Those early hints that the real estate market might finally be starting to cool off a little were indeed accurate, as it turns out.
In May, the biggest change seen was the average amount of listings of the market: an increase of 28% from the month before.
Despite the fact that interest rates have gone up (and continue to climb), the average sale price of homes is going down, offsetting buyers’ monthly costs.
In Cambridge, the average sale price decreased 4% since April. That number is still, however, up 11% from this time last year, which represents a much larger increase than you’d expect to see in a normal market.
The average sale price of a detached home was $898,467. For attached houses, that figure was $728,375 and for condos and apartments $551,667. Months of inventory improved to 1.27, exactly double what this figure was back in May of 2021.
With so many new listings hitting the market in recent months, there is finally much more choice available for buyers, which is great news after a challenging couple of years.
“This is a much nicer market to buy in than we were seeing at the beginning of the year,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax. “There are more homes to choose from, which means fewer multiple offer scenarios; buyers can negotiate on price and maybe even get an offer accepted with conditions.”
Says the agent, “If you are a seller in this market, you are better to sell first and then buy. This way you know what your budget is and there are plenty of options to purchase once you have sold.”
It helps to know that selling in this market means that you must price accurately. Sellers must also be more patient, because it will take longer to sell. Your REALTOR®, of course, is uniquely positioned to help you devise the best plan to ensure a successful transaction.
For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.