According to statistics provided by the Cambridge Association of REALTORS®, home sales numbered 287 units in October 2016, up 23.2 per cent from October 2015.
For the year-to-date sales totalled 2,772 units, up 7.2 per cent from the first ten months of 2015. This puts 2016 on pace to be the strongest year ever for Cambridge home sales.
“The level of activity we saw in October is likely not sustainable, not because of a lack of demand but because of a lack of supply,” said Karlis Bite, President of the Cambridge Association of REALTORS®. “With less than one month of inventory in October and a sales-to-new listings ratio north of 100 per cent, competition among buyers continues to push prices up by double digits.”
The average price for homes sold in October 2016 was a record $411,743, up 18.7 per cent from October 2015. The year-to-date average price was $382,314, up 14.1 per cent on a year-over-year basis.
The dollar value of all home sales in October 2016 was $118.2 million, up 46.2 per cent from the previous October record set last year.
New residential listings fell 16.2 per cent on a year-over-year basis to 274 units in October 2016.
Overall supply is currently trending at record lows. There were just 263 active residential listings on the Association’s MLS® System at the end of October, down 57.6 per cent from October 2015.
There was a record low 0.9 months of inventory at the end of October, down from 2.7 months at the end of October 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 328 units in October, rising 24.7 per cent from October 2015. The dollar value of all sales in October 2016 totalled $123.3 million, up 29.9 per cent from levels reported in October 2015.
Source: Cambridge Association of Realtors – http://cambridgeassociationofrealtors.com