Real Estate Showdown Week 7 Denver Vs Indianapolis

Real Estate Showdown Week 7 Denver Vs Indianapolis

Real Estate Showdown Week 6: Manning 1.0 faces Manning 2.0

Week 6 of the NFL season left more questions in the minds of Broncos fans than confidence. How did the Broncos allow 19 points to a team that had only scored 51 points in the previous 5 weeks? Why does the secondary look so lethargic out there? How the heck did the Jaguars cover the spread?! All valid questions but it is time to take our eyes off the rearview mirror and focus on the road ahead: Indy.


The Indianapolis Colts have proven they are a legitimate, though streaky, AFC contender. As the current head of “The House That Manning Built”, Andrew Luck has spent the 2013 season proving the sophomore slump doesn't apply to everyone, leading the 4th ranked offense, according to ESPN. Broncos fans can breathe a little easier after seeing the Colts struggle last Monday against the less-than-stellar Charger’s defense.

In preparation of the big showdown this weekend, we will take a look at our own showdown. This week’s Real Estate Showdown features Denver, Colorado versus Indianapolis, Indiana.  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: $242,480 
Percent Change in Median Home Price (Previous Month): 1.17% Increase 
Percent Change in Median Home Price (Previous Year): 11.23% Increase 
Percent of Home Ownership: 52% 
Home Vacancy Rate: 4.34% 
Income Per Capita: $32,051 
Unemployment Rate:  7.2%  
 

Indianapolis, Indiana 

Median Home Price: $100,000 
Percent Change in Median Home Price (Previous Month): Not reported 
Percent Change in Median Home Price (Previous Year): 3.09% Increase 
Percent of Home Ownership: 57% 
Home Vacancy Rate: 8.81% 
Income Per Capita: $24,430 
Unemployment Rate:  8.5%
 

This one is quite an interesting matchup. Prices are certainly cheaper in Indianapolis than they are in Denver,  but talk about an interesting market! What this data doesn't show is the fluctuation in the average list price. From last month, Indianapolis is down 4.8% but up 77.8% over the last 12 months. This could indicate that lower priced homes are coming on the market at a more rapids pace over the last month but on the whole, luxury homes have dominated the area’s inventory. Denver is at 1.4% and 12.8% respectively, indicating a general price appreciation as opposed to two differently paced sub markets as the data might suggest for Indy.

The other aspect that is interesting to note is that the vacancy rate in Indy is more than double the rate of Denver (presumably more foreclosures and vacant properties per capita) and the unemployment rate is higher in Indy than Denver’s. It makes sense that these two statistics generally have a strong correlation. The interesting aspect though is that with double the vacancy rate, one might expect the unemployment rate might be higher. This could be an indication of more foreclosed properties not being released by the banks. All speculation at this point but an interesting statistic none the less.

Either way, looks to be a solid victory for Denver residents and Broncos fans are expecting an equally solid victory on Sunday. This is the NFL we are talking about, so you never know. Check out next week when we dissect the Denver market versus the Washington D.C. market. 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. 

Photo courtesy of nfl.com


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