Real Estate Showdown Week 3 Raider Haters Rejoice

Real Estate Showdown Week 3 Raider Haters Rejoice

As we are entering the third week of the Real Estate Showdown, there’s something I’d like to point out:  there have been two weeks of us analyzing real estate markets and how many wins have the Denver Broncos tallied? 2! Like the Bud Light commercial says: ‘Its only weird if it doesn't work.” Well clearly its working and let’s keep our fingers crossed that it keeps working.  

This week, our beloved Denver Broncos face the longtime AFC West Cellar Dwellers, the Oakland Raiders. Though the defense is much improved this season, there still is not much hope for the Raiders, led by…whatever quarterback they have this week. Much like the cities of Baltimore and East Rutherford, Oakland does not stand much of a chance against Denver. As we did last week, we will focus on 7 key factors to make our determination on which market is truly the winner (stats gathered via National Association of Realtors).

Denver, Colorado 
Median Home Price: $243,000 
Percent Change in Median Home Price (Previous Month): 4.29% Increase 
Percent Change in Median Home Price (Previous Year): 10.95% Increase 
Percent of Home Ownership: 52% 
Home Vacancy Rate: 4.34% 
Income Per Capita: $32,051 
Unemployment Rate:  7.7%  

Oakland, California 

Median Home Price: $395,000 
Percent Change in Median Home Price (Previous Month): 9.41% Increase 
Percent Change in Median Home Price (Previous Year): 40.56% Increase 
Percent of Home Ownership: 42% 
Home Vacancy Rate: 3.36% 
Income Per Capita: $51,144 
Unemployment Rate:  11.9%

Just as we suspected when we dug in, things are not looking good for Oakland. At first glance they might seem like good numbers but let’s consider a few things. First off, real estate prices versus income are much more out of whack. Second, in Oakland, you have a real estate market that has seen a 40%+ change in home price in one year! Talk about a market on a roller coaster ride! You might be better off taking $400k to the casino and letting it ride on red (Disclosure: we are NOT recommending you do that).

Second, you have an economy that is experience a significantly higher unemployment rate with a much lower ownership rate. Couple this with the fact that the state of California as a whole that is basically shaking the piggy bank upside down and looking between the couch cushions for every nickel and dime, this does not bode well for Oakland resident’ confidence in the economy.

Third, its Oakland! Need I say more?

I would say the showdown this week has been a relatively one-sided event, much like the expectations for the Monday night game this week. Tune in next week when we compare the real estate market of Denver and Philadelphia.  In the meantime, give me a call if you are thinking of buying or selling a home and would like help squashing the competition!

Matthew Koller is part of the Carr Peck & Associates at Keller Williams. Carr Peck & Associates were 6th in Denver Metro home sales out of 5,000 agents and has been recognized by the Wall Street Journal and Real Trends as one of the top selling teams in the country. For more information feel free to  
contact him   or call 303-704-3286. 

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Jason Peck Headshot
Phone: 720-446-6301
Dated: September 20th 2013
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