Below you will find a market update report 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 January 2019

Market Update

The first month of 2019 has come to an end, and this is what’s going on in the Cambridge real estate market.

Sales:

If we look at the month of January, there were 106 sales this year, that’s down about 9% from the 116 that we had in January of 2018. Not a huge change there.

Active Listings:

There are 266 active listings on the market. That’s up 15% from what we had in January 2018. There were 203, that’s up 12% from the 182 we saw last January. We did see more people rush to get their houses on the market earlier this year.

Average Sale Price:

The average sale price was $521,419 across all housing types which is up 13% from January of 2018. A large amount of appreciation there. Diving into more detail:

Detached houses: up 2% with an average sale price of $498,667.

Attached houses:  up 8% with an average sale price of $407,719.

Condo-style apartments: up 37% with an average sale price of $391,500.

Overall, good amounts of appreciation across all housing categories with condos really performing very, very well at the beginning of this year.

List to Sale Price Ratio:

On average housing are selling for 99% of list price, so very close to your asking price. When you’re listing right now, you don’t have to build in too much of a negotiation buffer, which is great, especially if you are in the lower price point. Of the houses that are selling right now, 31% are going to multiple offers, and over 90% of those properties are listed with under that $600,000 price point with the bulk of them being between that $350,000-$500,000 range.

Supply & Demand:

For months of inventory, we have 2.51 months overall.  Meaning in Cambridge we are in a seller’s market. Now, we want to look at different pricing categories to really give a true picture of that.

Under $600,0000: 2 months of inventory on the market meaning a strong sellers seller’s market.

Between $600,000 and a million: 4-5 months of inventory. More of a balanced market.

Over a million dollars: 15 months inventory on the market. That’s definitely a buyers market at that price point. It’s normal for that price point to be a buyers market.

Summary:

Overall when we look at how we did in January this year we had a fairly good market. Sales we relatively flat, slightly down. Inventory is up a little bit. When looking at the average sale prices they’re up in all housing categories which is really great. The lower priced homes right now under $600,000 are moving very quickly. We should start to see that the executive $600,000 to a million market start to pick up as well as we approach March. That’s when we tend to see more of the buyers come out of the woodwork.

From a buyers perspective right now there is a decent amount of inventory on the market. If you are looking to buy at that lower price point it’s still very competitive. If you are looking to buy a larger house right now there is a bit more inventory on the market and there is a little more negotiating going on which is great.

If you have any questions about the Cambridge real estate market please contact us and we will be happy to answer them for you.

Neighborhood Statistics

Galt

Click here for Active/Solds In This Area