2015 Home Price Review: Hespeler

Cliff Rego
Published on January 18, 2016

2015 Home Price Review: Hespeler

In this, the first of a series of posts, we take a look at the five-year average sold price trend for Hespeler for freehold, single family homes*.

Overall

In 2015, the average home in Hespeler sold for 8.9% more than it did in 2014, outperforming the Cambridge market, which was up approximate 4.7% over the same time period (pulling from the same data set).

Over the past 5 years, the Hespeler home value average has increased 25.5%, representing a significant Return on Investment for area homeowners:

Primary Year Sale Price, Average Sales, Number of
2011 $296,547 422
2012 $320,062 401
2013 $333,035 424
2014 $341,797 419
2015 $372,314 394

 

But what about home prices in your neighbourhood? Here are the average sold prices in each neighbourhood.

DISCLAIMER: We’re going to mention this a few times: as we drill down into each neighbourhood, the number of transactions will decrease. A smaller sample size can be more prone to anomalies and thus result in wider fluctuations in home value averages. To determine YOUR home’s value, you need to compare “apples to apples.” Request your FREE personalized valuation here.

Centennial:

Up 26.8% over 2014, 28.3% over the past 5 years.

Primary Year Sale Price, Average Sales, Number of
2011 $260,625 40
2012 $275,284 31
2013 $273,699 41
2014 $263,796 41
2015 $334,542 24

Now, before getting too excited about your home going up 27% in value in one year (sorry to be a killjoy), we need to factor in two important details:

  1. As mentioned earlier, low transaction volume lends itself to skewed averages. In 2015, this already low-volume neighbourhood saw its transaction volume drop by 42%.
  2. In 2014, no home in this area sold for more than $400,000. In 2015, three of the 24 homes sold for over $400,000 – two of them selling for over $500,000.

 

When you eliminate homes sold over 400k (primarily the new homes on Ethel St.), the 2015 average home price drops to $284,000 while the 2014 average price stays the exact same. This represents an average value increase of 7.7%, which is more in line with the Hespeler average. Still, that’s a significant increase.

Woodland Park-Cambrian Hills:

This established area saw an average home value increase of 5.3% in 2015, 32.7% over the past 5 years.

Primary Year Sale Price, Average Sales, Number of
2011 $308,862 33
2012 $352,374 45
2013 $348,614 40
2014 $389,466 43
2015 $409,975 44

 

While consistent year-over-year, the number of transactions are low relative to other neighbourhoods in the area. Your home may have increased more or less than 5.3% depending on direct comparables (deviations can work both ways, after all).

Hillcrest-Cooper-Townline Estates:

Up 4.6% in 2015, 17.9% over the past 5 years.

Primary Year Sale Price, Average Sales, Number of
2011 $317,892 167
2012 $335,379 136
2013 $344,751 151
2014 $358,231 136
2015 $374,835 145

 

This area has the highest number of transactions of all Hespeler neighbourhoods, resulting in a more consistent appreciation rate year over year.

Hillcrest-Forbes Park:

The raw stats show an average home value increase of 16.9% in 2015, 33.7% over the past 5 years.

Primary Year Sale Price, Average Sales, Number of
2011 $252,750 54
2012 $284,526 54
2013 $268,155 53
2014 $289,064 56
2015 $337,851 44

 

Again, low number of transactions overall, and fewer transactions in 2015 vs. years 2011-2014. This doesn’t invalidate the data per se – and there’s nothing specifically creating an anomaly in this case – but you can see how the average price has deviated significantly in both directions over the past 5 years (up in 2012, down markedly in 2013), which is inconsistent with overall market trends.

Blackbridge-Fisher Mills-Glenchristie-Hagey-Silverheights:

Up 4.8% over 2014, 22.6% over the past 5 years.

Primary Year Sale Price, Average Sales, Number of
2011 $291,990 127
2012 $318,233 134
2013 $339,206 134
2014 $341,671 137
2015 $358,106 131

 

With its close proximity to the 401, HWY 24 and major amenities, this area is primed to continue to appreciate at a steady, sustainable rate.

Briardean-River Flats-Beaverdale:

Really, there are too few transactions in this area to derive a solid appreciation rate – which explains why the sale price average fluctuates significantly year over year (NO, your home’s value did not drop 54% in 2012!).

Primary Year Sale Price, Average Sales, Number of
2011 $723,000 1
2012 $335,100 1
2013 $863,500 5
2014 $655,667 6
2015 $749,250 6

 

Summary:

Hespeler continues to be a high-demand area of Cambridge with home value appreciation rates that, in 2015, outpaced the rest of the Cambridge market.

Want to know EXACTLY what your home is worth in today’s market? Click here to request your FREE, personalized home evaluation.

 


(*Source: Matrix OnRegional board stats, pulled Jan 18, 2015. Data only reflects homes sold through MLS.)

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