Coldwell Banker Real Estate LLC
@Home with Coldwell Banker®
June 2011 @Home Newsletter
Chris Adam, REALTOR
Sales Rep.
First Ottawa Realty, Brokerage
2034 St Joseph Blvd
Ottawa, Ontario K1C 1E6
(613) 830-9999
cadam@magma.ca
http://www.magma.ca/~cadam
 
North America's Top Ten Most Expensive and Most Affordable Markets
High Gas Prices are Impacting Home Buyer Choices
 

If you’re like me, you’re fascinated by what can sometimes be a huge difference in home prices in different markets across the country.  That’s why I look forward to seeing the results of the Coldwell Banker Home Listing Report (HLR).  The HLR is what Coldwell Banker calls a ‘snapshot’ study of average listing prices for four-bedroom, two-bathroom homes during a recent six-month window of time.  This size of ‘aspirational’ home is typical of the type of property sought after by move up buyers, and relocating corporate transferees.  This year’s Home Listing Report studied more than 2300 markets in the U.S. and Canada.  It’s a new level of service on a truly international scale!

Take a look at the HLR’s top ten most expensive and most affordable markets in North America for the studied home: 

Rank

Most Expensive

Avg. Listing Price for
Sep. 2010 –
March 2011
In U.S. $

 

Most Affordable

Avg. Listing Price for Sep. 2010. – March 2011
In U.S. $

1

Newport Beach, Calif.

$2,537,126

 

Niagara Falls, N.Y.

$60,820

2

Pacific Palisades, Calif.

$1,606,992

 

Riverdale, Ga.

$61,618

3

Vancouver, BC, Canada*

$1,580,497

 

Coolidge, Ariz.

$69,083

4

Stone Harbor, N.J.

$1,344,908

 

College Park, Ga.

$72,477

5

Rancho Palos Verdes, Calif.

$1,312,538

 

Detroit, Mich.

$73,363

6

Saratoga, Calif.

$1,281,889

 

Hastings, Fla.

$74,910

7

Los Gatos, Calif.

$1,261,176

 

Cleveland, Ohio

$76,042

8

Weston, Mass.

$1,228,100

 

Lithonia, Ga.

$77,385

9

Greenwich, Conn.

$1,154,293

 

Trotwood, Ohio

$77,445

10

Mercer Island, Wash.

$1,143,521

 

Sioux City, Iowa

$80,152

*For purposes of comparison, Vancouver price ($1,546,475 CDN) expressed in U.S. dollars.

To compare average listing prices for the 2,300 studied markets using an interactive, online tool, go to coldwellbanker.com

But while it’s interesting to look at what an ‘aspirational’ home lists for across the country, we all know that real estate is a local business. Prices can vary dramatically for different housing types, and within the same community, and sometimes even on the same street!   That’s where I come in as your local Coldwell Banker professional.  Want the inside story on what’s happening with home prices within our local market, and why?  Give me a call, and let’s talk.

 



High gas prices are impacting home buyer choices
Today’s high cost of gasoline is having an impact on everyone’s wallets, so I wasn’t surprised to learn that a new survey of Coldwell Banker real estate professionals shows that gas prices are also impacting where consumers choose to buy a home.   Being closer to work is becoming an increasingly important consideration for many home buyers.  I’ve certainly seen examples right here in our market with some of my own customers.

According to the Coldwell Banker survey, one trend that’s continuing to rise in popularity, partly because of the gas price phenomenon, is the interest in urban living. The majority of the real estate professionals surveyed said they’re seeing more home buyers interested in urban living compared to five years ago, and of those that recognized this trend, a strong majority agreed that one reason is an increased interest in shorter commutes, and that gas prices were a factor.

Home buyers have had to weigh the advantages of a home’s features versus commute for quite some time.  But the desire to reduce spending on gas could be tipping the scales towards urban living, as home buyers make the decision on where to look for a home.  If you’d like to know more about how this new trend is impacting home buying and selling decisions in our market, then please contact me.  I’m always happy to talk real estate, so I hope you’ll give me a call.

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