Cambridge housing correction continues

CAMBRIDGE — The president of the Cambridge Association of Realtors says the market correction continues.

Home sales and prices in Cambridge continue to drop compared to this time a year ago.

“Instead of a rally and an increase in the sales numbers, we are still seeing a consistent trend downwards,” Sheldon Barclay said in a release.

House sales totalled 191 sold last month, down from 265 last April, with homes spending an average of 17 days on the market. The volume of sales in Cambridge also dropped 2.1 per cent compared to the March numbers.

The average sale price in April for all single-family freehold properties was $483,166, down 5.7 per cent from last April’s average of $512,423.

Detached homes sold for an average of $506,559 last month, down year-over-year from $539,638. The average condo price dropped from $329,554 last April to $310,417.

“Some sellers are still attached to the values of last year,” Barclay said. “We believe this is a part of the unsold inventory.”

Barclay said new financing rules have resulted in fewer capable buyers and there are still multiple offers for homes under $500,000.

“The faster sellers realize this, the more the sales to listing ratio will narrow.”

The Kitchener-Waterloo association released its April stats on Thursday, showing a year-overyear drop in the number of sales of nearly 20 per cent. The average sale price of all residential properties dropped 6.6 per cent yearover-year to $478,578.