Cambridge Market Update for Sept-Oct 2024

Below, you will find a Cambridge Market Update for Sept-Oct 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!

September 2024

October 2024

Cambridge Market Update for Sept-Oct 2024

The Numbers

The Cambridge market is picking up momentum as we move further into fall. After a slower September, October is showing renewed activity with an increase in the number of home sales. We saw a 15% increase in sales from September to October.

Interest Rates

Fueling this positive movement is the Bank of Canada’s recent 50 basis point rate cut, which is the largest since March 2020. For buyers this means a boost in purchasing power, making it a great time to enter the market. And we will likely see another cut before the end of the year.

Opportunities

We had a slight 3% decline in the overall sale price in October, but condos and townhouses were up slightly. With the current prices and a good selection of homes on the market, buyers have opportunities to negotiate—particularly on properties that have been on the market for a while.

Sellers can expect solid interest, but it is essential to price realistically in order for your house to stand out.

With all these factors in play, November is shaping up to be an active month. If momentum holds, we could see stronger-than-expected activity, with prices potentially edging up as more buyers aim to secure homes before year-end.

I’m Trish Lewis with GoWylde Real Estate If you’re wondering what to do in this market please call me and we can navigate this together!