Shrewsbury MA Real Estate Market Update December 2018

Real Estate Market Update for Shrewsbury Massachusetts | December 2018

Hi again! I’m Maribeth Lynch from Thrive Real Estate Specialists, with your Shrewsbury market report through the end of December 2018.

We are experiencing a market shift that is undeniable. We have moved from a strong sellers market to a more balanced market favoring buyers. The combination of rising interest rates and higher home prices have worked towards a softening in the market. However, Shrewsbury continues to outperform most other comparable towns both in total units sold and pricing.

Shrewsbury’s market volume in 2018 was slightly behind that of 2017, although prices were up by 5% in 2018

Unit sales were up slightly in December but off 30% from last December.

We also saw a sharp fall off in the list price/sale price ratio which dropped to 94%. It was previously holding steady at 98 to 100%.
These two factors confirm the weakening market that we have been feeling.

Despite these downward trends, our days on market are still low, with an average of 50 days on market in December.

Our inventory of homes tells a similar story-with 82 units on market at the end of 2018—this is up 40% more than the previous two years. If you are a Buyer, this data present a clear message that 2019 will be a great year for you to buy.

Looking at the high and low of the Shrewsbury market in December, a condo sold for $133,000, and a beautiful home sold for $2,750,000!

If you are a buyer—NOW is the time to get serious about your search. If you are a seller, the condition, location and price point of your home will be the factors most impacting the bottom line.

We love working with buyers as well as representing sellers in Shrewsbury—if 2019 is YOUR year to buy or sell, give us a call!

That’s your Thrive Real Estate Market Report for Shrewsbury through December, 2018. Here’s to a great 2019 for all!

 

Recent Market Updates

 

November 2018 Real Estate Market Update for Shrewsbury MA

October 2018 Real Estate Market Update for Shrewsbury MA

September 2018 Real Estate Market Update for Shrewsbury MA

August 2018 Real Estate Market Update for Shrewsbury MA

July 2018 Real Estate Market Update for Shrewsbury MA

Shrewsbury Real Estate Market Update- November 2018

Real Estate Market Update for Shrewsbury Massachusetts | November 2018

Hello again! I’m Maribeth Lynch from Thrive Real Estate Specialists, with your Shrewsbury market report through the end of November 2018.

The Shrewsbury market is strong but slowing down after a very strong summer.

Year to date, the total market volume is up 2% over the prior year. That’s a result of slightly fewer home sales with 7% higher average prices this year.

In November there were 31 homes sold in the Shrewsbury market which was the same as the October tally, but short of the 40 homes sold in November last year. This is the fourth consecutive month of year on year unit sales below the prior year.

Average selling prices remain higher than the prior year, but not by enough to offset reduced unit sales. So total market volume has been off compared to the prior year for each of the last four months. Increasing interest rates and the recent pull back in the stock market are obvious factors.

What about inventory? 112 units were on the market as of December 1. The inventory in October through December has been higher than at any time in the past two years. These inventory levels are good news for potential buyers.

How long have these unsold properties been on the market? As it has been through most of this year, the days on market have been running lower than the prior year. December 1 was 83 days on market vs. 113 days one year ago.
And for homes sold in November, the average days on market was 56 which is not bad.

Lets look at the high and low of the Shrewsbury market. Last month we had a home sell at the lower end of the market for $156K, at the high end of the market we saw a home sell for $1.175M. With the higher inventories, it is a great time to be buying.

In summary,
Shrewsbury continues to have a nice real estate market.
Inventory is high enough to offer a great selection, and desirable homes are still moving fast. So it is a great time to buy a home in Shrewsbury.

By now the autumn leaves are gone. We’ve had our first snowfall, and hopefully we’ve enjoyed Thanksgiving with family. Now we can expect more snow and Happy Holidays this month. Come look at some homes before the snow gets too deep.

That’s your Thrive Real Estate Market Report for Shrewsbury through November, 2018. See you in the New Year!

October 2018 Real Estate Market Update for Shrewsbury MA

September 2018 Real Estate Market Update for Shrewsbury MA

August 2018 Real Estate Market Update for Shrewsbury MA

July 2018 Real Estate Market Update for Shrewsbury MA

Shrewsbury Real Estate Market Update- October 2018

Market Update for Real Estate in Shrewsbury Massachusetts | October 2018

Hi, I’m Maribeth Lynch from Thrive Real Estate Specialists, with your Shrewsbury market report through the end of October 2018.

The Shrewsbury market is strong and it is a good time for buyers.
Year to date, the total market volume is up 4% over the prior year. This is a result of a 7% year on year increase in average prices.

October was a great month for days on market for sold home at 37 days which was an improvement over September (48), and much better than a year ago at the same time (66).

October average prices were 23% higher than last October. On the other hand, the number of units sold in October was down 20% from last month and 40% from a year ago. This could mean the market is shifting to a buyers’ market. We will continue to monitor this trend.

What about inventory? For the second month in a row, we see an increase in inventory. At the start of November, there were 130 units available in Shrewsbury – more than last month (114 units) and much more than a year ago (92 units). This increasing inventory trend is good news for potential buyers.

