|
Wednesday, November 13, 2002 New method of comparing home prices by market Coldwell Banker Real Estate Corporation has released its 2002 annual Home Price Comparison Index (HPCI), showing the average home value is up seven percent since 2001. The data also demonstrates the price variances for similar homes in the 317 U.S. markets analyzed in the index. According to the study, a 2,200-square-foot home (the subject home used in the study) in the metro Atlanta area, the most expensive market in the state, costs $269,780 as compared to $136,375 for a home in Dalton, the state's most affordable market. The average price in Georgia was $190,421. The full study can be found on www.coldwellbanker.com, or can be obtained by contacting the Coldwell Banker Bullard Realty office nearest you. The HPCI is a snapshot study that offers an apples-to-apples comparison of matched sold listings in typical, middle management transferee neighborhoods in markets across the U.S. and Canada. The HPCI provides preliminary guidance for the affordability of housing within a market to aid a consumer's moving and home purchasing decisions. Nationally, the HPCI revealed the cumulative average sales price of the study's subject home in the U.S. is $291,097, up from $269,241 in 2001. The study also discovered that the most expensive market in the nation is Palo Alto, CA, ($1,263,250), and the most affordable market is Yankton, SD, ($101,062) indicating a price variable of $1,162,188 for a similar home. Of the 317 U.S. markets assessed, 206 markets (about 65 percent), including metro Atlanta, showed increases from 2001. The study also looked at 27 Canadian markets. Activity in residential real estate continues to be robust, despite a slow U.S. economy. Figures on existing home sales have remained quite strong throughout the first half of the year, projecting total annual sales of 5.75 million homes, the third highest sales pace since record keeping began in 1968, according to the National Association of Realtors. "Residential real estate has been one of the only bright spots in the U.S. economy," said Alex Perriello, president and CEO of Coldwell Banker Real Estate Corporation. "The sector should stay fundamentally strong because of attractive mortgage rates and the increase of home ownership rates among key demographics such as single parent families, the baby boom and echo boom generations, minorities and immigrants." What would a house in Metro Atlanta cost in Maryland's Bethesda? The HPCI's standard statistics indexing formula provides an answer: multiply the market value of your current home by the index number (listed on www.coldwellbanker.com and in the 2002 Home Price Comparison Index brochure) of the destination city where you plan to move. Then, divide that number by the index number of Metro Atlanta, 93. For example, if your home costs $200,000, multiply by the HPCI index number for Bethesda, which is 168. Take that number and divide by the index number for metro Atlanta. Therefore, if you live in a $200,000 home in metro Atlanta, the HPCI value of your home would be approximately $361,290 in the Bethesda, MD, area. Copies of the 2002 home Price Comparison Index brochure, which contain the index numbers, are available at Coldwell Banker Bullard offices. The methodology used to compile the data included the surveying of hundreds of Coldwell Banker offices throughout the HPCI's corresponding U.S. and Canadian markets. Using the HPCI's indexing formula, consumers can calculate what their own home could be worth in another city. The HPCI thus provides preliminary guidance for the affordability of housing within a market to aid a transferee's decision process. The oldest and largest real estate company headquartered in the Metro South area of Atlanta and the largest Coldwell Banker franchised company in Georgia, Coldwell Banker Bullard has other offices in Jonesboro, Griffin, Riverdale, McDonough, Jackson, Peachtree City, Newnan, and Barnesville with a total of approximately 265 agents. The company, founded in 1956, worked out a franchise agreement with Coldwell Banker Real Estate Corporation a few years ago. Since 1906, the Coldwell Banker organization has been the premier provider of full-service real estate. In 2002, Franchise Times magazine's prestigious Top 200 issue ranked the organization number one in real estate and number 10 overall. The Coldwell Banker system has more than 3,200 residential and commercial real estate offices with over 90,000 sales associates globally. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated. The company is an industry leader in residential real estate, and in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International division. The company is a pioneer in consumer services with its Coldwell Banker Concierge 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 Coldwell Banker Commercial is one of the largest commercial franchise operations with over 400 affiliates offering clients comprehensive buying, selling, leasing, acquisition, disposition and management services. Coldwell Banker Real Estate Corporation, is a subsidiary of Cendant Corporation (NYSE: CD). Coldwell Banker Mortgage is one of the largest telephone/web based lenders in the country and Coldwell Banker Commercial is one of the largest commercial franchise operations with over 400 affiliates offering clients comprehensive buying, selling, leasing, acquisition, disposition and management services. Coldwell Banker Real Estate Corporation, is a subsidiary of Cendant Corporation (NYSE: CD).
|
||