Cambridge 2020 Real Estate market outlook
Real Estate Outlook for 2020
- 12 Month Forecast: Increasing
Forecast Accuracy: 85%
The House Price Trend will be either increasing or decreasing. The prediction for market trend in Cambridge housing industry for the coming 12 months ending with the 3rd Quarter of 2020 is increasing. The Trend Projection accuracy for Cambridge is 85%. In other words, when tested against historical data, forecasting methodology was accurate upto 85%. The probability of increase in condo or house prices in Cambridge is 85% for the next 4 quarters. If this Housing Market Forecast is correct, home prices will be higher in the 3rd Quarter of 2020 than they were in the 3rd
Quarter of 2019.
Prices Rising or stable outlook
The city stats indicate that the average houses for sale in Cambridge is listed at $524,493 and 409 new listings in the last 28 days. As of today, Cambridge housing data shows median days on market for a home is 11 days.
The Cambridge area recently proved to be better market for buyers who wanted to make a short-term profit. Between 2015 and the spring of 2017, house prices raised very quickly in the area. In fact, from the first quarter of 2016 to the same time in 2017, the average sale price grew by 26%.
The latest Housing Market Insight for Cambridge takes a closer look at short-term sales and long-term investment activity from 2015 to 2018. About 9% of transactions of homes available from 2015 to 2019 were involved in short-term sales. For this report, we looked at data for the period from the first quarter of 2015 to the second quarter of 2018. During that time, about 9.0% of all transactions and new builds that became available were involved in short-term sales.
Market growth & Stability
The local real estate market was stable in 2018 and will likely remain same in coming spring sales season. Things and prices keep changing, but the way things are right now the market will remain steady into the spring.
Although the quarterly House Price Survey released recently showed strong gains in home prices across Kitchener/Waterloo/Cambridge in the fourth quarter of 2018. During that period, the aggregate price of homes across in Waterloo Region rose 9 per cent year-over-year to $523,634.
Real estate market growth:
The real estate outlook trend of Cambridge, Ontario is increasing order. When broken out by housing type, median price of a two-storey home rose 9.3 per cent year-over-year to about $557,444 in the fourth quarter of 2018, while price of a bungalow rose 7.9 per cent year-over-year to around $472,752. During the same period, median price of a condominiums for sale in Cambridge rose 7.8 per cent year-over-year to about $308,189.