Cambridge Market Update for October 2018

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 October 2018

Market Update

Sales:

We have 181 sales in October which is up 10% from last October.

Inventory:

We have 349 active listings on the market which is down 11% from last October meaning inventory is a little tighter. Looking at the number of new listings to hit the market, that remained flat from October with 265.

Average Sale Price:

Our average sale price for all housing types in Cambridge was $486,307. Which is up 6% from October 2017. That’s a good amount of appreciation.

Let’s dive into more detail –

Detached Houses – up 9%.

Attached Houses – Remained flat, down 3% from last October.

Condo Style Apartments – they’re up 8% with an average sale price of $292,200.

On average houses are selling for 98.9% of list price. That means when you’re selling right now you’re getting pretty close to your asking price. There’s not a ton of negotiation that’s going on. 29% of the listings are selling above asking. The majority of those properties are priced under that $600,000 price point. There’s a big difference in the amount of activity in under $600,000 versus when you start going above that.

Months of Inventory:

We’ve got 1.93 months of inventory on the market. Anything under five months of inventory is a seller’s market. 1.93 is still a very strong seller’s market. Actually, Cambridge has the lowest month of inventory compared to Kitchener, Waterloo, or Guelph. Meaning it’s a good market right now.

Summary:

Now looking at this month as a whole compared to last year October are sales are up. Which is great. Also, the average sale price is up and the number of houses that are going to multiple offers is up by 1%, which is relatively flat. We’re sitting in a strong seller’s market. Now as we approach November to December, we will see the number of sales start to drop off as we approach the holiday season and that’s normal to see.

If you’re someone who’s looking to buy, December can be a fantastic month to make a purchase and get a good price. You’ll probably be able to negotiate a much better deal in December than you will in early 2019 as you’re going to have a lot more buyer competition next year.

From the seller’s perspective, if you’re selling a condo, or a townhouse, or investment property, November and December are still really good months to do that. You’ve got a lot of first-time buyers and lots of investors out looking. Now if you’re selling a large family home that’s at a higher price point, you may want to wait till after the holiday season. There’s a lot of families who get preoccupied with the holidays. Now is the perfect time for you to have your realtor come through to talk to you about pricing, timing the market, and what you can do to your house to get it ready to sell for the maximum amount of money. That way when the market does pick up in early 2019, you’re ready to jump on the market and take advantage of it.

Neighborhood Statistics

Galt

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Preston

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Hespeler

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If you have any questions about the Cambridge Market Update for October 2018 feel free to contact  The GoWylde Team.

If you would like a free online home evaluation click here

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