Real Estate Showdown Week 8 Denver Vs Washington

Real Estate Showdown Week 8 Denver Vs Washington

Denver Broncos’ fans are still licking their wounds from last week’s loss to the Indianapolis Colts. As painful a loss as that was, I might be one of the only people in Denver who was glad it happened. Before you start sending in the hate mail, just hear me out. Usually around week three of the NFL season, ESPN and sports writers everywhere start comparing whatever unbeaten team to the 1972 Miami Dolphins.  It seems like it keeps happening earlier and earlier in the season. One year, we might hear them make the comparison during a preseason game.

Anyway, all this talk of being undefeated and ‘can they go the distance?’ puts a lot of pressure on a team. Over the past several years, every team that has knocked on the door of the perfect season has fallen flat on their face i.e. The 2007 New England Patriots, The 2011 Green Bay Packers and of course, The Broncos  last year. On the flip side, look at the records of the last 4 Super Bowl winners: 2013 – Baltimore Ravens (10-6), 2012 – New York Giants (9-7), 2011 – Green Bay Packers (10-6), 2010 – New Orleans (13-3).

Of course I would never root for the Broncos  to lose but if they did finish the season with a few losses, history has shown us that’s not necessarily a bad thing. When the pressure of chasing history is gone, it allows a team to fly under the radar and hit the playoffs with momentum. Odds are pretty slim, however, that any team led by Peyton Manning could fly under the radar.

Win, lose, or draw, we will continue with our Weekly Real Estate Showdown. As we do with every opponent the Denver Broncos face, we will look at the market of Denver versus each respective city. This week’s Real Estate Showdown features Denver, Colorado versus Washington D.C.  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%  

Washington D.C. 

Median Home Price: $450,110
Percent Change in Median Home Price (Previous Month): 4.03% Increase 
Percent Change in Median Home Price (Previous Year): 12.52% Increase 
Percent of Home Ownership: 43% 
Home Vacancy Rate: 3.48% 
Income Per Capita: $43,993 
Unemployment Rate:  8.5%

In each of the previous weeks, Denver has had the strongest market. This week however, Denver experiences their first true loss. Washington D.C. has the edge in average home price, month over month appreciation and year over year appreciation. I’m not willing to chalk it up as a blowout. Denver has the edge in 3 key areas. First, Denver has a higher percentage of home ownership. This makes sense when you think about it. Washington D.C. has a heavy base of Government and consulting based jobs. This makes it a very transient town as politicians lose elections and move back to their home states. It makes sense that their rental percentages would be higher.

Second, Denver is a much more affordable city. By comparing the average home price with their per capita income, we can determine how many years it would take the average person to by a home. In Denver, it would take the average person 7.7 years to save up and pay cash for the average home. In Washington D.C., it would take the average person 10.3 years to do the same thing. Finally, Washington D.C. is a city full of politicians! That has to be a disadvantage right?!

While Denver takes the loss this week, its not a complete blowout. In a game scenario, it’s the equivalent of losing to a last second field goal. Our next Real Estate Showdown will be in two weeks when we compare Denver to San Diego, California. 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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Dated: October 26th 2013
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