MLS® home sales activity in the area served by the Real Estate Board of Cambridge Inc. continued to climb in November 2009. The current strength of demand stands in sharp contrast to the weak activity levels of one year ago.
According to the Board’s statistics, MLS® residential sales totalled 224 units in November 2009, up 82 per cent from activity in the same month last year. The large year-over-year gain reflects the extent to which demand has recovered from one year ago, when news of the global financial crisis hammered consumer confidence.
On a seasonally adjusted basis, MLS® sales were up four per cent month-over-month in November 2009, and reached one of the highest levels on record (seasonal adjustment removes normal seasonal fluctuations).
“November was another strong month for sales activity,” said Bob Peace, President of the Real Estate Board of Cambridge Inc. “The difference in the resale housing market now, compared to one year ago, is night and day.”
The total dollar value of MLS® homes sold in November 2009 amounted to $61.1 million, more than double what it had been a year earlier and the highest level on record for the month of November.
Total MLS® sales numbered 233 units in November, rising 75 per cent year-over-year. The dollar value of all sales in November 2009 totalled $66.1 million, nearly double the level reported in November 2008.
The MLS® residential average price for homes sold in November 2009 was $272,832 – the highest level on record. This is an increase of 12 per cent from a year earlier.
New listings on the Board’s MLS® system were up from year-ago levels after declining for four consecutive months. New residential listings numbered 337 units in November 2009, rising eight per cent from a year earlier.
The number of active listings on the Board’s MLS® system numbered 814 units at the end of November 2009, down 20 per cent on a year-over-year basis. This is the largest decrease in almost two years, and the third consecutive decline from year-ago levels.
There were 3.6 months of inventory at the end of November 2009, down slightly from the previous month and well below levels from one year earlier. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Founded in 1953, the Real Estate Board of Cambridge is an Association of well-trained and educated REALTORS® who provide real estate related services to Cambridge and surrounding communities.
