Shrewsbury Year-End Real Estate Report for 2017
377 Single Family Homes Sold in Shrewsbury MA in 2017
What happened in the Shrewsbury real estate market in 2017?
In this report, I share with you the year-end market statistics for single family homes sold in Shrewsbury, MA, in 2017. In the data table below, you will see that in 2017:
- 377 single family homes were sold
- Median sale price was $403,000
- Average sale price was $464,252
- Average days on market were 60
- Ratio of sale price to list price was 99%
How Have Shrewsbury Home Prices Changed Since the Bubble?
In the chart below, you can see where Shrewsbury home prices fell from 2008 to 2012,
and then began to recover in 2013.
The single family home market in Shrewsbury remains stable. The total number of home sales in 2017 was down slightly; however, sale price continues a steady rise of about 3% per year. One significant change is that the days on market has dropped to just 60 days. The median price is now $403,000, and in the data table on the previous page, you can see that homes just under $400,000 had the highest number of sales: More buyers chose homes priced between $350,000 and $399,999 than any other price range.
What lies ahead for 2018?
As of this writing (January 2018), there were 43 single family homes active on the market in Shrewsbury. With approximately 31 homes selling per month, there is one-and-a-half months’ worth of inventory on the market as the winter season draws to a close.
This represents a strong sellers’ market, meaning that the number of buyers outweighs the number of sellers in the market. However, this does not mean that sellers can name their price for their home. Rather, sellers must take care to price their homes at a reasonable market value or they risk being passed over by the discerning buyers that define today’s market, as well as facing appraisal issues by mortgage lenders.
How to succeed in the 2018 real estate market?
My advice to Sellers: Offer a clean, well-maintained property at a reasonable market price in order to compete for top dollar. Multiple offers are common; however, today’s buyers demand homes that are upgraded and in good condition.
My advice to Buyers: Obtain a mortgage pre-approval letter before looking for homes (or proof of funds if paying cash), and be ready to make an offer as soon as you find a house that meets your needs. You will have competition in the market. Be flexible on your time frame. Any delays will put you at a competitive disadvantage, and you may be passed over for buyers who are able to move quickly.
Is this the year for you to sell?
Would you like additional information about the Shrewsbury real estate market? Please contact me.
As an agent with Cameron Real Estate Group, I would be happy to provide you with a FREE market analysis of your home and offer you an exceptional marketing plan that will get your home SOLD.
It would be my pleasure to serve you.
Kathryn Acciari – Serving Worcester County for Cameron Real Estate Group
(508) 982-0686 cell/text firstname.lastname@example.org