The early Fall numbers are in and there’s good news: the real estate market in Cambridge appears to be fairly stable for the second month in a row.
“Across all housing types the average sale price only decreased by 1% from last month, which could just be due to the mix of types of houses that were sold,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax.
That average sale price for the month of September was $740,480. While the average sale price for detached houses stayed flat at $811,657, attached houses increased by 12% ($675,890), and condos and apartments increased by 6% ($475,410).
“That is the good news, but with the March to July housing price reductions we have essentially lost a full year of appreciation,” says Lewis.
Other changes of note include that the number of sales and new listings decreased by 18% in September, but the number of listings being held on the market is up by 120% when compared to this same time last year.
Months of inventory is improving too; the figure now sits at 1.63.
So what does all of this mean?
“It would appear that the market is level,” explains Lewis. “It is slower than we have seen in the last 24 months, but that market wasn’t sustainable. This is a much more sustainable, normal market.”
The REALTOR® often tells buyers that although interest rates are up, prices are down—so much so that your payments are similar to when interest rates were extremely low and home prices were high.
Says Lewis, “This is a much better scenario: your down payment is lower when prices are down. And interest rates will not stay up for long—most financial experts agree that by the end of 2023 or 2024 interest rates will start to decline once again.”
For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.