Cambridge Market Update for June 2022

Below you will find a Cambridge Market Update for June 2022, 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 2022

Just as the rest of the country is experiencing, the Cambridge real estate market has seen another slow month.

The number of home sales has dropped 18% from May 2022, and this slowdown has caused the average sale price to drop as well: it’s down 7% from the previous month. Year-over-year, the average home price in Cambridge has increased 4% from last year, which is a typical increase you’d expect to see in any given year.

In June, the average sale price of a detached home in Cambridge was $846,612. For attached houses, that figure was $675,544, and for condos, it was $521,000.

At the same time, inventory is up 7%. It has been a long time since there has been 1.65 months of inventory available, which is good news for buyers.

The Bank of Canada just increased the interest rate by 1%, the largest jump seen since 1998. It is, of course, the third increase we have already seen this year. And by year’s end, many agree, we’re likely to see an additional 75-100 basis point increase.

What does all of this mean, then, for buyers? In a declining price market, it’s the best time for anyone who was hoping to upsize and move into a bigger place to make the move. That’s because the gap between what they are selling and what they are buying will be the smallest.

Check out Trish Lewis’s article in Cambridge Today!