According to statistics provided by the Cambridge Association of REALTORS®, home sales numbered 110 units in December 2016, down 9.1 per cent from December 2015.
On an annual basis sales totalled 2,445 units, up 4.3 per cent from 2015.
“2016 was the best year for home sales in Cambridge and surrounding communities in 12 years, and it likely would have been a record if we had more than a few weeks’ worth of inventory,” said Jim Robinson, President of the Cambridge Association of REALTORS®. “We now begin 2017 with the tightest market conditions ever seen in the region, so there is little reason to think the strong price gains recorded throughout 2016 will slow much, if at all this year.”
The average price for homes sold in December 2016 was $394,007, up 14 per cent from December 2015. The annual average price for 2016 was $376,012, up 12 per cent from the previous year.
The dollar value of all home sales in December 2016 was $43.3 million, up 3.6 per cent from the previous December. This was a record for the month.
New residential listings fell 11.5 per cent on a year-over-year basis to 92 units in December 2016.
Overall supply is currently trending at record lows. There were just 101 active residential listings on the Association’s MLS® System at the end of December, down 52.8 per cent from December 2015.
There were just 0.9 months of inventory at the end of December, down from 1.8 months at the end of December 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 135 units in December, decreasing 8.2 per cent from December 2015. The dollar value of all sales in December 2016 totalled $51.4 million, up 2.9 per cent from levels reported in December 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.