After several months in a row of watching sale prices for homes drop rapidly in Cambridge and the surrounding areas, it appears that the market could finally be bottoming out.
While it may be too early to draw specific conclusions based on the data available from just a single month, the August stats are in—and they’re definitely encouraging.
“Our average sale price actually increased by 6% this month, which is a nice change from the past few months,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax. “We haven’t seen the average sale price increase since February of this year.”
Of course August is usually a slower month in real estate, with the number of sales tending to dip when compared to July. That is not the case this year though. Sales were up 35% from the previous month, a healthy increase indeed.
The average sale price of a home in Cambridge was $703,291, up 6% from the month before. This same figure was $748,771 for a detached house (up 9%), $633,567 for an attached house and $513,714 for a condo or apartment.
Rising interest rates may play a role in many homeowners’ decisions about whether now is, or is not, the right time to buy or sell. Lewis believes, however, that they won’t make as much of a difference as you might think.
“The Bank of Canada increased interest rates again this week by 75 basis points,” says the REALTOR®. “We are not anticipating that this will have as big of an impact on the real estate market, as this was the amount of the anticipated increase. This is in contrast to the last rate hike of 1%, which caught most people off guard and created a lot of fear in the market.”
With summer drawing to a close, we’ll see if the recent uptick in the average sale price continues—and whatever other surprises Fall holds in store.
For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.