Those who have been keeping a close eye on the real estate market will likely not be surprised to hear that Cambridge, Ontario is still a strong seller’s market.
There have also been some signs of a slight cooling.
The month of May saw 298 real estate transactions occur, a figure that is down 19% from April. There were also fewer new listings to hit the market, a decrease of 11% from the month prior.
Sellers will be happy to hear that the overall average sales price remained the same, at $704,911. The average sales price for condos was up 5%. That figure for detached homes remained relatively flat, with a modest increase of just 1%. Townhouses, however, saw their average sales price drop 6%.
“We are still seeing 81% of the homes going to multiple offers,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax. “That’s a great indication that we are still in a strong seller’s market.”
It is still a frustrating market for buyers, she admits. In May, one home sold for an astonishing 1.5 times its list price. In fact, there was a total of eight homes last month that sold for 1.4 times the list price, or higher.
“It is still a fantastic market to take advantage of selling your home,” says Lewis. “It is just slightly cooler than it was in the first quarter of this year.”
For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.