I was sitting down with a client yesterday and we were discussing the Real Estate Market for Single Family homes in Cambridge Massachusetts. The market in Cambridge, MA has been one of the strongest real estate markets in Massachusetts and this Cambridge Single Family Real Estate update will show it!
As of the end of July there were 33 homes on the market with an average listing price of $1,193,448 with 104 days on the market. In the month of July there were 16 Single Family Cambridge Homes that sold. These homes spent 57 days on the market while spending $968,031 while the sellers enjoyed a 96.98% list to sale price ratio.
How does this relate to the strength of the market? With 33 homes currently on the market and the market selling 10.3 homes per month, then that means it will take 3.20 months for the market to absorb all of the single family homes in Cambridge currently for sale. The perfect market equilibrium is 6 months where neither buyers or sellers have pricing power over one another. A market time of 3.2 months indicates that the Cambridge Single Family market is a strong sellers market and that it is a great time to sell.
If you are buying or selling a home in Cambridge, MA then give Jeffrey Chubb of RE/MAX Select at 617-480-2600 or by clicking here. Practice makes perfect and when you are talking about what may be the largest investment in a person's life, having the best makes the difference. Being ranked the #1 RE/MAX Agent in Boston for the first half of 2011 as well as #6 in all of New England.
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All facts and figures are derived from MLSPIN and are considered reliable, but not guaranteed.