There were 110 single-family homes for sale as of March 31, 2013 in Shrewsbury, MA, but a year later inventory had declined to 70 homes for sale. The months supply of inventory declined 45.6 percent, from 4.2 months of supply in March 2013 to 2.3 months of supply in March 2014. There were 36 new listings in March, a decline of 21.7 percent compared to the 46 new listings in March 2013.
The decrease in real estate inventory likely played a role in the decline in home sales in March. There were 14 homes sold in March 2014, a decline of 17.6 percent from the 17 single-family home sales in March 2013. Through the first three months of 2014, single-family home sales dropped 8.6 percent. The were 53 homes sold in the first quarter compared to 58 homes sold in Shrewsbury during the same period in 2013.
With fewer single-family homes to choose from, the median home price rose 5.1 percent in March. In March 2013, the median price for a single-family house stood at $321,000. The median price rose to $337,500 in March 2014. The median price rose from $321,000 during the first quarter of 2013 to $375,000 during Q1 2014, a 16.8 percent price increase.
There were eight condominiums sold in Shrewsbury in March, up 33.3 percent from the six condos sold in March 2013. Through March, condo sales increased 46.7 percent, increasing from 15 sales during Q1 2013 to 22 sales.
Condominium prices decreased slightly in March, but are up slightly through the first quarter of 2014. The median price of a condominium declined 2.1 percent in March to $261,000; however, the median price increased 1.4 percent through the first three months of the year. The median price stood at $257,500 during the first three months of 2013. During the same period in 2014, the median price stood at $261,000.
New condo listings increased 38.5 percent, from 13 new listings in March 2013 to 18 new listings in March 2014. The number of condos on the market increased 45 percent in March, increasing months supply of inventory 28.9 percent, from 2.5 months to 3.2 months.