September typically signals a bit of a reawakening in real estate, especially after the August lull. The kids are back in school, everyone has returned from taking time off and for many house hunting resumes in earnest.
“We usually see an increase of new listings hitting the market in September and thankfully this year was no exception,” says Trish Lewis, Sales Representative, GoWylde Team/ReMax.
In fact, new listings increased by 32% from last month, a substantial amount. These properties were quickly bought up by eager buyers, proving that demand is indeed still high, and that available housing stock doesn’t last very long on the market these days.
The number of active listings also increased—by 23 per cent over the month of August—so while inventory is slowly building back up, it is still very low compared to when we’re in a more balanced market.
The average sale price in Cambridge remained steady at $759,511, with an overall increase of 1 per cent from last month. Condo apartments saw the greatest jump of all at 8 per cent, though this could just mean that more luxury condos sold this month. Overall, the market here has seen an increase of 22 per cent in the average sale price from September of 2020, which is certainly significant.
Last month an incredible 87 per cent of homes sold in multiple offers and went for approximately 15% above list price.
“The slow build of new inventory is a great sign for buyers if we were able to maintain this, however we usually see the market slow down as we head into the holiday season,” says Lewis.
What’s more likely is that we won’t see a large increase in available inventory until the spring of 2022, she says.
It will be interesting to see what changes lie in store over the fall months, with the holidays approaching, restrictions further relaxing and cooler weather ahead.
For more information, or to contact real estate agents Mary Wylde and Trish Lewis, visit the GoWylde Team or call 519-826-7109.