According to statistics provided by the Cambridge Association of REALTORS®, home sales numbered 180 units in November 2016, up 7.1 per cent from November 2015.
For the year-to-date sales totalled 2,335 units, up five per cent from the first 11 months of 2015.
“While home sales were still up on a year-over-year basis in November, activity has been reeled in in recent months by an extreme shortage of available supply,” said Jim Robinson, President of the Cambridge Association of REALTORS®. “Record level market tightness is showing up in the average price, which jumped by nearly $90,000 year-over-year to cross the $400,000 threshold for the first time ever in November.”
The average price for homes sold in November 2016 was a record $416,886, up 26.8 per cent from November 2015. The year-to-date average price was $375,170, up 11.9 per cent on a year-over-year basis.
The dollar value of all home sales in November 2016 was $75 million, up 35.9 per cent from the previous November. This was a record for the month.
New residential listings rose 17.9 per cent on a year-over-year basis to 198 units in November 2016.
Overall supply is currently trending at record lows. There were just 155 active residential listings on the Association’s MLS® System at the end of November, down 52.3 per cent from November 2015.
There were just 0.9 months of inventory at the end of November, down from 1.9 months at the end of November 2015. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Sales of all types of properties numbered 208 units in November, rising four per cent from November 2015. The dollar value of all sales in November 2016 totalled $77.2 million, up 17.7 per cent from levels reported in November 2015.
Founded in 1953, the Cambridge Association of REALTORS® Inc. is an Association of well-trained and educated REALTORS® who provide real estate related services to Cambridge and surrounding communities.