Cambridge Market Update for June 2023

Below you will find a Cambridge Market Update for June 2023, 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 2023

In June, the Cambridge market saw an 8% Increase in the average sale price, that increase was largely due to detached houses. Detached homes were up 11%, but townhomes were down 3%, and apartments were down 8%.

Compared to last month, sales were down by 5%, and inventory was up by 18%, which is normal for June. Year over year, prices are up 11%, and we are still down from the peak however, we are heading in the right direction.

I do believe we will continue to see volatility in the market for the next year until inflation gets back to the 2% rate. On July 12th, the Bank of Canada raised the interest rates by 25 basis points today, the 10th hike in 16 months and for a total of 475 basis points.

Volatile times in the market can be a great time to upgrade, purchase your first home or buy an investment property. Prices are still down from the peak, but with the shortage of supply, they will likely be back where they were in the near future.

People that should not buy in this market are buyers looking to flip a home or if they will want to move in the next year or two. However, if you are looking to stay in your home or in the same city for the next 5 years, it is a great opportunity to buy. Interest rates will come down, not to the ridiculously low pandemic rate but down from where they are right now. The banks are betting on rates coming down, which is why short-term interest rates are lower than long-term rates.

I’m Trish Lewis with GoWylde real estate. If you have any questions about the best strategy when buying or selling in today’s market, please give me a call.