The Cambridge real estate market saw a significant decrease in the number of home sales this July, when compared to the previous month. Sales were down a considerable 20%.
A couple of factors contributed to this drop. First, the amount of active inventory available was very low. Second, Covid restrictions loosened up a bit more.
The decrease is generally not a cause for worry, however, as home sales typically tend to fall in the summer months, says Trish Lewis, Sales Representative, GoWylde Team/ReMax. Many are off vacationing and families are busy with other things, focused on getting their kids ready for school.
That said, this is a bit more of a significant change than REALTORS® would expect to see.
It seems most repeat homebuyers are waiting to purchase their next home before selling their current one and this is contributing to the low number of homes that are available on the market. The number of active listings decreased by 33% and the number of new listings fell 40% when compared to June.
“The average sale price did see an increase of 2%, but this is less than we would expect to see when inventory is so low,” says Lewis. The low inventory combined with a peaking, strong sellers’ market is still, however, triggering multiple offers.
Overall, it is still a very strong sellers’ market—and 79% of homes sold over the asking price.
Detached homes fared the best of all, seeing a 6% increase in the average sale price, putting that figure at $803,345. With such a low stock of inventory, however, we would expect to see a bigger increase in price. Attached houses saw a decrease of 1% from the previous month, which is not a noteworthy change.
That means there could be some good news for buyers here, finally. Once the active inventory increases, it could get a lot easier for them to be able to purchase a home.
For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.