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!