The month of November saw fewer homes sold in Cambridge, with the numbers 35% less than this same time last year and 5% less than the preceding month. That’s actually to be expected for this time of year, when the market tends to slow down as the holidays advance.
There was, however, some good news.
“In November and December, we normally see both the number of sales and prices drop, and then they pick up again in the second half of January,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax. “The good news is that this November the average price of homes actually increased by 5% from October, which is promising.”
The average sale price in Cambridge for November 2022 was $729,864. For a detached home, that figure was $784,830, for an attached home it was $614,193, and for condos and apartments it was $478,143. Months of inventory dropped slightly from 1.92 in October to 1.76 in November.
The Bank of Canada announced another interest rate increase of 50 basis points on December 7, 2022, which brought the overnight rate up to 4.25%. This is a 4% increase from the overnight rate recorded in February of this year. According to Lewis, most analysts are predicting that this will either be the last interest rate increase—or it will at least be very close to the last one.
“The good news is that we will likely see interest rates start to drop in the second half of 2023, giving some relief to homeowners with variable-rate mortgages,” says the REALTOR®.
“If you passed on looking for a house during the crazy bidding wars, this is your market to buy. If you are thinking of upsizing, this is the best market to do that in. You can either sell first with plenty to buy, or buy first and use the sale of your property as a condition.”
With the year winding down, January will soon be upon us and with it the promise of another exciting and eventful year in Cambridge real estate.
For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.