Cambridge Market Update for June 2024

Below, you will find a Cambridge Market Update for June 2024, 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 2024

The Numbers

Let’s talk about the Cambridge Real estate market! we are halfway through the year already! It’s been slow and has not turned around as some might have hoped.

Sales are down and active listings are up, indicating a sluggish market. From January to June last year, we had 882 sales, but this year we’re seeing a slight decrease to 876 sales. Meanwhile, way more sellers are listing their homes, so active listings are up 52% compared to this time last year.

If we look at June specifically, prices have dropped overall by 11% year over year. Detached homes seem to be struggling the most with an 11% decrease and Condos and townhouses had a 6% decline.

Opportunities

So, what does all this mean? If you’re selling, expect that your home may sit on the market for a while before you find the right buyer. Some homes are selling fast, but that’s not the norm right now. Your home must show well and be priced competitively. If you’re thinking of buying and selling, sell your current home first, or you might end up regretting it.

Buyers, this market is in your favour. Prices are down from last year and there’s plenty of inventory, and with a bit of digging, you can find some great deals.

Where the market goes next will depend a lot on how quickly the Bank of Canada decides to lower interest rates. Inflation was up in May, so some are expecting rates to hold at 4.75% until September. I’m Trish Lewis with GoWylde Real Estate, Give me a call If you’re wondering what your best options are in this market.