When it comes to the local real estate market, the month of February brought its share of positive signs.
While the number of homes selling remains low, it is close to the numbers that were seen in 2018 and 2019.
In February, sales increased by 49% when compared to the previous month—a significant jump. The months of inventory also decreased to 1.49 from 2.04, which means that the inventory that has been on the market is selling.
“We did see prices go down by 7% on average, but we are still up from where we were last fall,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax. “In addition to that, we saw more homes going to multiple offers, which is indicating a stronger market.”
Of course, inflation is still top of mind for many.
On March 8th the Bank of Canada announced that it was holding the overnight interest rate, keeping it at 4.5%, a move that was expected. In January, inflation had decreased to 5.9%. The BOC predicts that by the mid-point of 2023 it will be at 3%, which would fall within their ideal target range of 1 to 3%.
“Most analysts are forecasting that when we are back in the target range for a few months, the BOC will start to lower interest rates; that would mean the fourth quarter of this year or early next year,” says Lewis. “Reduced interest rates will relieve homeowners with variable interest rates.”
The average sale price of all housing types in Cambridge was $733,650 in February. For detached homes it was $804,785, for attached houses it was $668,269 and for condos and apartments it was $492,044. Nearly half (47%) of the listings that sold went for over the asking price.
Says Lewis, “There is more market stability right now than there was last year, and that gives buyers and sellers more confidence.”
For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.