Cambridge Association of REALTORS®

MLS® home sales in Cambridge go stratospheric in March

The number of homes sold through the MLS® System of the Cambridge Association of REALTORS® totaled 450 units in March 2021. This was more than double the levels from a year earlier, surging 103.6% from March 2020. This was also a new sales record for the month of March and was the highest level for any month in history.

On a year-to-date basis, home sales totaled a record 761 units over the first three months of the year. This was a substantial increase of 52.5% from the same period in 2020.

"MLS® market activity shattered several records this past month." said John Teixeira, President of the Cambridge Association of REALTORS®. "Resale home sales set both a new march monthly and a new single month record. We also saw a remarkable improvement in the number of newly listed resale properties, which helped to reinforce overall inventory. Although, the influx of new listings came as a welcome relief from the recent historic lows, active listings are still hovering only marginally higher than the lowest level in history. This factor, along with the recent seemingly endless demand continue to contribute to the incredibly tight market conditions we have been experiencing."

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $737,400 in March 2021, an advance of 33.4% compared to March 2020.

The benchmark price for single-family homes was $755,000, up sharply by 33.7% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $532,300, a gain of 31.7% compared to a year earlier, while the benchmark apartment price was $595,900, rising 25.7% from year-ago levels.

The average price of homes sold in March 2021 was $789,548, advancing 40.7% from March 2020.

The more comprehensive year-to-date average price was $773,997, a large gain of 37% from the first three months of 2020.

The dollar value of all home sales in March 2021 was $355.3 million, more than double the levels from a year earlier, leaping 186.5% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.

The number of new listings was up substantially by 70.2% from March 2020. There were 565 new residential listings in March 2021. This was the largest number of new listings added for the month of March and was also the highest number added for any month in history.

Active residential listings numbered 188 units on the market at the end of March, a substantial decrease of 29.6% from the end of March 2020.

Months of inventory numbered 0.4 at the end of March 2021, down from the 1.2 months recorded at the end of March 2020 and below the long-run average of 1.8 months for this time of 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.

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.


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President
John Teixeira