May Home Sales Up, Prices Dip in Wilmington Compared to 2012

The following was written by Matt Schooley: 

Home sales in Wilmington dropped in May compared to 2012, and the overall home sales are slightly behind last year, but prices are up.

A total of 31 homes sold in town in May 2013, which is 10 more than 2012. That represents a 47.62 percent spike, according to figures compiled by Banker and Tradesman. Condo sales decreased from three in 2012 to two in 2013.

Total home sales in 2013 increased slightly ahead of the previous year. In Wilmington 94 homes have sold this year, up from 86 during the same period of 2012. (See how Wilmington compares to Middlesex County and the commonwealth on the chart at the bottom of the article.) 

Condo sales have increased this year in Wilmington by 21 percent, with 23 sold so far.

While sales are up, prices are slightly down this month in town. The median sales price in May was $362,000, down 3.31 percent from 2012. 

For a full breakdown of Wilmington home sales and prices, check out the attached graph. 

Home sales across Massachusetts are up 8.5 percent, with 4,775 single-family homes sold in the Bay State this May. This is a change in the trend in state.

“We knew the buyers were out there in the late winter/early spring and now we’re seeing the results of that activity,” said 2013 Massachusetts Association of Realtors President Kimberly Allard-Moccia, broker in Braintree. “With each month of sales and price increases, we should begin to see the number of homes for sale start to increase, which is good for the market.”

Home sales should continue to increase as Massachusetts enters the prime selling season, said Timothy M. Warren Jr., CEO of The Warren Group which publishes Banker & Tradesman. Real estate prices have also increased. 

"The rise in prices has been a result of tight inventory," Warren added. "It's concerning to see prices rise at this rapid rate. Pent-up demand for homes from buyers who postponed their purchase plans is driving up prices. Consumers are rushing to buy before prices and interest rates get too high."

Other statewide numbers provided by The Warren Group:

• In May 4,820 single-family homes sold in Massachusetts, up from 4,540 the same month last year. 
• May is the first month since January that sales volume increased year-over-year. However, year-to-date sales are down slightly.
• A total of 16,068 homes have sold so far this year, down 0.19 percent from 16,098 during the same period last year. 
• The median price for single-family homes sold in May increased almost 12 percent to $324,500 from $290,000 a year ago.
• Year-to-date, the median sale price of a single-family home in Massachusetts is $300,000, which is 11 percent higher than the $270,000 median price recorded during the same period in 2012.