Cambridge home sales and new listings fall in tandem in April as society faces unprecedented public health crisis
The number of homes sold through the MLS® System of the Cambridge Association of REALTORS® numbered 125 units in April 2020. This was a decline of 44.7% from April 2019.
On a year-to-date basis, home sales totalled 571 units over the first four months of the year. This was down 7.5% from 2019.
“As was anticipated, home sales and new listings were heavily impacted by the necessary social distancing measures put in place to fight the novel coronavirus,” said Carole Rothwell, President of the Cambridge Association of REALTORS®. “That said, REALTORS® were deemed an essential service in the province to help clients navigate this challenging time and are adopting new technology to list and view properties. Sellers and buyers have both taken a big step back leaving market balance broadly similar to the tight market conditions we were seeing prior to the onset of COVID-19.”
The average price of homes sold in April 2020 was $542,650, rising 11.9% from April 2019.
The more comprehensive year-to-date average price was $547,479, rising 12.6% from the first four months of 2019.
The dollar value of all home sales in April 2020 was $67.8 million, declining by 38.1% from the same month in 2019.
There were 189 new residential listings in April 2020. This was down 46.6% on a year-over-year basis.
Overall supply is near historical lows. Active residential listings numbered 207 units at the end of April. This was down 27.1% from the end of April 2019.
Months of inventory numbered 1.7 at the end of April 2020, up from the 1.3 months recorded at the end of April 2019 and below the long-run average of 1.9 months for the end of the year. 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 property types numbered 129 units in April 2020; this was a large decline of 45.6% from April 2019. The total value of all properties sold was $83.5 million, declining significantly by 30.5% from April 2019.
Board & Association Information
Founded in 1953, the Cambridge Association of REALTORS® Inc. is an Association of well-trained and educated REALTORS® who provide real estate related services to Cambridge and surrounding communities.
The Cambridge Association of REALTORS® Inc. promotes its Members' professionalism and dedication to building a strong community through homeownership and quality investments.
Cambridge Association of REALTORS®
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