The June report: How the real estate market in Cambridge is faring

Home sales in the month of June revealed a couple of things. First and foremost, it’s still very much a strong sellers’ market in Cambridge, Ontario.

Second, there are indeed some signs of cooling showing. 

The number of active listings in the residential resale home market remained very low compared to June of 2020. This is one of the reasons we’re seeing the continuation of such a strong market for sellers—there just aren’t that many listings for buyers to choose from. Active listings were down 9% from last month and the number of new listings down 11%.

Tracking the average sale price among all homes, this figure was down slightly, by 2%, to $745,209 from $758,766 just a month ago. That said, it’s still an impressive increase of 28% since June of 2020.

Detached homes fared the best overall and only saw a 1% decrease in average sales price. The biggest decrease occurred in apartment condos—there was a drop of 12% in this particular segment of the market. 

“This decrease may be partially due to the mix of modest versus luxury condos sold,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax. “We are still seeing 79% of homes selling above asking price, which indicates a very strong sellers’ market. But this continues to decrease month by month.”

Some homes continue to command impressive figures; four homes in the Cambridge area sold for 1.4 times their price this month. One actually sold for 1.56 times its list price—it had been listed at $399,900 and sold for $625,000.

Overall sales were down 5% in June, compared to May.

“This is a very frustrating market for buyers still,” Lewis admits, “but it is easier than it has been so far this year.”

Could finding a home actually get a little less difficult over the coming months, finally? We’ll be watching. 

For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.