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The October report: Another decline seen in the Cambridge real estate market

Average housing prices fell by another 6% in the region, says Trish Lewis from the GoWylde Team

The real estate market in Cambridge this October proved to be the continuation of a story that first began unfolding a few months ago.

From just a month earlier, for example, the average housing prices fell by another 6%.

“The more shocking number is that year-over-year we are down 15%,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax.

“This big year-over-year decline does make sense, however. If you look back to October of 2021, that same figure jumped up 8% in just one month.”

The number of home sales is extremely low; in fact, this October marked the fewest sales to transpire in the month in over a decade. 

Lewis thinks we will likely see a modest decrease in both prices and sales activity in both November and December, which is very normal for this time of year. “The high interest rates have taken their toll on the market. I believe prices will level off at the beginning of 2023 with the possibility of modest increases,” says the REALTOR®.

The average sale price across all housing categories in Cambridge last month was $693,496. For detached homes, that number was $748,571, for attached homes it was $682,086 and for condos and apartments it was $447,992. Months of inventory has increased to 1.92.

In October, of course, the Bank of Canada raised interest rates for the sixth time this year to 3.75. The next announcement is scheduled for December 7th and there is speculation that the rate will go up another 25 to 50 basis points. 

So just what is the best approach going forward? Says Lewis, “First-time buyers, investors and anyone who is upsizing should seriously consider buying, provided they have secure employment.”

For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.