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Greenwich ranks as the second most expensive real estate market
By Coldwell Banker
Sep 9, 2008 - 2:05:50 PM

Katonah Ranks as the Most Expensive Market in New York

According to the 2008 Coldwell Banker Home Price Comparison Index (HPCI) released today, Greenwich, Conn., ranked as the second most expensive real estate market in the nation behind La Jolla, Calif. In New York, Katonah ranked as the most expensive; Rye was the second most expensive.

In this annual comparison of similar homes in 315 U.S. markets, La Jolla topped the chart as the most expensive real estate market in the nation with a $1,841,667 average home price. Sixteen hundred miles away in America’s heartland sits Sioux City, Iowa the most affordable real estate market in America, where a similar home would cost $133,459.

Differing from most housing reports which compare median prices, the annual Coldwell Banker HPCI provides an apples-to-apples comparison of similar type 2,200 square foot, four bedroom, two-and-a-half bath homes in 315 markets across the U.S., in addition to Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker has a presence.

According to Connecticut survey results, the most expensive markets in the state were Greenwich with an average of $1,787,000, Fairfield with an average of $679,250 and Old Lyme with an average of $571,250. The survey also reported that Danbury had an average home price of $549,250 followed by Milford with $467,475, and West Hartford with $394,500. Not surprisingly, Westchester County ranked among the most expensive markets in New York. Katonah reported an average of $888,750 and Rye reported an average of $860,000.

“Connecticut and Westchester County, N.Y. continue to be desirable locations for homebuyers,” said Kate Rossi, president, Coldwell Banker Residential Brokerage in Connecticut and Westchester County, N.Y. “Both regions are strong markets for long-term home investments and will continue to be in the future.”

Through the comprehensive HPCI section on www.coldwellbanker.com, consumers can calculate what their homes may be worth in other areas in the U.S. and Canada to gather preliminary intelligence about the affordability of housing from one market to another.

A “Snapshot” of U.S. Home Affordability

Offering a “snapshot” of affordability across the U.S., the Coldwell Banker HPCI evaluates average home values for select 2,200 square foot single-family dwellings with four bedrooms, two-and-one-half baths, a family room (or equivalent) and a two-car garage1

The cumulative average sales price of the four-bedroom homes surveyed in the 315 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $403,738, a 4.4% decline from the $422,343 reported in the 2007 Coldwell Banker study.

Through the comprehensive HPCI section on www.coldwellbanker.com, prospective home buyers and sellers can calculate what their homes may be worth in other areas in the U.S. and gather preliminary intelligence about the affordability of housing from one market to another.

2008 Coldwell Banker® HPCI – Highlights and Top Market Lists

· La Jolla, Calif., edges out Greenwich, Conn. ($1,787,000) and other West Coast markets as the most expensive U.S. market in the study. Also on the East Coast, Boston, Mass., ranks as the ninth most expensive ($1,493,750). Beverly Hills was the most expensive studied U.S. market last year at $2.21 million. Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes.

· Candidate comparison: Barack Obama’s primary residence is Chicago, Ill., where the average home price is $863,300, whereas John McCain lives in Phoenix, Ariz., which averages $288,000.

· Swing states: Both candidates are likely to spend a large amount of time campaigning in several key “swing states” between now and November. The national economy and the housing market represent critical issues for many of these voters. The average price in each of those states is as follows: Colorado ($402,497), Florida ($357,596), Indiana ($224,906), Iowa ($196,134), Michigan ($201,291), Missouri ($212,850), Nevada ($287,375), New Hampshire ($401,697), New Mexico ($478,343), Ohio ($191,051), Pennsylvania ($332,955), Virginia ($309,070) and Wisconsin ($231,044).

· In total, 13 U.S. markets exceed the $1 million average price for the surveyed home. Joining Greenwich and Boston on that list outside of California is Wellesley, Mass. ($1.2 million).

· The Northeast Corridor (from Maine to Washington, D.C.) and California dominate all but five of the most expensive “top 40” U.S. market slots – with just one town from those regions (Augusta, Maine) appearing among the top 40 most affordable markets. Texas, led by Arlington, has six of the study’s 40 most affordable markets.

· Canada mirrors the U.S. in that its costliest markets are primarily situated on the West Coast. Vancouver, British Columbia, tops the Canadian list, with comparable four-bedroom homes averaging $1,257,000 U.S. dollars. The most affordable studied market in Canada is Charlottetown, Prince Edward Island ($157,000). The price difference between Vancouver and Charlottetown is a stunning $1,100,000.

· Dubai is the most expensive market studied outside of North America, where an HPCI subject home averages $2.45 million U.S. dollars, 33% higher than La Jolla. Coldwell Banker charts a total of 15 markets outside of the U.S. averaging more than $1 million, including Bucuresti, Romania ($1.9 million) and Madrid, Spain ($1.7 million). Quito, Ecuador, ($96,750) is the most affordable foreign market included in the survey. Nine markets altogether average less than $200,000 including Guayaquil, Ecuador and Samborondon, Costa Rica.

Methodology – 2008 Coldwell BankerÒ Home Price Comparison Index:

Coldwell Banker Real Estate LLC conducts its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the U.S., Puerto Rico, Canada and a sampling of other countries where the Coldwell Banker system has a market presence. Companies within the Coldwell Banker system submit data based on the average sales price of sold listings through July 2008 or a comparative market analysis of homes previously evaluated for the 2007 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 full-service real estate provider. In 2007, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the eighth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,600 residential real estate offices and 110,300 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property 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 Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated

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