Below you will find a market update report 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 November 2018
The numbers are in and here is what happened in November for Cambridge real estate market.
There were 163 sales this month, which is down 8% from last November.
There are currently 329 active listings on the market which is down 5% from last November.
There were 212 new listings on the market which is down 9% from last year.
Average Sale Price:
The average sale price in Cambridge was $491,301 which is up 16% from last year.
Let’s dive into more detail –
Detached houses: up 8% from last November.
Attached houses: up 43% year over year. However, you have to take that number with a grain of salt. If you take the average sale price for attached homes for the entire year, we are up 6.3% from last year.
Apartment style condos: up 14% from last November.
Sale to List Ratio:
Houses are selling on average for 98.7% of the list price. Of the houses that are selling, 33% went to multiple offers and sold over asking.
Months of Inventory:
If we look at months of inventory, which is our supply and demand, we have 2.02 months of inventory meaning we are still in a seller’s market.
Right now, under $600,000, we are in a seller’s market with 2 months of inventory on the market. Between $600,000-$1,000,000 there are just under 3 months of inventory. This is still considered a seller’s market but very close to balanced. In the $1,000,000+ market, there are currently 8 months of inventory which is in a buyer’s market.
Overall November was a good month. Sales were down but prices are up substantially, and inventory is tighter. Year to date the number of sales in Cambridge is down 16%. The combination of the stress test rules that were implemented in January and interest rate increases have reduced affordability and pulled some buyers out of the market. Due to reduced affordability, we are seeing a higher demand for lower-priced homes and that is why properties priced under $600,000 are in a stronger seller’s market. The real estate market tends to slow in December as we approach the holidays.
For buyers, this is a great time to find a good deal. From a seller’s perspective, this is still a good time for investment properties and homes that are geared toward first-time buyers.
If you are selling a larger family home then you are probably better to wait until the new year. However, I would list earlier in 2019 as we are predicting that the first quarter is going to be stronger. This is because of further interest rate increases and the continued tightening of mortgage rules that will likely start to occur in the second quarter of 2019. Not to mention that there will be less selling competition in January and February.
If you have any questions about the Cambridge real estate market. Please comment below and we would be happy to answer them.