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!
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!