The Pace of the Cambridge Real Estate Market

 

"Red Active" status shows a Cambridge property that sold within three days of coming on the market.

"Red Active" status shows a Cambridge property that sold within three days of coming on the market but is being shown for backup offers.

The pace of the Cambridge real estate market this spring is dizzying.

Newly listed properties are often selling before the open house. Many properties have received multiple bids.

Why is this happening?  Low inventory seems to be the answer.  There just aren’t enough properties on the market to satisfy demand. Here’s how Cambridge real estate listings today compare to the same time last year. 

  • Single familes for sale in Cambridge – 21 vs. 41 a year ago
  • Condos for sale in Cambridge – 115 vs. 231 a year ago
  • Multi-family houses – 11 vs. 16 a year ago

Wow!  The numbers of houses and condos for sale in Cambridge are down 50% from last year.  As always, multi-families are in short supply in Cambridge.  Inventory is down in Somerville as well though not as dramatically as in Cambridge.

The availability of properties for sale is even more limited than the numbers above suggest, however.  The increasingly common usage of what we agents call “red active” – the property status of Under Agreement But Will Show for Backup Offers – means that only 84 condos in Cambridge, not 115, are actually available for purchase as I write.

What does this mean for Cambridge real estate buyers and sellers?

For buyers:  Your best bet is to get a buyer’s agent who can alert you early on to properties coming on the market. Make yourself available to see new listings as soon as possible.  Make sure you get a pre-approval from a lender. Be prepared for there not to be a lot to see – there just isn’t large numbers of listings coming on the market at any particular price point.  And when there is the properties may sell quickly. 

For sellers:  If you’ve been holding off putting your property on the market this may very well be the time to sell.  Perhaps your friend in the ‘burbs can’t sell his house or your neighbor down the street’s house lingered on the market a few years ago.  Don’t let their experience lead you to think that it’s “not a good time”.  It’s a great time to sell right now in Cambridge. You’ll want the advice and assistance of an experienced Cambridge real estate agent – pricing, preparation and marketing continue to be critically important despite limited inventory.

 

Thinking of buying or selling in Cambridge or nearby this year?  I’d love to help.  Email me at [email protected]gmail.com or give me a call at 617-504-1737.   Elizabeth Bolton, ReMax Destiny, 171 Huron Ave. Cambridge MA

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