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

It is a very Merry Christmas this year if you are a seller, not so much if you are a buyer.

Typically, in November and December, our real estate market starts to cool down & normally we see prices soften.

On the surface, it may appear the market is cooling but it hasn’t.

The number of houses sold is down slightly from last month but the reason for that is the number of listings that hit the market in November was down 16%.

If we look at the average sales price from October to November it is down 1%.

Detached and attached homes average sale price remained stable but condominiums were up 12%.

You may ask, how can the average sale price be down then? This is due to the mix of homes that sold in November, there were more condominiums sold which are at lower prices so that pulled the overall average down.

Many homes listed below the market value and held off on offers which caused 92% of listings to have multiple offers and on average sellers are getting 20% above their list price. Buyers are continuing to hunt for homes as they try to beat the pending interest rates hikes.

I am anticipating we are going to see a very strong December and prices of homes will continue to climb into the first quarter of next year. The number of homes sold will drop in December, only because fewer people will list during the holiday seasons.

I am Trish Lewis with GoWylde Real Estate, and our entire team wishes you and your family a happy and safe holiday.

Neighbourhood Statistics

Galt

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