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.
New residential listings fell 17.5 per cent on a year-over-year basis to 448 units in May 2016. Overall supply is currently trending near record lows. There were 500 active residential listings on the Association’s MLS® System at the end of May, down 43.2 per cent from May 2015.
There were just 1.5 months of inventory at the end of May. This was down from 2.5 months at the end of May 2015 and stood below the long-term average for this time of the year in the Cambridge region. 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 377 units in May, edging down 0.8 per cent from May 2015. The dollar value of all sales in May 2016 totalled $129.4 million, up 5.8 per cent from levels reported in May 2015.