Below you will find a Cambridge Market Update for August 2021 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 August 2021
Sales
The number of sales has continued to drop in the Cambridge real estate market. The number of sales decreased 16% from last month and 32% from last year. However, the main reason for the reduction in sales is not the lack of demand but instead the lack of new listings hitting the market.
Inventory
We had 28% fewer new listings come on the market this August compared to last year. This low inventory has kept us in a very strong seller’s market.
A big issue affecting the amount of inventory that’s available is that many people are now waiting to buy first before putting their own homes on the market because there are so few houses out there to choose from. With the market being so hot sellers aren’t worried about being unable to sell their homes.
Sale Price
84% of the homes are still selling to multiple offers and are selling on average for 12% above their list price.
The average sale price has seen a large year over year increase but has remained fairly flat this month. The average sale price is up 28% from August of last year but saw a decrease of 1% this month.
Summary
We are hoping to see more inventory come on the market in the second half of September which should help buyers. However, we will likely remain in a strong seller’s market for the rest of the year.
Housing affordability has become a prominent election issue for the Canadian federal election. Depending on what party gets in, there could be some further regulations put into place to attempt to cool down housing prices later this year. However, we are not anticipating that any of these changes will have a dramatic impact on the market.
I’m Trish Lewis from the GoWylde Team at Re/Max. If you have any questions feel free to reach out.
Neighbourhood Statistics
Galt
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Preston
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Hespeler
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If you have any questions about the Cambridge Market Update for August 2021 feel free to contact The GoWylde Team.
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