House prices in Cambridge are continuing to rise despite a decrease in sale volumes year-over-year, according to the latest stats from the Cambridge Association of Realtors.
“Home sales were still running at subdued levels in July, which is a story that has not really changed since January,” said Sheldon Barclay, president of the Cambridge Association of Realtors, in a news release. “Even so, the supply is still quite low, but prices have been able to hold on to all of the big gains made in 2016 and early 2017.
In July, the average price of all homes sold was $459,513, up 4.5 per cent from July 2017. Meanwhile, the year-to-date average price was $464,481, up 0.9 per cent from the first seven months of 2017. The dollar value of all home sales this July was $74 million, down 7.1 per cent from the same month in 2017.
In 2018, a total of 1,230 homes were sold between January and the end of July. That was down 26.7 per cent from the same period in 2017.
There were 259 new residential listings registered this July, which was down 8.2 per cent on a year-over-year basis. July is traditionally a slow time for the housing market.
The real estate board reported having 1.9 months of inventory at the end of July 2018, that’s up a bit from July 2017 when there was 1.7 months of inventory available. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity. July’s figure is still well below the long-term average of 5.1 months for this time of year.
The total number of units of all types of property sold in July was 167. That’s a 13.5 per cent decrease for the same month in 2017. The total dollar value of all properties sold was $81.6 million, down 9.5 per cent from July 2017.