Thrive Real Estate Specialists Owner/Broker Maribeth Lynch
gives Updates on the August 2018 Real Estate Market in Shrewsbury MA
The Shrewsbury real estate market is strong.
Compared to the prior year, we’ve seen housing sales increase by nearly 8%. And, average selling price is up by nearly 5% to $432k.
The number for days on market for those sales was very low – 60 days for the prior year, and a very similar 58 days for the past 12 months.
What about inventory? It seems that after a long period of tight inventory, that we are starting to see a change, and the stats back that up: One year ago, there were 132 listings in the Shrewsbury market and today there are 1444 listing – about a 9% increase.
If we look more closely at inventory, we see that most of the increase in inventory really happened in the last 30 days because just one month ago, there were only 133 listings.
This modest increase in inventory might be a trend to pay close attention to.
Days on Market
One other interesting thing to keep an eye on is days on market. For houses that have sold over the past 30 days, the average days on market was only 36. So, desirable houses are moving. But if we look at inventory today (units not yet sold), the average days on market for those units is 80 days. So, you can see the importance of making your home desirable.
For fun, let’s take a look at the TOP and the BOTTOM of the market:
Bottom: 34 Oakland Avenue was a 2 bedroom / 1 bath home that sold in only 18 days for $175k.
Top: 437 Main Street is a 4 bedroom, 5 bath home that sold in 71 days for $1,850,000.
In summary, Shrewsbury is a strong market.Prices are increasing.
And although we may be seeing inventory start to tick up which is good for buyer selection, desirable homes are still moving fast.
That’s your Thrive Real Estate Market Report for Shrewsbury as of August 2018.
Happy end of summer and start of school year!!