NORTHEAST Calgary DOMINATED THE SCENE in the midst of the real estate stalemate with interest rates and the economy.
It was the only region inside Calgary that showed a sales increase, when in comparison to October 2017. The sales in the North East increased by 1% in a year-to-year comparison. Looking closer and you’ll find the sales increase ratio in Whitehorn was 14%, over performing the region.
As you’ll see in this entertaining and informational video, while many mainstream media outlets are discussing a decrease in over-all market values – Whitehorn has done an excellent job of maintaining home values and in some cases increasing through the recession.
One of the main factors is affordability as the controversial mortgage stress test makes approvals for higher price points more difficult. Pushing more people into the 0-$500,000 marketplace creating a potentially higher than normal demand for homes in the area. Whitehorn had 8 sales in October 2018, the same as the regional average.
The average days on market for a property in the region is of 60 days, or 2 months. While for Whitehorn it is of 71 days, 18% higher. Whitehorn had one of the strongest decreases in new listings, it dropped by 55%, while for the entire region the number was of -4%.
When analyzing the Benchmark Price, it is of $343,340 for a property in the North East region. While, for a property in Whitehorn, it is of $325,830, just 5% lower. And a reminder that there are many new home communities in the Northeast Quadrant, so even though the community benchmark is lower than the region – it is competing against communities with homes that are newer and larger. Therefore, we can assume overall that the prices in Whitehorn are very similar to the prices in the region.
The HPI in October 2018 in the region was 198, and 203 for Whitehorn.
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Tarek Hageahmad CIR Realty’s Calgary Home Reporter is a Former National Network Correspondant, Former manager/advisor for multiple builders and now Top Producing Agent. His background offers clients and other industry members the highest level of research and marketing tools in Real Estate Today. Whether buying or selling, get a personalized Calgary Home Report first.