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How did Cambridge’s real estate market fare as summer drew to a close? The numbers for August are in and there are some definite trends to take note of.
Overall, prices remained flat, seeing a 1% decrease. While attached homes did see a month-over-month increase of 13%, condos saw a smaller increase of just 3%. Prices for detached homes decreased by 3%. The average sale price was $822,149 for detached houses, $687,069 for attached houses, and $466,050 for apartments and condos.
Sellers will be happy to know that properties throughout Cambridge continued to sell over list price by an average of 12%, a figure that’s up 2% from the previous month. In fact, the majority of listings—84%—sold for over asking. Remarkably, one home even sold for 250K over the list price!
August is typically a slower market with families busy getting ready for back to school. Many people also take a break from real estate in order to travel and to get out and about a bit more now that many of the Covid-19 restrictions have been lifted.
There is another issue affecting the amount of inventory that’s available. Many people are now waiting to buy first before putting their own homes on the market. Because there are so few houses out there to choose from, most people who are moving are choosing to buy before they list, in order to make sure they’ll be able to find what they’re looking for. They feel more comfortable taking this approach because the market is still so hot; they’re not at all worried that they won’t be able to sell their home after they’ve purchased a new one.
New listings were at a 5-year-low for the month and inventory is at levels we haven’t seen. Sales have dropped 32% year-over-year. The months of inventory figure dropped yet again to just 0.54.
“It will be interesting to see if September can bring some balance back into the market, or if supply will continue to drop to unprecedented levels as we move into the holiday season,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax.
Another factor to take into account is the federal election. Affordable housing is a main focal point for all of the political parties, though it doesn’t seem like there will be a drastic change on that front in the short term.
It has been an interesting year indeed for those watching the ups and downs of the market and taking note of the trends—and we’re just barely into the latter half of 2021. Let’s see what changes lie ahead this Fall.
For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.