Probably the number one question I get at open houses these days: is the market slowing down? And the answer to that depends on how you look at it. The number of sellers have certainly increased, but the buying pool I think for the most part has remained the same. It seems buyers no longer feel like if they miss out on something, they may not get another chance. I checked to see sales in Cambridge, this week June 5th through June 9th. There were 43 sales that week, and 79% of those sale were at, or above asking price (108% of list price). At first glance that seems like an indication that Sellers are still getting well over asking price in most of the cases. And you'd be right for drawing that conclusion. But when you examine the data from May 8th to 12th, we find 90% of the sales at or above asking price (110% of list price). We also know that inventory levels are increasing so all of this is to be expected. So have potential seller's missed the boat? Certainly not, but more so than a month ago, buyers have options and thus it's crucial that your list price be bang on. Do you have questions about pricing? How do you feel about the direction the market is heading? Comments are always welcomed.
Home Sales for the Cambridge Association of REALTORS® numbered 146 units in December 2015, down 3.3 per cent from December 2014.
On an annual basis, home sales rose 8.7 per cent year-over-year to 3,321 in 2015. This was the best year on record.
The average price for homes sold in December 2015 was $349,557, up 9.1 per cent from December 2014. The annual average price was $339,785 in 2015, an increase of 4.2 per cent from 2014.
The dollar value of all home sales in December 2015 was $51 million, up 5.5 per cent on a year-over-year basis. For all of 2015 dollar volume totalled $1.1 billion, an increase of 13.3 per cent and the first time in history that the dollar volume measure has surpassed $1 billion in a single year.
New residential listings decreased 4.6 per cent on a year-over-year basis to 166 units in December 2015. There were 5,326 new listings in all of 2015, an increase of 1.2 per cent from the year before.
There were 735 active residential listings on the Association’s MLS® System at the end of December, down 32 per cent from December 2014.
Buying and Selling Residential, Condominium and Investment real estate in the Waterloo Region since 2008. Oh, and also Ottawa! :-D