The numbers are in for the month of April, and they sure paint a rosy picture. The Spring real estate market is definitely here, as the stats and figures show.
There has been a significant increase in home sales since March, with a 17% rise in the number of houses sold. This has been helped by an increase in the number of new listings coming onto the market, a metric that has gone up by 21%.
The number of active listings has decreased, however, with a drop of 4% since March.
“This means that we are once again having issues with keeping inventory on the market,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax. “We are currently at 0.8 months of inventory. Since there are fewer properties on the market, it is leading to competition among buyers.
The average sale price across all housing categories was $772,551, which has gone up by 6%. “This is a significant increase and indicates a strong demand for properties in the Cambridge area,” says Lewis.
The average sale price for detached homes was $851,907. For attached houses it was $685,636 and for condos and apartments it was $498,491. 56% of houses are selling for over the asking price.
Overall, the Cambridge real estate market is showing positive signs of growth again. This is encouraging news for many. We’ll continue to watch, of course, as the next few months unfold and monitor the changes in activity.
For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.