Cambridge Market Update for April 2024

Below, you will find a Cambridge Market Update for April 2024, which will provide information on the local real estate market and recent sales activity in your 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 2024

The Numbers

The Cambridge real estate market remains stable, though we’ve seen less of a spring surge compared to previous years. We anticipate potential acceleration soon. Typically, April sees over 200 sales, but this year, we’re closer to 170.

Prices decreased by 1% when compared to the previous month; townhouses fared the best with an average sale price increase of 1% compared to March, and detached and condos decreased by 2% and 13%, respectively. The average number of days on the market decreased by one day, but the number of houses on the market in April increased by 19% compared to March.

Interest Rates
The Bank of Canada lowered interest rates by 25 basis points to 4.75%. It has been over four years since the prime rate was reduced, and since March 2022, the interest rate has risen a record 10 times. This rate cut doesn’t mean that first-time home buyers will suddenly qualify for a home or a larger one. The real significance lies in what this rate cut signals: a substantial reduction in inflation and the potential for additional rate cuts in the future. This move is expected to boost consumer confidence and add life to a stagnant real estate market.

Opportunities
There is excellent news for those looking to purchase right now. With sales plateauing and an uptick in listings, more options exist for buyers. This makes it a good opportunity for first-time buyers, upsizers, and investors. For those looking to get out of the market, you might want to wait for those interest rates to drop before making your move, as prices are likely to climb.