Cambridge Market Update for November 2022

Below you will find a Cambridge Market Update for November 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 November 2022

The month of November saw fewer homes sold in Cambridge, with the numbers 35% less than this same time last year and 5% less than the preceding month. That’s actually to be expected for this time of year, when the market tends to slow down as the holidays advance.

There was, however, some good news.

In November and December, we usually see both the number of sales and prices drop, and then they pick up again in the second half of January. The good news is that this November, the average price of homes actually increased by 5% from October, which is promising.

The average sale price in Cambridge for November 2022 was $729,864. For a detached home, that figure was $784,830, for an attached home, it was $614,193, and for condos and apartments, it was $478,143. Months of inventory dropped slightly from 1.92 in October to 1.76 in November.

The Bank of Canada announced another interest rate increase of 50 basis points on December 7, 2022, which brought the overnight rate up to 4.25%. This is a 4% increase from the overnight rate recorded in February of this year. Most analysts are predicting that this will either be the last interest rate increase—or it will at least be very close to the last one.

The good news is that we will likely see interest rates start to drop in the second half of 2023, giving some relief to homeowners with variable-rate mortgages.

If you passed on looking for a house during the crazy bidding wars, this is your market to buy.

Check out Trish Lewis’s article in Cambridge Today!