Cambridge Market Update For April 2022

Below you will find a Cambridge Market Update for April 2022 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 April 2022

When it comes to real estate, the numbers tell us a story, and the numbers this month are telling us that the Cambridge market is cooling.

The ‘Months of inventory”, which is a stat that looks at supply versus demand, has hit the one-month mark for the first time in 11 months.

We saw one month of inventory in April compared to .66 in March, which is definitely an improvement, even though we are still a long way away from a true buyer’s market

The average sale price for the month of April went down 7% and is currently at $943,478.

Some other indications that the market is cooling are that the number of houses selling in multiple offers in April decreased by 7% and the number of properties sold in April was also down 14% from the previous month.

The good news is that the number of homes on the market has increased and there are currently 157 homes that have been on the market for more than nine days, which reduces the likelihood of them going to multiple offers.

It is a great time for buyers as there is more choice. If you buy before June 1st, you will be locking into a much better interest rate.

Sellers will have to be more patient in this market. They can’t expect their home to sell within seven days, they may not see multiple offers, and they may have to accept an offer with conditions.

To contact Trish Lewis about the Cambridge market please click here!