Sep 29,2006 00:00
Bend Weekly News Sources
According to the 2006 Coldwell Banker® Home Price Comparison Index (HPCI), an “apples to apples” comparison of similar homes sold in typical, middle management neighborhoods, the average sale price of homes in Oregon is $384,097. Of the five Oregon markets evaluated, Bend, Oregon ranks as the most expensive with an average home price of $482,750 while Salem, Ore. ranks as the least expensive with an average price of $304,000.
§ Beverly Hills, Calif., replaces La Jolla, Calif., as the study’s most expensive market in 2006
§ ($1.8 million). Minot, N.D. returns as the most affordable market, at $132,333. Minot also ranked as the most affordable market in 2004, at $130,300. In 2005, Killeen, Texas, replaced Minot as the most affordable market.
§ The price difference between Beverly Hills and Minot is $1.67 million for a similar 2,200 square foot home. There is a $1.68 million difference between Milan, Italy and Minot.
§ Once again, nine of the top 10 most expensive markets in the U.S. are in California. Greenwich, Conn., is again the lone market in the top 10 not in the Golden State, ranking eighth with an HPCI average sales price of $1.4 million. Other pricey areas outside of California include: Boston, Mass. ($1.28 million); Wellesley, Mass. ($1.19 million); Ridgewood, N.J. ($1.01 million); Kihei, Maui, Hawaii ($935,000); Chicago ($916,667); and Katonah, N.Y. ($912,000). Note that the borough of Manhattan in New York City was not included in the study because of the lack of single-family homes.
§ Markets that rank nearest to the HPCI national average sales price of $423,950 include Minneapolis, Minn., ($421,433) and Northampton, Mass. ($431,000). Bakersfield ($411,500) is the least expensive market in California, and a mere 3 percent below the national average.
§ The most expensive international markets included (prices converted to U.S. dollar as of September 5, 2006): Milan, Italy ($1.81 million); St. Thomas, V.I. ($1.45 million); Bermuda ($1.44 million); Dublin ($1.41 million); and, Rome ($1.26 million). The most affordable international market tracked was Bogota, Colombia, at $56,522.