Real Estate Trends – Wilmington, Massachusetts

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the market in Wilmington, MA in Middlesex County

 Wilmington MA Town Seal - Wilmington MA Real Estate

Market Trends in Wilmington, MA – March 2015 and 2016:

The Wilmington, MA market was a little bit of a mixed bag.   The average prices were up a little bit but the median prices were down.  The days on market were down a bit.  Inventory was stable with 15 sales in March of 2015 and also in March 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Wilmington, MA the average listing price in March 2015 was $517,047.  This was up to $517,447 in March 2016.  This is about as flat as you will get with an increase of 0.08% year over year. 

Looking at the median prices we see that it was just a little bit higher in 2015 but much lower in 2016.  For March of 2015 the median listing price for Wilmington, MA was $517,900 and in March 2016 it was $449,900 which now gives a pretty sizable decrease of 13.13%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Wilmington, MA in March of 2015 was $509,373 and in March 2016 that was up to $517,527.  That gives a still very flat but slightly larger increase of 1.60% compared to the average list price. 

We see a similar pattern as we did with the listing prices here for the median sale prices.  For March of 2015 the median sales price for Wilmington, MA was $520,000 and in March 2016 it was $453,000 giving another pretty large decrease of 12.88%. 

Pricing was a bit more inconsistent than what we usually see this month for Wilmington, MA.  It is not often we see some metrics showing increases while the others are decreases.  In this case the averages both show fairly flat pricing with maybe just a tiny up tick.  However the medians are both showing decreases around 13%.  This is a good example of why medians are usually preferred for real estate pricing analysis.  In this case there was a place that sold for well into the $900s that was several hundred thousand more than anything else either year; this definitely skewed the average up a bit in 2016.  So based on that we would conclude that the medians are in fact the better indicator of how prices changed and that they are most likely down around 13%.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a property to sell in the current market.  For Wilmington, MA the average days on market in March of 2015 were 91.53 and the average days on market for March 2016 were 67.13 for a solid 26.66% decrease. 

Wilmington, Massachusetts Summary:

The Wilmington, Massachusetts real estate market is down since last year.  The average prices were pretty flat but the median prices were down by a considerable amount.  The days on market were down a bit which is a small counter argument to the down market conclusion. 

In summary if you are looking to sell a house in Wilmington, MA now you should expect to get less for it than you would have gotten last year.  You can also expect it to take less time to sell compared to last year as well. 

 

Do you need to sell your Wilmington, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

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(Image credit: Wilmington MA Seal via Wikipedia)