Shrewsbury Real Estate Market Heats Up in June

The Shrewsbury real estate market heated up in June, according to single-family home sale figures released by The Warren Group, which is publisher of Banker & Tradesman.

Shrewsbury had 53 single-family homes sold with a median sale price of $412,500. This is an increase from a year ago when 47 homes sold for a median sale price of $421,500. While the number of sales has gone up, the median price has gone down.

The first six months showed a decline in Shrewsbury home sales, with 158 single-family homes selling in June of 2014, compared to 164 in the same month last year, showing a more than 12 percent decrease. The median home price rose 1.41 percent, from 372,250 last year to 377,500 this year, according to the Warren Group.

Worcester County

Worcester County home sales lagged slightly behind 2013 numbers. There were 2,837 single-family homes sold during the six months of this year compared to 2,846 last year. The median sale price increased in June 2014 compared to 2013 ($248,500 from $242,000) and for the first six months ($230,000 compared to $230,000).

Massachusetts
In Massachusetts, single-family home sales rose 3.7% in June compared to a year ago. Year-to-date home sales are down 1.8%. The median price increased by 2.8%to $359,900 in June compared with $350,000 in June 2013. For the year, the median sales price was up 4.7%.

“These numbers are a reflection of sales made during the spring market,” said The Warren Group CEO Timothy M. Warren Jr. “Mortgage interest rates are lower than they were last summer and demand remains high as homebuyers seem to be overcoming the problems with low inventory. We could see more gains in sales volume in the big months of July and August.”

Low inventory continues to play a key role in the Massachusetts real estate market.

“Low inventory once again affected the market in June resulting in a lower number of sale and higher prices,” said 2014 Massachusetts Association of REALTORS President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “However, we’re hopeful that the influx of new properties added to the market in June will help prices to start leveling off, giving more people the opportunity to buy.”