Market Trends

In a year filled with what appeared to be a continuous stream of negative headlines — major debt crises in Europe, a credit rating downgrade in the United States, and a devastating earthquake and tsunami in Japan — the Cambridge real estate market held its own and then some.  
End-of-year statistics compiled by the Cambridge Association of Realtors revealed an improved market in 2011 from the previous year in all major categories: average residential sale prices — up 2.2% to $285,418; residential units sold — up 7.61% to 2980 properties, and average marketing period down 11.1% to just 40 days. 
The only non-rosy statistic was end-of-year active listings which increased by almost 10% from 733 units in 2010 to 805. Rising MLS inventory could signify a cooling of the market, although the number of active listings as of December 31 is still only a little more than three months’ inventory, based on last year’s sales volume.
What to expect for 2012? My guess (and that’s really all it can be) is a stable market with little to no price improvements, and perhaps a modest pullback in sales activity. I can guarantee, however, that in the long-run owning a home will almost always be your best and most cherished investment.
 

 

 
 
© 2017 R.W. Dyer Realty Inc., Brokerage