Desert homes align with state average

Public Record, The, Oct 12, 2004

A 2,200-square-foot home that costs $407,000 in Palm Desert would cost $1.1 million in Santa Monica, according to Coldwell Banker Real Estate Corp.'s annual Home Price Comparison Index. The newly released index compares similar homes in 348 markets across the country, Puerto Rico and in Canada.

Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings through July 2004, along with averages of prior listings that were priced at current market levels. The subject home was a 2,200-squarefoot, single-family dwelling with four bedrooms, 2.5 baths, family room and two-car garage in areas typical for corporate middlemanagement transferees.

The 2004 report found, for the second year in a row, La Jolla the most expensive market. Its average sales price of $1,708,333 is $1,578,033 more than the most affordable market: Minot, N.D., at $130,300. California had the greatest variance of prices within a state, ranging from La Jolla to Riverside/Ontario with an average sales price of $348,600. The average price in the state was $407,000.

More than 60 percent of the markets surveyed had an average home price of less than $300,000. Seven of the country's 10 most expensive markets were in California; the others were Connecticut, Massachusetts and Hawaii. Montana and Texas are each home to two of the top 10 most affordable markets. Alabama narrowly beat Nebraska as having the least price variance within a state. The former had a $7,891 difference between Huntsville ($188,466) and Mobile ($180,575).

Among major cities, the average home price was $1,125,500 in San Francisco, $1,053,594 in Boston and $763,333 in Chicago.

The full report and an automatic Home Price Comparison Index calculator to determine specific home values can be access at www.coldwellbanker.com