How long have these unsold properties been on the market? As it has been through most of this year, the days on market have been running lower than the prior year. November 1 was 67 days on market vs. 85 days one year ago.
So surprisingly, we are still seeing short cycles which is good news for sellers; and more inventory which is good news for buyers. The increase in inventory combined with the falloff in units sold, could signal a weakening of some of the price strength we have seen this year.

As we’ve mentioned previously, homes in Shrewsbury sell over a wide price range. At the low end, we saw a residence sell for $130k in September; and at the high end, a home sold for $1,500,000. So hopefully most of you will be able to find homes in your price range!

In summary,
Shrewsbury continues to have a nice real estate market.
Inventory is high enough to offer a great selection, and desirable homes are still moving fast. So it is a great time to buy a home in Shrewsbury, if you can keep up with the pace of the market.

The coolness of fall appears to be arriving, and the leaves are in full color. Fall in New England, it doesn’t get any better than that! Come look at some homes before winter arrives.

That’s your Thrive Real Estate Market Report for Shrewsbury through October, 2018.

Recent Market Updates

September 2018 Real Estate Market Update for Shrewsbury MA

August 2018 Real Estate Market Update for Shrewsbury MA

July 2018 Real Estate Market Update for Shrewsbury MA

Shrewsbury Real Estate Market Update September 2018

Real Estate Market Update for Shrewsbury Massachusetts | September 2018

Hi, I’m Maribeth Lynch from Thrive Real Estate Specialists, and this is your Shrewsbury market report through the end of September 2018.

As mentioned in prior reports, the Shrewsbury real estate market is strong!

Year to date, the total market volume is up 9% over the prior year. This is made up of home prices up 5.4% and unit volume up 3%.

We’ve seen an uptick in days on market for sold homes to 48 compared to only 36 last month. But not that much different from 46 last September.

There has been an increase in inventory. As of October 1 there were 114 units available in Shrewsbury which is more than last month’s 98 units. This is also a jump over last year at the same time which was 95 units. We’ll keep an eye on this increase, because up until this month, inventory had been mapping to the prior years cycle.

We already discussed days on market for houses that sold, but let’s take a look at days on market for properties that are still on the market. As it has been through most of this year, the days on market have been running much lower than the prior year. October 1 was 61 days on market vs. 75 last month and 105 one year ago.
As you would expect, many lower priced homes have not been on the market as long as the average, while homes above $700,000 have more than average days on market. And some higher price ranges (above $800k) are even showing less days on market than in the prior year.
So surprisingly, we are seeing shorter cycles which is good news for sellers, and more inventory which is good news for buyers. This means a healthy market.

As we’ve mentioned previously, homes in Shrewsbury sell over a wide price range. At the low end, we saw a residence sell for $145k in September; and at the high end, a home sold for $1,190,000. So hopefully most of you will be able to find homes in your price range!

In summary,
Shrewsbury continues to have a healthy real estate market.
Inventory is high enough to offer a reasonable selection, and desirable homes are still moving fast.
And prices and unit sales are up over the prior year.

That’s your Thrive Real Estate Market Report for Shrewsbury through September, 2018.
The coolness of fall appears to be arriving, and the earliest signs that the leaves will be changing are showing. Fall in New England, it doesn’t get any better than that. Enjoy!

Recent Market Updates

August 2018 Real Estate Market Update for Shrewsbury MA

July 2018 Real Estate Market Update for Shrewsbury MA

Shrewsbury Real Estate Market Update August 2018

Real Estate Market Update for Shrewsbury Massachusetts | August 2018

Hi, I’m Maribeth Lynch from Thrive Real Estate Specialists, and this is your Shrewsbury market report through the end of August 2018.

The Shrewsbury real estate market remains strong!

Year to date, the total market volume is up 10% over the prior year. This comes from an equal combination of more home sales and higher prices.

The number of days on market for sold homes remains surprisingly low. The average in August was 31 days vs. the 39 days for last August.

Let’s consider inventory. As of September 1 there were 98 units available in Shrewsbury which is much more than the February 1 low point of the year which was 48 units. But this increase in inventory is probably typical for a fall market as this year’s pattern is almost identical to last year’s.

We already discussed days on market for houses that sold, but let’s take a look at days on market for properties that are still on the market. As of September 1 last year, the average days on market was 102 while this year it is down to 75 days.
So we are seeing shorter cycles not only for sold homes but for homes remaining on the market. This is a healthy trend.

Now a quick look at the TOP and the BOTTOM of the market. In August there was a sale at $103,900 while at the other end of the market, a home was sold at $1,180,000. This large range is typical for Shrewsbury and suggests that for most people, Shrewsbury will have something in their price range.

In summary,
Shrewsbury continues to have a healthy real estate market.
Home sales are up and prices are increasing.
Inventory is high enough to offer a reasonable selection, while desirable homes are still moving fast.

That’s your Thrive Real Estate Market Report for Shrewsbury through August, 2018.
School is in session, fall has officially begun, and soon the leaves will be changing. This is a great time of year in New England. Enjoy!

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    Thrive Real Estate Specialists
    Maribeth Lynch
    26 Maple Ave.
    Shrewsbury, MA 01545
    Direct: (508) 641-9323
    Maribeth@ThriveRealtors.com

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