Massachusetts Home Buyer Guide

While the median sales price of all properties in Wilmington, Massachusetts skyrocketed 123.4 percent from April 2013 to April 2014, the inventory of homes dropped 36.7 percent during that same period, according to data compiled by the Massachusetts Association of Realtors. 

The median price of a single-family home in April was $407,700, up from $366,000 in April 2013. Single-family property prices in Wilmington, MA increased 9.1 percent over the first four months of the year compared to the same period in April 2013. Through April 2014, the median price of a single-family home was $371,000. Through the first four months of 2013, the median price of a single-family property was $340,000. 

In 2014, single-family home sales increased while pending sales declined. There were 18 single-family property sales in April, a 20 percent increase from 15 sales in April 2013. The 26 pending sales in April marked a 10.3 percent decrease from the 29 pending sales in April of last year. 

Home buyers certainly had fewer homes to consider. Real estate inventory of single-family homes in April plummeted 24.4 percent from 2013 to 2014. As of April 30, 2014, there were 31 single-family properties on the market compared to 41 in April 2013. The months supply of inventory took an even greater dip in April 2014, down 39.2 percent from April 2013. There was 1.4 months supply of inventory in April compared to 2.3 months supply in April 2013. The number of new listings in April also went down from 2013 to 2014. There were 30 new listings in April 2014, an 11.8 percent decrease from the 34 new listings in April 2013.

As property prices increased from April 2013 to April 2014, the average number of days each home stayed on the market more than doubled during that same period. The average number of days on the market for a single-family home in Wilmington went up by 104.4 percent, and homes sold for 96.9 percent of the original list price in April compared to 98.7 percent in April 2013.

There was one condo sold in Wilmington in April, while none sold in April 2013. The condo sold for $409,900, and the median price for the four condos sold in Wilmington through the first four months of the year was $407,450. During that same period in 2013, there was just one condo sold in Wilmington. Pending condo sales in April went up from two in 2013 to three this year, an increase of 50 percent. Through April, pending condo sales were 100 percent greater than in 2013. There were 6 pending condo sales through the first four months of the year compared to three during that same period in 2013.

Both condominium inventory and months supply of inventory in April were lower this year than in 2013. There were eight condos on the market last April, and as of April 30, 2014, there weren’t any available condos. The months supply of inventory was zero this April, compared to 5.7 in April 2013.