With February in the books, let’s take a quick look back at the previous month in Cambridge real estate – and how home sellers fared compared to February 2015:
- More homes sold this February than in February 2015: 158 vs. 149.
- Homes sold faster: 24 days this February vs. 27 in Feb 2015
- The average home sale price in February was 7.9% higher than in February 2015, landing at $343,246
- On a price-per-square-foot basis, selling prices went up 9.6% on average ($230.68 vs. $210.48 in Feb 2015)
- Homes sold closer to their asking price this February: 98.8% vs. 98.1% in February 2015
Our strong local economy, the continuation of low interest rates (2.5% variable rates as well as fixed rates under 3% are still out there) and, likely, the unseasonably warm weather are no doubt encouraging both buyers and sellers to make their next move.
With spring on the way, and everything else looking to remain constant, we can expect similar results in the months to come.