Real Estate Showdown Week 9 Midseason Review

Real Estate Showdown Week 9 Midseason Review

For the Denver Broncos  , their bye week could not come at a better time. Nagging injuries to players like Peyton Manning and fresh injuries to players like Duke Ihenacho  could use a much needed week off. This also gives time for the Broncos  staff to review their season and make necessary adjustments for the second half.

For a team that has started 7-1, not many Denver fans are resting easy. There are many holes in this championship caliber team. The way I see it, the Broncos  need to address the following issues:


Inconsistent Secondary
Each of the defensive backs have had their shining moments but for every spectacular play, there have been just as many head-scratchers. It’s the tale of two secondary’s and the question is which one will show up each week? The good news is, on the remaining schedules, there are very few dangerous offensive weapons they will be facing (Thankfully Megatron will not be entering our thin air). The key is not to play down to their level.

Enough Turnovers Already
The Broncos  are not known to be a particularly fumble prone team but the killer has been during key possessions. If I see Ronnie Hillman or Montee Ball lose the ball on the one yard line again, I just might snap! Of course, only the narrow minded try to blame them solely. The team as a whole is not capitalizing like they should, which is a bold statement about a team who is on pace to effectively shatter the scoring record.

Start Games Like They End Games
Everyone knows the Broncos  are a second half team. They have proved that week in and week out. Nobody is better at making those second half adjustments like the Mile High Messiah with Fox and Friends. Call it a lack of urgency, call it deferred preparation, call it what you like. The fact of the matter is the Broncos could be even better than they already are if they just came on the field during the coin toss as they do after halftime.

The city of Denver, like their gridiron warriors, has faired equally well among their opponents. Each week, we compare the Mile High City to the hometown of Broncos  opponents to determine which city has the strongest real estate market. This week’s Real Estate Showdown is a recap of the first eight weeks. In parenthesis, we will list the rank of each city compared to the other eight cities.


Denver, Colorado 
Median Home Price: $242,480 (4th)
Percent Change in Median Home Price (Previous Month): 1.17% Increase (7th)
Percent Change in Median Home Price (Previous Year): 11.23% Increase  (4th)
Percent of Home Ownership: 52% (4th)
Home Vacancy Rate: 4.34% (5th)
Income Per Capita: $32,051 (4th)
Unemployment Rate:  7.2%  (2nd)


Baltimore, Maryland (Week 1)

Median Home Price: $153,000 (5th)
Percent Change in Median Home Price (Previous Month): 4.10% Increase (4th)
Percent Change in Median Home Price (Previous Year): 2.70% Increase (7th)
Percent of Home Ownership: 50% (5th)
Home Vacancy Rate: 7.46% (8th)
Income Per Capita: $23,853 (8th)
Unemployment Rate:  11.2% (8th)    


East Rutherford, New Jersey (Week 2)
Median Home Price: $406,000 (2nd)
Percent Change in Median Home Price (Previous Month): 20.47% Increase (1st)
Percent Change in Median Home Price (Previous Year): 18.65% Increase (2nd)
Percent of Home Ownership: 42% (8th)
Home Vacancy Rate: 1.04% (1st)
Income Per Capita: $33,358 (3rd)
Unemployment Rate:  7.6% (Bergen County)
(4th)


Oakland, California (Week 3)
Median Home Price: $395,000 (3rd)
Percent Change in Median Home Price (Previous Month): 9.41% Increase (2nd)
Percent Change in Median Home Price (Previous Year): 40.56% Increase  (1st)
Percent of Home Ownership: 42% (9th)
Home Vacancy Rate: 3.36% (3rd)
Income Per Capita: $51,144 (1st)
Unemployment Rate:  11.9%
 (9th)


Philadelphia, Pennsylvania  (Week 4)
Median Home Price: $110,000 (6th)
Percent Change in Median Home Price (Previous Month): 2.79% Increase (6th)
Percent Change in Median Home Price (Previous Year): 3.02% Decrease (9th)
Percent of Home Ownership: 55% (3rd)
Home Vacancy Rate: 4.35% (6th)
Income Per Capita: $21,671 (9th)
Unemployment Rate:  10.8%
  (7th)


Dallas, Texas (Week 5)
Median Home Price: $107,000 (7th)
Percent Change in Median Home Price (Previous Month): Not Reported (8th)
Percent Change in Median Home Price (Previous Year): 1.90% Increase (8th)
Percent of Home Ownership: 45% (6th)
Home Vacancy Rate: 3.17% (2nd)
Income Per Capita: $27,251 (5th)
Unemployment Rate:  6.9% (1st)


Jacksonville, Florida (Week 6)
Median Home Price: $105,520 (8th)
Percent Change in Median Home Price (Previous Month): 6.58% Increase (3rd)
Percent Change in Median Home Price (Previous Year): 7.67% Increase (5th)
Percent of Home Ownership: 63% (1st)
Home Vacancy Rate: 5.49% (7th)
Income Per Capita: $25,716 (6th)
Unemployment Rate:  7.5% (3rd)


Indianapolis, Indiana (Week 7)
Median Home Price: $100,000 (9th)
Percent Change in Median Home Price (Previous Month): Not reported (9th)
Percent Change in Median Home Price (Previous Year): 3.09% Increase (6th)
Percent of Home Ownership: 57% (2nd)
Home Vacancy Rate: 8.81% (9th)
Income Per Capita: $24,430 (7th)
Unemployment Rate:  8.5% (5th)


Washington D.C. (Week 8)
Median Home Price: $450,110 (1st)
Percent Change in Median Home Price (Previous Month): 4.03% Increase (5th)
Percent Change in Median Home Price (Previous Year): 12.52% Increase (3rd)
Percent of Home Ownership: 43% (7th)
Home Vacancy Rate: 3.48% (4th)
Income Per Capita: $43,993 (2nd)
Unemployment Rate:  8.5% (6th)


By taking all of these rankings and averaging them out, here’s what we get for the midseason standings:
1.       East Rutherford, New Jersey (3.00)
2.       Tied: Oakland, CA (4.00)
3.       Tied: Washington D.C. (4.00)
4.       Denver, CO (4.28)
5.       Jacksonville, FL (4.71)
6.       Dallas, TX (5.28)
7.       Baltimore, MD (6.43)
8.       Philadelphia, PA (6.57)
9.       Indianapolis, IN (6.71)

Denver ranks 4th among the cities when you look at the raw data but when we interpret the data, Denver might actually rank higher. East Rutherford has some of the strongest numbers of all the cities except in one key area: They rank 8th in home ownership rate. This means East Rutherford is very highly dependent on folks who work in other areas and live there. Should the economy of these other areas falter, East Rutherford would be hit hard.


Oakland, CA is tied for second among the cities but is 9th in both home ownership rate and unemployment! That is a recipe for disaster for economic stability of a city. Not to mention its roller coaster appreciation and depreciation makes this a game of Russian Roulette for Oakland homeowners.

Washington D.C. appears to be the most stable of the top three but also struggles with low ownership rate (7th) and high unemployment rate(6th). Just because a market is expensive, doesn't necessarily make it strong.

I truly believe, as I have made the case week in and week out that
Denver has the strongest and most stable real estate market thus far.
Be sure to check out next week’s Real Estate Showdown 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. 

Photo courtesy of www.denverbroncos.com


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Dated: November 2nd 2013
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