Real Estate Showdown Year In Review

Real Estate Showdown Year In Review

It’s that wonderful time of year again. No I am not referencing a new year. I’m talking about NFL playoffs baby! Let’s fire up the grill, grab a six pack and enjoy all the sights and sounds 300 pound men beating each other up for our amusement.

I will not be providing any Denver  Broncos analysis this week for three reasons: 1) They don’t play this week. 2) We won’t know who they do play until the wildcard round is over. 3) What would I talk about next week? I will take this opportunity to congratulate Peyton Manning and the Broncos offense for their record setting year!


So instead I have compiled ALL of the statistics from ALL of the teams they have played so far. As a fun wildcard, I have removed the month over month change in average price and replaced it with Month’s Supply of Inventory. For those of you who are unsure, Month’s Supply of Inventory is the concept that if no additional homes came on the market, how long would it take to sell everything currently on the market. It’s a neat and tidy supply and demand indicator. A balanced market where supply meets demand is traditionally thought of as 6 months. Anything more than that is a Buyer’s Market and anything less than that is a Seller’s Market. I’d like to thank the National Association of Realtors and each state or city’s Association of Realtors for providing this information.  

Denver, Colorado 
Average Sales Price: $332,184
Months Supply of Inventory: 2.25 
Percent Change in Average Sales Price (Previous Year): 10.04% Increase 
Percent of Home Ownership: 52% 
Home Vacancy Rate: 4.34% 
Income Per Capita: $32,051 
Unemployment Rate:  7.0%  


Baltimore, Maryland 
Average Sales Price: $145,923
Months Supply of Inventory: 6.6
Percent Change in Average Sales Price (Previous Year): 3.5% Decrease
Percent of Home Ownership:  50%
Home Vacancy Rate:  7.46%
Income Per Capita:  $23,853
Unemployment Rate:    11.2%


East Rutherford, NJ 
Average Sales Price: $449,900
Months Supply of Inventory: 5.0
Percent Change in Average Sales Price (Previous Year): 5.9% Increase
Percent of Home Ownership:  42%
Home Vacancy Rate:  1.06%
Income Per Capita:  $33,358
Unemployment Rate: 7.6%    


Oakland, California 

Average Sales Price: $503,950
Months Supply of Inventory: 1.7
Percent Change in Average Sales Price (Previous Year): 29.4% Increase 
Percent of Home Ownership: 42% 
Home Vacancy Rate: 3.36%
Income Per Capita: $31,675
Unemployment Rate:  10.7%

Philadelphia, Pennsylvania 
Median Home Price: $110,000
Months Supply of Inventory: Not Reported 
Percent Change in Median Home Price (Previous Year): 3.02% Decrease 
Percent of Home Ownership: 55% 
Home Vacancy Rate: 4.35% 
Income Per Capita: $21,671 
Unemployment Rate:  10.8%
  


Dallas, Texas
Average Sales Price: $204,000
Months Supply of Inventory: 3.8
Percent Change in Average Sales Price (Previous Year): 13.33% Increase
Percent of Home Ownership:  45%
Home Vacancy Rate:  3.17%
Income Per Capita:  $27,251
Unemployment Rate:    6.9%


Jacksonville, Florida
Average Sales Price: $174,000
Months Supply of Inventory: 5.6
Percent Change in Average Sales Price (Previous Year): 12.4%
Percent of Home Ownership: 63% 

Home Vacancy Rate: 5.49% 
Income Per Capita: $25,716 
Unemployment Rate:  7.5%


Indianapolis, Indiana 
Average Sales Price: $111,000
Months Supply of Inventory: 6.6
Percent Change in Average Sales Price (Previous Year): 5.8% Increase
Percent of Home Ownership: 57% 
Home Vacancy Rate: 8.81% 
Income Per Capita: $24,430 
Unemployment Rate:  8.5% 
 


Washington, D.C. 
Average Sales Price: $716,321
Months Supply of Inventory: 2.3
Percent Change in Average Sales Price (Previous Year): 9.2% Increase
Percent of Home Ownership: 43% 
Home Vacancy Rate: 3.48% 
Income Per Capita: $43,993 
Unemployment Rate:  8.5% 
 


San Diego, California 
Average Sales Price: $473,360
Months Supply of Inventory: 2.3
Percent Change in Average Sales Price (Previous Year): 17.2% Increase
Percent of Home Ownership: 49% 
Home Vacancy Rate: Not Reported 
Income Per Capita: $33,135 
Unemployment Rate:  7.4% 
  


Kansas City, Missouri 
Average Sales Price: $168,597
Months Supply of Inventory: 4.5
Percent Change in Average Sales Price (Previous Year): 8.6%
Percent of Home Ownership: 57% 
Home Vacancy Rate: 8.17%
Income Per Capita: $27, 372 
Unemployment Rate:  8.7% 
 


Boston, Massachusetts
Average Sales Price: $295,000
Months Supply of Inventory: 2.8
Percent Change in Average Sales Price (Previous Year): 3.5% Increase
Percent of Home Ownership: 35% 

Home Vacancy Rate: Not Reported
Income Per Capita: $33,158 
Unemployment Rate:  7.1%


Nashville, Tennessee 
Average Sales Price: $195,000
Months Supply of Inventory: 6.6
Percent Change in Average Sales Price (Previous Year): 8.3% Increase
Percent of Home Ownership: 56% 
Home Vacancy Rate: 3.86%
Income Per Capita: $27,372
Unemployment Rate:  6.9% (Davidson County)
 


Houston, Texas 
Average Sales Price: $183,000
Months Supply of Inventory: Not Reported
Percent Change in Average Sales Price (Previous Year): 9.0% Increase 
Percent of Home Ownership: 47% 
Home Vacancy Rate: 4.06%
Income Per Capita: $26,849 
Unemployment Rate:  6.0% 


Normally, this is where I will provide analysis for each city versus Denver. As I do not have the space nor long enough mental fuse to breakdown every city, I shall leave our readers wanting more. Luckily, there is a place where you can find this information broken down in depth, as well as interesting football analysis (See Real Estate Showdown Week 1 through Week 17).

Checkout next weeks Real Estate Showdown when we compare Denver to...whoever the  Broncos play next. 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: January 3rd 2014
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