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.