After a robust market in 2017, it is safe to say the Cambridge housing market remains strong. The number of listing for January 2018 was (167) almost the same as January 2017 (163). Of those listings, the sales were 112 (2018) and 108 (2017). Take the spring anomaly of 2017 out of the market and you still have an identical start to both years. The average sale price (single-family including freehold & towns) came in at $450,368, up 5.1% from the same month a year ago. When we separate the two types of homes, the numbers appear totally different. Single-family freehold homes sales only rose 2.9% (average $453,732 to $467,297) from the year previous while average condo price jumps to 19.2 % ($269,559 to $321,446) from 2017.
The number of sales has fallen from December 2017 down 12.6%. As we can see, there were 55 unsold listing for each year in the same month of January. The old adage still lives today. People buy listings that are priced right, shows well and fits the norm for the average home buyer.
With mortgage rule changes in full swing, time is the unknown factor lurking behind the scene. It usually takes a few months for everyone in the related industry (mortgage and real estate) to get a full view of the effects of implementation.
The Spring market has always been the peak for sales in real estate. The most common question the consumer asks is, “When is the best time to sell or buy?”. We should always make decisions on knowledge! The facts we know are the ones at present. We know the prices of homes now and we can calculate mortgage payments today. Let’s take speculation out of the picture. As the saying goes, “one in hand is better than two in the bush”. Like all things though, people do what they think is best based on their wants and needs. Share those wants and needs with your Realtor so they can advise you accordingly. This is our business and we know it!
Sheldon Barclay. President
Cambridge Association of Realtors®