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!
