The Cambridge real estate market continued its upward trajectory in 2014, surpassing one billion dollars in MLS sale activity for the first time ever. This milestone was reached thanks to a healthy increase in residential home prices. Even though residential sales and listing activity were down 3.7% and 13.0 % for the year. Real estate values in Cambridge have now increased every year since 1995 - an unprecedented 19- year run.
Last year the average single family detached (SFD) home in Cambridge sold for over 357,000, a 6.3% increase from 2013 and the largest year-over-year improvement since 2010. Semi-detached, townhome and apartment (condo) values also went up, albeit at slightly lower rates of increase.
Comparing different areas of Cambridge in 2014, Hespeler had the most expensive housing, where the average detached home sold for $365,797. Following close behind was West Galt and North Galt with average prices of $362,618 and 362,465 respectively.The most affordable place in Cambridge to buy a detached home was Preston, with an average sale price of just over 315,000. Keep in mind these are overall averages and not indicative of individual neighbourhood trends, which can vary dramatically.
Number of Units Sold (all categories) 3,192- Down 2.6%
Number of Listings Processed (all categories) 6,190- Down 2.7%
Dollar Value of Sales (all categories) $1,026 Billion- Up 4.5%
Average Neighbourhood Sale Price and Days-on-Market
West Galt- 45 Days $362,618
East Galt- 47 Days $315,856
North Galt- 37 Days $362,465
Hespeler- 29 Days $365,797
Preston- 35 Days $315,279
Cambridge-41 Days $357,839