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!
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