Real Estate Showdown Week 10 Denver Vs San Diego

Real Estate Showdown Week 10 Denver Vs San Diego

In the mind of an NFL fan, nothing drags on longer than a bye week. This is especially true for Broncos  fans. One big question that has popped up within the last week is how will the team handle playing without their head coach, John Fox, who underwent heart surgery last week. Some think they may crumble. I just don’t see that happening for several reasons.

First, this gives them a cause to rally behind. The Colts last year a prime example of the power of a spark. When they lost their head coach, Chuck Pagano, for most of the season due to his diagnosis of Leukemia, the team and fans alike rallied behind “Chuck Strong” and did truly amazing things. They went from a 2-14 team the year before that to making the playoffs with a rookie quarterback. Truly shows the power of a cause.

Second, When you have Peyton Manning, what else do you need? In no way am I diminishing John Fox’s importance to the team. I am a huge fan of his and was rooting for him to get the job when the team was looking for a new coach. All I am saying is, Peyton Manning is like a coach in his own right and is quite capable of doing his job to pick up the slack.

Third, the Broncos are not handing the reins over to just anyone. Jack Del Rio is more than capable to serve as interim head coach. Before coming to the Broncos , Del Rio was the head coach of the Jacksonville Jaguars and lead them to several playoff appearances. He is also, believed by many, to be the frontrunner for the USC Trojans head coaching vacancy in the off season.

I believe the Broncos are in very capable hands until John Fox’s return. We can’t focus too much in the future, we have to focus on the here and now, which is San Diego. San Diego, discovered by the Germans in 1904 according to Ron Burgundy, like their football team, has a real estate market has some key issues that need to be addressed.
In this week’s edition of the Real Estate Showdown, we will matchup the real estate markets of Denver and San Diego. As we have each 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: $244,000
Percent Change in Median Home Price (Previous Month): 0.41% Increase 
Percent Change in Median Home Price (Previous Year): 10.90% Increase 
Percent of Home Ownership: 52% 
Home Vacancy Rate: 4.34% 
Income Per Capita: $32,051 
Unemployment Rate:  7.0%  

San Diego, California 

Median Home Price: $449,690
Percent Change in Median Home Price (Previous Month): 0.51% Decrease 
Percent Change in Median Home Price (Previous Year): 17.51% Increase 
Percent of Home Ownership: 49% 
Home Vacancy Rate: Not Reported 
Income Per Capita: $33,135 
Unemployment Rate:  7.4%

San Diego’s real estate market is a classic case of start and stop. They have had substantial price appreciation over the last year but in the last month has actually seen prices fall. Now you could attribute it to the seasonality of real estate during the winter. “Nobody wants to buy homes in the winter.” Sound logic except for one thing: ITS SAN DIEGO!!! I’m not meteorologist but I don’t forsee massive snow drifts cutting through San Diego Harbor. Markets with milder climates tend to fair better in the winter months, so that theory is out the window.

National Association of Realtors does not have a number reported for San Diego’s home vacancy rate. Given that I am a diehard Broncos fan and not inclined to be gentle with a rival, I can only assume San Diego’s vacancy rate is somewhere in the ballpark of 60%, compared to Denver’s 4.34%. So right there is another strike!

In all seriousness, here’s one statistic that we have analyzed in the past that will really determine which market is a better market: Median Home Price vs Per Capita Income. By looking at these two numbers together, you can see how long it would take the average person to save up their income to purchase a house in cash. For Denver, that would take 7.6 years to do this. For San Diego, that would take 13.57 years! Nearly twice as long!

From a stability and affordability standpoint, Denver comes out as the clear victor this week. Hopefully Peyton and the Broncos  can get the tears flowing for Phillip “Cry Me A” Rivers and the Chargers. Check out our next Real Estate Showdown when we compare Denver to Kansas City. 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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Phone: 720-446-6301
Dated: November 10th 2013
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