Category Archives: Information

February Cambridge Stats Are In

 

The title to be awarded to February 2018 sales should be, “Waiting to Exhale”. This is due impart to the declining listings to sales ratio just ahead of the traditional peak spring market.

There were 215 listings processed this February (Freeholds and Condos). Of that number, only 124 were sold. This represents just over half of the listings or more precisely, 57%.If you remember, last month’s ratio saw 2 out of 3 listings sold. Compare this February sale to that of 2017 and we are down 32.97%. The number of listings processed in February 2017 was very similar at 212 with 185 sold.

However, in a shorter time span, there were 11 more sales in February than January 2018. This is an increase of 9.7% (113 in Jan and 124 in Feb). The average price for both segments ( freehold and condo combine) has shown a moderate 1.2% upswing from one month to the next ($451,259 Jan & $456,460 Feb 18).

We have dissected the different types of homes ( freehold from condos) and found that both sales numbers declined at the almost even percentage for the month from a year ago (approximately 34%). The champion of the two segments is Condominium! The average condo value has increased by 12.4% from a year ago and 7.6% from last month. That average price is now $345,740. Freehold is down from a year ago by 1.3% to an average price of $477,752 but up 2.1% from January this year.

It is not hard to establish the reason behind the surge in condo sales. It is the most affordable segment and the average price is still 100k below the average home price (freehold & condos) in the city/region.

Pull apart the semi’s and freehold towns from the equation and you will find Single detached home value remains consistent at approximately $515,777, a meagre 0.3% down from the same month a year ago. However, that average price rose 5.8% from it’s January 2018 average of $487,274.

Although this is early in the year, this moderate  1.2%  overall month increase if hold steady could result in 12.24% at year-end. A more tolerable increase from last year and an excellent indication of appreciation compared to the average yearly 4-5%  we saw over the past 15 years prior to 2017.

Sheldon Barclay. President

Cambridge Association of Realtors®

 

 

 

Note: it is important to acknowledge that the above data analysis may differ from CREA.

​(Canadian Real Estate Association) due to how they pull info from our data system known as Matrix. The above info is for February 2018 Cambridge area sales only.

 

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January Residential Sales Remain Strong

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®