Real Estate Market Update for Shrewsbury Massachusetts | November 2018
Hello again! I’m Maribeth Lynch from Thrive Real Estate Specialists, with your Shrewsbury market report through the end of November 2018.
The Shrewsbury market is strong but slowing down after a very strong summer.
Year to date, the total market volume is up 2% over the prior year. That’s a result of slightly fewer home sales with 7% higher average prices this year.
In November there were 31 homes sold in the Shrewsbury market which was the same as the October tally, but short of the 40 homes sold in November last year. This is the fourth consecutive month of year on year unit sales below the prior year.
Average selling prices remain higher than the prior year, but not by enough to offset reduced unit sales. So total market volume has been off compared to the prior year for each of the last four months. Increasing interest rates and the recent pull back in the stock market are obvious factors.
What about inventory? 112 units were on the market as of December 1. The inventory in October through December has been higher than at any time in the past two years. These inventory levels are 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. December 1 was 83 days on market vs. 113 days one year ago.
And for homes sold in November, the average days on market was 56 which is not bad.
Lets look at the high and low of the Shrewsbury market. Last month we had a home sell at the lower end of the market for $156K, at the high end of the market we saw a home sell for $1.175M. With the higher inventories, it is a great time to be buying.
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.
By now the autumn leaves are gone. We’ve had our first snowfall, and hopefully we’ve enjoyed Thanksgiving with family. Now we can expect more snow and Happy Holidays this month. Come look at some homes before the snow gets too deep.
That’s your Thrive Real Estate Market Report for Shrewsbury through November, 2018. See you in the New Year!