June 2016 - Market Update - Cambridge Real Estate
June 8, 2016 @ 12:27 PM by: Steve Hamoen
Cambridge home sales remain near record highs in May according to statistics provided by the Cambridge Association of REALTORS®, home sales numbered 333 units in May 2016, down 5.4 per cent from May 2015.
The year-to-date sales totalled 1,304 units, up 1.1 per cent from the first five months of 2015. This was the second best start to any year after 2002.
'Home sales may have been down a bit from the all-time monthly record set last May, but May 2016 still saw the second largest number of transactions in any month in history, so the market remains very activity despite a growing shortage of supply,” said Karlis Bite, President of the Cambridge Association of REALTORS®. “With fewer than two months of inventory in the last few months, prices are running almost 10 per cent ahead of the first five months of last year.”
The average price for homes sold in May 2016 was a record $377,779, up 12.6 per cent from May 2015. The year-to-date average price was $363,461, up 9.4 per cent on a year-over-year basis.
The dollar value of all home sales in May 2016 was $125.8 million, up 6.5 per cent on a year-over-year basis.