The price of the average home in Cambridge is rising despite having dropped 10.4 per cent to $740,000 over the last year.
That's according to statistics compiled for the April, 2023 report from Keller Williams Home Group Realty brokerage.
Rising interest rates over the last year resulted in a drop in an average sale price from a peak of over $1 million in early 2022.
But home sales in Waterloo region remain in the "seller's market" range as high demand continues to face low supply.
In Cambridge, there were 229 listings last month, a drop of 44.3 per cent from March, with sales down 16.7 per cent to 175.
Detached homes accounted for the highest prices and hottest demand with the average detached going for $821,000, or an average of $474 per square foot.
That's up 6.3 per cent from March of this year, reflecting a month to month upward trajectory in all listings except condos.
Semi-detached and townhomes went for an average of $680,000 in April, down about 10.5 per cent from last year at this time, but still stronger than March of this year.
Condo prices continued to drag downward to an average of $470,000 as supply increases. They are down 14 per cent from April 2022 and down 5.9 per cent from March of this year.
The price per square foot in condos inched up 1.7 per cent in April to $552/sq. ft. while the number of listings rose to 22, a 37.5 per increase over last April.
