Below you will find a Cambridge Market Update for July 2019 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 July 2019
The numbers are in for July, and this is what’s going on in your Cambridge real estate market.
We had 186 sales, that’s up 19% from what we had in July of 2018. That is a huge increase!
As far as active inventory goes, it’s relatively flat. It’s up 2% from what we had last year. However, the number of new listings to hit the market is up 22%. Also a huge increase compared to last year. That’s excellent for buyers.
Average Sale Price:
The average sale price across all housing categories is up 3%. When you dive into more detail:
Detached houses: up 10% with an average sale price of $540,667.
Attached homes: up 11% with an average sale price of $418,395.
Condo-style apartments: up 13% with an average sale price of $317,740.
A large amount of appreciation across all the different housing categories.
We’re seeing listings sell on average for 100% of list price, that is up 1% from the 99% that we had last year. The number of listings that are going to multiple offers is up to 47%. Almost half of the houses on the market right now are selling to multiple offers. Last year we only had 32% of them selling to multiple offers. Now, for the houses that are going above asking 95% of them are listed under that $600,000 price point. There’s a big difference in the amount of activity in the lower price points.
Months of Inventory:
We’re sitting at 2.1 months of inventory. That is also down from the 2.45 that we had in July of last year, which means we’re going into a stronger seller’s market. Anything under 4 months is considered a seller’s market, we are in a very active market.
Looking at the July numbers compared to last year, things have definitely picked up and we’re in a much stronger real estate market than what we had previously. From a buyer’s perspective right now, inventory levels are still decent and interest rates are lower, meaning it is a good time to look at purchasing. Usually, the last two weeks of August is a really good time to buy a home. A lot of people are away on vacation meaning you have a lot less buying competition.
From a seller’s perspective, if you’re looking to sell your house this year, typically the best time is going to be after your Labor Day long weekend. The market will usually pick up in September and remain strong for September and October, but as soon as we hit into November it will start to slow going towards the holiday season.
If you have any questions about the Cambridge real estate market please contact us and we will be happy to answer them for you.