Below you will find a market update report 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 May 2018
Here is what happened in the Cambridge Real Estate Market in May!
There were 219 sales this month, which is down 29% from the 309 sales that we had last May. The number is up 12% from last month.
There are currently 393 active listings on the market. This is up 24% from last year and we are continuing to see inventory build month over month. However, that is common to see over the spring months. For purchasers, this is great since you have more selection.
If we look at the total number of new listings, we had 360 in May, which is down 21% from last year. However last May was a bit of an abnormal month since we had a bunch of sellers’ rush to put their houses on the market right after the announcement of the new foreign buyer’s tax.
The average sale price in the Cambridge is $496,903, which is still up 8% from May of last year when the average sale price was $459,059.
Let’s dive into more detail – detached houses had an average sale price of $553,404 which is up 11% from last May and up 9.5% from last month!
Attached houses have remained flat from last year with an average sale price of $370,0436.
Apartment style condos had an average sale price of $287,208 which is up 2% from last May.
As you can see the average sale price in Cambridge is considerably up year over which is a great sign that our market is bouncing back.
Houses are selling on average for 100% of the list price. Of the houses that are selling, 48% went to multiple offers and sold over asking. Of the houses that are selling over asking 91% of them are listed under $600,000. This demonstrates that our market under $600,000 very active.
If we look at months of inventory, which is our supply and demand, we have 1.79 months of inventory. Anything under 5 months of inventory is considered a seller’s market meaning we are in a strong seller’s market right now. Months of inventory is continuing to drop month over month which means that our market is strengthening
Overall our market is doing very well. Housing prices have continued to climb month over month. Homes are selling on average for full list and 44% of the property listed are going to multiple offers. The market under $600,000 is moving very well so this is a fantastic opportunity for someone looking to sell in this price point. I know personally with our listings we are getting a lot more offers and it appears the buyer’s confidence in the market is starting to build back up. I think we will continue to see an increase in consumer confidence over the next few months as our market builds back up. I am predicting that we are going to have a more active market in the second half of 2018 then we did in the first. This is similar to what happened in 2016.