A tight supply of listings continues to fuel big house price increases in Cambridge.
The average sale price increased 12.6 per cent to $377,779, compared to a year earlier, the Cambridge Association of Realtors said Wednesday.
The average price for all homes sold in the first five months of the year rose 9.4 per cent to $363,461.
The inventory of homes for sale continues to be extremely tight. In fact, the association said it is trending near record lows.
There were 500 active listings at the end of May, down 43.2 per cent from a year earlier. New listings during the month fell 17.5 per cent to 448.
The association said the inventory of homes stood at 1.5 months at the end of May, meaning it would take 1 ½ months to sell the current inventory at the current rate of sales. There were 2.5 months of inventory a year ago.
The association recorded 333 sales in May, down 5.4 per cent from a year ago.
"Home sales may have been down a bit from the all-time monthly record set last May, but May 2016 still saw the second largest number of transactions in any month in history, so the market remains very activity despite a growing shortage of supply," association president Karlis Bite said in a news release.
Last week, the Kitchener-Waterloo Association of Realtors said it recorded 752 residential sales in May, a record for the month. The average sale price increased 7.3 per cent to $378,248.
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