Cambridge Market Update for August 2023

Below you will find a Cambridge Market Update for August 2023, 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 August 2023

Sales in the August real estate market in Cambridge continued to decelerate, but a glimmer of hope emerges on the horizon.

Sales witnessed a 12% decline from July, yet the average sale price remained steady with a 1% increase across all housing types. Condos saw the most significant drop at 6%, while detached homes surged by 5%. It’s worth noting that the current average sale price is up 4% from this time last year.

Traditionally, August ranks as the second slowest month in the real estate calendar, due to summer holidays. However, we anticipate that September and October will inject new life into the market, both in terms of prices and sales, especially following the Bank of Canada’s decision to halt interest rates on September 6th.

I believe that the remainder of the year will experience a slight uptick but will maintain a somewhat sluggish pace. Prices are expected to rebound from the August decline but will settle into a more typical rate of appreciation.

This presents an excellent opportunity to acquire a home, whether you’re a first-time buyer or an investor. Prices are presently low, and there is a high likelihood that interest rates will decrease in 2024.

I am Trish Lewis with GoWylde Real Estate; please don’t hesitate to contact me if you have any inquiries regarding the Cambridge real estate market.