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Wednesday, November 28, 2012
Hawaii Most Expensive Homes in Nation
By News Release @ 6:19 PM :: 6822 Views :: Energy, Environment, National News, Ethics

ANNUAL COLDWELL BANKER REAL ESTATE HOME LISTING REPORT FINDS 1.6 MILLION DIFFERENCE BETWEEN SIMILAR HOMES IN SILICON VALLEY AND MIDWEST

Six of the 10 Most Expensive Markets in the Country Reside in the Bay Area as Home Listing Prices Reflect the Success of the Technology Industry

Survey of four-bedroom, two-bathroom homes covers 72,000 properties in 2,500 U.S. Markets

News Release from Coldwell Banker PARSIPPANY, N.J. (Nov. 28, 2012) – The success of the technology industry and desirable location are continuing to influence home listing prices in the San Francisco Bay Area, elevating it to one of the priciest real estate markets in the country. Today, Coldwell Banker Real Estate LLC released its annual Home Listing Report (HLR) revealing several of the country’s most expensive real estate markets are in Northern California. Google, Apple, Facebook and Stanford University are all located within 15 minutes of this year’s most expensive market, Los Altos, Calif., where the average listing price of a four-bedroom, two-bathroom home is $1,706,688.

“The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay Area,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area. “Listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations to live.”

In contrast, the most affordable market this year is Redford, Mich., where a similar home, four-bedrooms, two-bathrooms, is listed at $60,490 – a listing price difference of more than $1.6 million. In fact, 28 homes can be purchased in Redford for the price of a similar home in Los Altos.

Overall, the report found the average listing price of a four-bedroom, two-bathroom home in the U.S. to be $292,152. Affordability remains strong in many markets across the country as 36 percent of the markets analyzed by the report had an average home listing price of less than $200,000 for four-bedroom, two-bathroom homes.

About the Coldwell Banker Real Estate Home Listing Report:

Serving as an analysis of the most expensive and affordable markets across the country, the Coldwell Banker HLR provides a snapshot of the average listing price of four-bedroom, two-bathroom homes across the country. This year’s report analyzes more than 72,000 home listings in more than 2,500 U.S. markets, comparing the listing prices of similar homes in markets across the country from January 2012 to June 2012.

“Each year, our home listing report captures an insightful look at local market conditions and emerging trends in real estate,” said Budge Huskey, president of Coldwell Banker Real Estate LLC. “We recognize that buying a home is a significant life decision, and we do this apples-to-apples comparison of similar homes to provide homebuyers with useful information about the many great opportunities that exist around the U.S.”

About America’s Most Expensive Markets:

The five most expensive markets are all in California, with four in the San Francisco Bay Area. Los Altos, Calif. tops the list, followed by Newport Beach ($1,658,000), Saratoga ($1,582,434), Menlo Park ($1,506,909) and Palo Alto ($1,495,364). But even with these high priced markets, California was not the most expensive state. The average listing price of a four-bedroom, two-bathroom home in California ($431,625) is less than both Hawaii ($742,551) and Massachusetts ($489,063).

Rank

Most Expensive States

Avg. Listing Price

Most Affordable States

Avg. Listing Price

1

Hawaii

$742,551

Nebraska

$145,360

2

Massachusetts

$489,063

Iowa

$162,621

3

California

$431,625

Georgia

$169,625

4

New Jersey

$421,108

Kansas

$169,650

5

Connecticut

$411,884

North Dakota

$179,345

6

Colorado

$387,309

Mississippi

$182,536

7

New York

$359,682

Oklahoma

$182,765

8

Minnesota

$357,461

South Dakota

$185,791

9

Maryland

$354,465

Texas

$186,144

10

Washington

$342,716

Arkansas

$186,767

*A list of the most expensive and affordable markets in each state can be viewed on the Home Listing Report website.

About America's Most Affordable Markets:

The most affordable market of Redford, Mich. is followed by College Park, Ga. ($62,080); Detroit, Mich. ($65,155); Cleveland, Ohio ($70,066); and Poinciana, Fla. ($76,341).

Four of the top 20 most affordable markets are located in Michigan, where bidding wars are making headlines, particularly in pockets of the metro-Detroit region.

