets across the United States, Puerto Rico and Canada.

The cumulative average sales price of the homes surveyed in the 317 U.S. markets (and one in Puerto Rico) is $423,950, a six percent increase over $401,767 from the same period in 2005. In 2001 the same study showed a national average price for the subject home to be $269,241.

The study found that home prices (all figures in U.S. dollars) in Amsterdam, the Netherlands ($483,513) are comparable to those in Bend (OR) ($482,750); Dubai, United Arab Emirates ($374,332) matches up to Portland (ME) ($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 (WA) ($658,000). Interestingly, Vancouver ($887,762) is the most expensive city in Canada just as the West Coast leads the U.S.

Some interesting highlights were:

Beverly Hills (CA) replaces La Jolla (CA) as the study's most expensive market in 2006 ($1.8 million). Minot (ND) returns as the most affordable market, at $132,333. 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 (CT) is again the lone market in the top 10 not in the Golden State, ranking eighth with an average sales price of $1.4 million.

Markets that rank nearest to the national average sales price of $423,950 include Minneapolis (MN) ($421,433) and Northampton (MA) ($431,000).

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 Bogota, Colombia, at $56,522.


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