Cambridge Market Update for August 2024

Below, you will find a Cambridge Market Update for August 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 June 2024

The Numbers

The real estate market in Cambridge is giving mixed signs right now. The number of sales were down by 18% in August compared to the previous year and the average sale price went down by 3% and in September we saw our sales pick up by 7%. But the average price decreased by 6%.

Interest Rates

We anticipate that the lower interest rates will encourage more activity, so it’s likely that we’re just in a brief lull, and the market will start picking up soon. We have two more interest rate announcements scheduled for the year, it’s expected that the Bank of Canada will continue cutting rates.

Opportunities

For sellers, there’s still a great opportunity to especially if you are upsizing. You want to make sure you are preparing your home well and priced competitively. However, with higher inventory and slower sales, not every home will sell easily, so aggressive pricing may be needed to move properties.

For buyers, the current market presents a great opportunity. The recent interest rate cut, coupled with cooling market activity, means improved negotiating power and more favourable financing options.

I’m Trish Lewis with GoWylde Real Estate If you’re wondering what to do in this market please call me and we can navigate this together!