“Where Michigan was one of the first states impacted by the recession, it’s also been one of the first states to recover,” said Kelly Sweeney, chief executive officer of Coldwell Banker Weir Manuel. “As for Redford, with its proximity to metro Detroit and Ann Arbor, the town proves that you don’t have to give up amenities to live in an affordable community. Nobody ever gets priced out of Redford, putting the American Dream within grasp of nearly everybody.”

In the South, Georgia and Florida each have four of the 20 most affordable markets.

Top 20 Lists

The top 20 most expensive and most affordable real estate housing markets in the 2012 Coldwell Banker U.S. Home Listing Report are:

Rank Most Expensive States Avg. Listing Price Most Affordable States Avg. Listing Price
1 Los Altos, Calif. $1,706,688 Redford, Mich. $60,490
2 Newport Beach, Calif. $1,658,000 College Park, Ga. $62,080
3 Saratoga, Calif. $1,582,434 Detroit, Mich. $65,155
4 Menlo Park, Calif. $1,506,909 Cleveland, Ohio $70,066
5 Palo Alto, Calif. $1,495,364 Poinciana, Fla. $76,341
6 Los Gatos, Calif. $1,444,214 Hastings, Fla. $78,840
7 Rye, NY $1,312,250 Jonesboro, Ga. $79,686
8 Kailua, Hawaii $1,238,208 Park Forest, Ill. $81,107
9 Carmel-by-the-Sea, Calif. $1,232,167 Augusta, Ga. $83,936
10 San Carlos, Calif. $1,230,880 Johnstown, Pa. $84,173
11 Greenwich, Conn. $1,200,525 Cleveland Heights, Ohio $84,535
12 Cupertino, Calif. $1,151,145 Saginaw, Mich. $85,345
13 San Francisco, Calif. $1,132,086 Fort Pierce, Fla. $89,292
14 Weston, Mass. $1,105,692 Country Club Hills, Ill. $90,788
15 Belmont, Calif. $1,098,777 Irvington, N.J. $92,264
16 Boulder, Colo. $1,084,183 Lehigh Acres, Fla. $92,819
17 Orono, Minn. $1,070,203 Terrell, Texas $96,329
18 Mercer Island, Wash. $1,059,411 Warren, Mich. $96,349
19 Darien, Conn. $1,056,933 Ellenwood, Ga. $97,850
20 Redwood City, Calif. $1,010,394 Maricopa, Ariz. $97,886

Highlights from the 2012 Coldwell Banker Real Estate Home Listing Report:

  • The average listing price of a four-bedroom, two-bathroom home in the U.S. is $292,152.
  • Coastal states are home to the majority of the country’s most expensive markets.
  • Many affordable markets exist just outside the most expensive markets in the country, such as Lake Elsinore, Calif., ($192,804 ) which is only an hour inland of Newport Beach, Calif., ($1,658,000).
  • While markets in the Midwest and South offer general affordability, the lifestyle and prestige of certain markets can help drive home prices well above the state average. In Orono, Minn., the average home listing price of a four-bedroom, two-bathroom home is $1,070,203, significantly higher than the average home price in the state ($357,461).
  • In fact, Minnesota ranks as the eighth most expensive state in the country, more expensive than coastal states Maryland and Washington.
  • Nebraska is the most affordable state in the country, where the average four-bedroom, two-bathroom home costs $145,360. The next most affordable states are Iowa ($162,621) and Georgia ($169,625).

Methodology:
The Coldwell Banker U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom properties on
coldwellbanker.com between January 2012 and June 2012. Coldwell Banker affiliates as well as other franchise brands associated with Realogy Holdings Corp contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between January 2012 and June 2012 were excluded from the ranking. Out of respect to those still dealing with damage by Hurricane Sandy, some affected U.S. markets will not be included in the 2012 Home Listing Report data set that will be published to the Coldwell Banker website.

About Coldwell Banker®
Since 1906, the Coldwell Banker® 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 approximately 83,000 sales agents working in approximately 3,100 offices in 50 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 create an iPad 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® 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. Coldwell Banker is subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global provider of real estate services.

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