How's the Condo Market in Shrewsbury, MA?
With the real estate market improving in Central Massachusetts, I thought it worthwhile to take a look at how the condo market is doing in Shrewsbury, MA. Shrewsbury has, in recent years, gained a reputation as a top town in which to live. Let's see if the condominium market has been affected by this.
Below is a report showing condominium sales in 2016 thus far. (Data source: MLS PIN)
Condominiums Sold in Shrewsbury, MA - January 1, 2016 to November 12, 2016
How does these numbers compare to 2015? By this time last year, we had:
Total condos sold at this time: 100
Avg days on market: 76
Avg sale price: $251,874
Median sale price: $246,250
Sale price to list price ratio: 97%
Total market volume in First Three Quarters 2015: $25,187,396
SUMMARY: The Shrewsbury condominium market has had a slight dip in 2016. Fewer units have sold, and the median sale price has decreased, compared to this time last year. Interestingly, there are only 12 condominiums actively listed, representing about one-and-a-half months' worth of inventory on the market. Another 22 condos are currently under contract.
The inventory level suggests that the Shrewsbury condo market may soon be a sellers' market; however, this does not mean that sellers can name their price or avoid making repairs in order to sell. Units at the lower end of the market sell faster. Buyers' preference trends still drive the market, and financing is a factor that hugely impacts condo sales. The condominiums that have been updated and maintained still sell faster and for a higher price than those needing work.
It will be interesting to see how the final quarter of 2016 plays out. Stay tuned!
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