Home prices in Cambridge and across the region continued riding high for the month of October.
Residential home sales averaged $614,865 for the month, a 13.2 per cent increase compared to the same month last year, according to data provided by Cambridge Association of Realtors (CAOR).
While the number of listings have been relatively stable, 157 compared to 154 from October last year, homes are staying on the market for just 17 days on average until they’re sold. During the same time last month, homes stayed on the market an average of 27 days.
“I’ve lived here since I was seven ... and I never would have thought that the average sale prices would have surpassed 600,000,” said John Teixeira, president of CAOR.
In terms of units sold, the year-over-year increase is 21.4 per cent, up from 126 to 153. This year, the number of residential home sales is up 9.46 per cent, on average, compared to last year.
Single condos in Cambridge saw the biggest leap in price and number of sales in CAOR's data. The average price climbed from $342,500 to $465,559, a 36 per cent increase year-over-year. The number sold for that time period jumped 250 per cent, from 12 to 30, it said.
Across the Waterloo region, it’s continuing to look like a seller's market. There were 691 residential home sales in October, the highest ever recorded for the month, according to the Kitchener Waterloo Association of Realtors (KWAR). October homes sales increased 28 per cent compared to the same month last year.
“This is the fourth month in a row we have set a monthly record number of home sales,” said Colleen Koehler, president of KWAR in a release. “Demand for homes in October continued to strongly outpace supply in Kitchener-Waterloo and area.” The average day to sell in October was 13 days, compared to 23 days in October across the region, it states. Sales of semi-detached homes in the region were up 48.3 per cent, to 46 sold.
Prospective first-time homeowners may be skittish to enter such a hot seller’s market. But it’s best to get in when you can and not get frustrated, according to Teixeira.
For sellers, it’s a great opportunity to downsize. “You're going to get a great amount of money for what you're selling,” Teixeira noted.
“If you're planning on going from a 2,000-square-foot home to a 3,000-square-foot home, it may be a good time to do that, depending on what area you're going into and what you're doing. Because some homes that we've seen, or most homes that are priced under $600,000 are getting way more or substantially more than the list price,” he added.
With the pandemic in the region showing no signs of letting up, home buyers should wean down their list of choices and take a virtual tour as much as they can. Safety, unlike asking prices, may be something both buyers and sellers can agree on.
Swikar Oli, Local Journalism Initiative Reporter, Cambridge Times