February 12 – March 6 2008 Sales and Average Sale Price (SFH)
Sales: 16
Average Sales Price: $531,546
Active SFH Listings (March 15 2008): 112
(Source: creb, mls.ca)
A formal comparison or statistical analysis cannot be made because the listings statistic is off 9 days. But just ”eyeballing” the dismal “spring sales” numbers and volume of listings, it looks like sellers will be required to substantially reduce asking prices in this community to trigger a sale. In estimation, Panorama Hills has the worst SFH sales-to-list ratio in Zone A. Will this community be the first to fall? Only time will tell.
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Hi, nice blog. I just moved from Edmonton to Calgary approx 3 years ago and we (my wife and 2 yr old son) live in the neighbouring community to Panarama Hills, Hidden Valley. Thank God we bought before the boom.
Both communities are very similar. But I would agree there are many for sales signs in Panarama Hills. Just about all of Calgary is the same.
But as soon as Panarama Hills prices fall then neighbouring communities will be affected. Mostly all the communities around PH are roughly identical. Same type of properties, same pricing, similar types of young families etc.
So if Panarama Hills sees price reductions, then similar neighbouring communities will have to reduce prices in order to be competitive.
Think of dominos falling.
Interesting! I was looking at Andrew Kyle’s website and found a property by Cardel homes with a total of 23 units in it for sale at the intersection of Panamount Park & Panamount Drive NW… Wow.