The Cambridge, Ontario real estate market is rebounding strongly, along with the rest of the local economy.
The Real Estate Board of Cambridge, Ontario reports that sales were up in July 2009 for the third consecutive month, and that this was the second busiest July on record. The number of homes sold in July was up 11% over the same month last year.
The average price for residential homes was $250,396. This is down 2% from the same month last year.
There were 409 new listings in July, down slightly from last year. The total number of active listings was 11% higher at the end of July, but July had the smallest increase of active listings in more than a year.
Inventory during July stood at 3.6 months, below the recessionary peak of 8.9 months in December. The number of months of inventory is the number of months it would take to sell all current listings at the current rate of sales activity.
Historically, Cambridge and the Golden Triangle area has not been subject to the dramatic market swings of other markets. This is due to a relatively stable and diverse economy that includes advanced manufacturing, high-tech, auto manufacturing, transportation and academics, along with a very convenient location on highway 401, Canada’s busiest highway.
For more information on Cambridge real estate, contact Jim Danson, Sales Representative with Royal LePage Crown Realty Services - Brokerage at jim@jimdanson.com or click on www.JimDanson.com .