Tag Archives: Cambridge Sales Stats

February 2019 Stats Are In – It Was A Good Month!

February Media Release

Inventory levels have been declining for the last several years. A colder than normal February was not going to lend any assistance. Let’s face it, who wants to go out in the cold while their homes are being shown.

There were 13.4 % fewer listings than a year ago. However, the number of sales units were 1.6% higher this past February. The overall average price rose 4.6% year over year to $477,785 and this percentage is normal when compared to the pre-2017 anomaly. Even though January had 2.1% more listings than February, sales are trending in the right direction with 18.7% increase from one month to the next. The average days on market compared to a year ago has increased by 10.5% to 21 days for February. January was 28.

Freehold listings account for 83.4% of the overall sales in February. Compared to a year ago, 1% in favour of February 2019 separates the number of units sold. The average price was 2.3% higher at $488,939 while the median follows close behind at $477,500. Days on the market is identical to overall listings at 21 for February and 5 days shorter than January. The year-to-date Dollar volume compared to that of the previous February ended at 0.8% more ($97,817,241).

February saw 1/4 % drop in the amount of condo units listed compared to the year before. However, the number of units sold were almost even at 21 and 20 in favour of 2019. Of the 43 condos listed in Feb 2018, only 46.5% sold while sales were 65.6% of the 32 listed the same month in 2019. The average condo price increased 21.9% in a year to $421.486. The median price also jumped 24.6% to $400,000. Our average days on market this February were 20% longer taking 24 days.

The single-detached market has seen 11.3% more sales than a year ago February and 20.3% more than January of this year. The sale to list percentage also appears positive with 72.36% of 123 homes sold compared to 60% of 132 listed properties a year ago. The average price fell slightly by 0.9% from $515,455 to $510,571. The median price edged 3.1% upwards to $499,500. Days taken to sell were similar at 21 and 20 days.

Sheldon Barclay, President

Cambridge Association of Realtors(R) Inc.

Cambridge home prices continue to rise despite fewer sales

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.

Statistics from Cambridge Association of Realtors

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.

Sep 06, 2018 by Ray Martin,  Cambridge Times