Below you will find a Cambridge Market Update for July 2018 which will provide you with information on the local real estate market and recent sales activity in your specific area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!
Cambridge Market Update for July 2018
Here is what happened in the Cambridge Real Estate Market in July!
There were 153 sales this month, which is down 12% from the 173 sales that we had last July.
There are currently 381 active listings on the market. This is up 6% from last year. For purchasers, there is still a decent amount of inventory to choose from. Especially in the detached market over $600,000.
If we look at the total number of new listings, we had 257 in July, which was relatively flat from last year.
The average sale price in the Kitchener Waterloo region is $486,243, which is up 3% from July of last year when the average sale price was $474,140.
Let’s dive into more detail – detached houses had an average sale price of $494,096 which is up 1% from last July.
Attached houses are up 10% from last July with an average sale price of $377,819. Apartment style condos had an average sale price of $281,500 which is up 9% from last July.
As you can see we have positive year over year numbers across all houses types.
Houses are selling on average for 99.2% of the list price. Which means when you are pricing your listing you want to have a very small buffer for negotiations. Of the houses that are selling, 32% went to multiple offers and sold over asking. 88% of these houses are listed under $600,000.
If we look at months of inventory, which is our supply and demand, we have 2.49 months of inventory. Anything under 5 months is considered a seller’s market so right now overall, we are still in a seller market.
Overall, we are in a good market with only an average of 2.49 months of inventory across the board. Prices are up year over year. The summer is typically a slower time for sales but we are experiencing a decent amount of activity in our market. I think that the positive performance in the GTA market is also giving buyer’s more confidence to jump back in. I am predicting that we will see a very strong fall market this year. Come the first half of September I think we will see a large spike in new listings hit the market as summer vacations have come to an end and the kids are back in school. At the same time, I think we are going to see a lot more buyers who have been sitting on the sidelines come out of the woodwork. This should lead to a large increase in the number of sales this fall. If you are thinking about selling this year I am guessing that the early September will be your best time to put your house on the market. If you are looking to buy I would recommend trying to firm up a purchase this August while many buyer are away on holidays and there is less competition. Please comment below if you have any questions about the Guelph real estate market and we would be happy to help!