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Cambridge Market Update
Home sales remain strong in August
Residential sales activity recorded through the MLS® System of the Real Estate Board of Cambridge Inc. was up on a year-over-year basis for the fourth consecutive month in August 2011.
According to the Board’s statistics, home sales numbered 235 units in August, up 26 per cent from weaker levels reported in the same month last year. This marks the fifth best month of August on record for home sales in the region.
The big year-over-year sales gain in August reflects not only weak demand last summer, but also the current strength of home sales in the region. At the same time, the number of homes for sale on the market has been on the rise since the spring. This has led to a more balanced marketplace, and that’s taken some of the pressure off of prices.
Some 2,023 homes have traded hands through the Board’s MLS® System on a year-to-date basis, up four per cent from levels in the first eight months of 2010. This also stands above year-to-date levels over the same period in 2009 and 2008.
The average price for homes sold in August 2011 was $281,080, up two per cent compared to August 2010.
The dollar value of all home sales in August 2011 was $66.1 million, an increase of 28 per cent from year-ago levels.
New residential listings on the Board’s MLS® System numbered 445 units in August 2011, rising 14 per cent from a year earlier.
There were 966 active residential listings on the Board’s MLS® System at the end of August, up 11 per cent from levels reported at the same time last year.
There were 4.1 months of inventory at the end of August on a seasonally adjusted basis. This was up from 3.8 months at the end of July 2011. 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.
Total sales numbered 245 units in August, up 30 per cent on a year-over-year basis. The dollar value of all sales in August 2011 totalled $72.4 million, up 39 per cent from levels reported in August 2010.
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| Mary Rogers---Sales Rep--Remax Twin City Realty Inc Brokerage |
| Mobile: 1-519-897-6279 Office: 1-877-740-3690 Email: mary@maryrogers.ca |
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