Below you will find a Cambridge Market Update for June 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 June 2021

The Cambridge real estate market in June revealed a few things. First and foremost, it’s still very much a strong sellers’ market.

However, there are indeed some signs of the market cooling which is finally some fantastic news for buyers. 

If we look at the number of sales, they are down 5% from May to June.

Inventory:

The number of active listings in the residential resale home market remained very low. Compared to June of 2020 the number of active listings was down by 39%. This is one of the reasons we’re seeing the continuation of such a strong Sellers Market—there just aren’t that many listings for buyers to choose from. When we look at June compared to May our Active listings were down 9%.

With such low inventory, we would expect to see prices spike but the opposite is occurring. The average sale price among all homes was down slightly, by 2% from last month. That said, it’s still an impressive increase of 28% since June of 2020.

Sale Price:

Detached homes fared the best overall and only saw a 1% decrease in the average sale price. The biggest decrease occurred in apartment condos— where there was a drop of 12%. 

However, You have to take this number with a grain of salt because this decrease may be partially due to the mix of modest versus luxury condos that were sold.

We are still seeing 79% of homes selling above the asking price, which does indicate a very strong sellers’ market. This number did decrease by 3% from May and appears to keep decreasing each month. 

On average homes are selling 11% above the list price which again is down 3% from May. 

Some homes continue to command very impressive figures; One actually sold for 1.5 times its list price. However, This is due to the fact that the sellers listed their home low and held off on taking offers for a week. This strategy is still working for many but depending on the type of home you are selling you may want to revert to a more traditional style where you list your home at a price you are happy to accept.

I’ll admit, this is still a very frustrating market for buyers, but it is easier than it has been so far this year.

Could finding a home finally get a little less difficult over the coming months? We’ll be watching. 

I’m Trish Lewis from the GoWylde Team at Re/Max. If you have any questions about the Cambridge real estate market please reach out to us. 

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