Real Estate

Wilmington Housing Market Stays Strong, Bucks State Trend

Home prices continuing to rebound across the state.

The housing market in Tewksbury and Wilmington is remaining strong, despite signs of a decline in other parts of the state, according to information provided in a recent report by The Warren Group.

Meanwhile, home prices continued to rebound, climbing steadily across the state. The trend seems to be the result of a decrease in available housing stock.

Sales of single-family home in Massachusetts dropped 3.6 percent to 3,100 in March, down from 3,215 in March 2012. This is the second consecutive monthly decrease. It should be noted, however, that March home sales in the Bay State were the highest in any month so far this year.
"Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception," said David Harris, editorial director at The Warren Group. "With mortgage rates low and prices competitive, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse."

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In Tewksbury, 20 single-family homes sold in March, exactly the same total that sold in March 2012. For the year, 46 single-family homes have sold in Tewksbury, down just four percent (two homes) just this same time period in 2012.

In Wilmington, 18 single-family homes sold in March, exactly the same total that sold in March 2012. As of March 31, 45 single-family homes had sold in Wilmington, down from 46 during the same time period in 2012.

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According to the Warren Group, the median price for single-family homes sold in March rose more than 8 percent to $285,000 from $263,000 a year earlier. It was the sixth consecutive month that monthly home prices have increased year-over-year.

This is a good sign for the economy, as it means home values should also be increasing and raising equity values right along with them.

"It's clear that the low supply of homes for sale is continuing to pressure prices," Harris said. "And there is definitely concern that such steep price spikes will cause an affordability issue."

In Tewksbury, the median price of a home sold in March was $304,000. That's up nearly 25 percent over March 2012.

In Wilmington, the median price of a home sold in March was $377,629. That's an increase of better that 16 percent over March 2012.


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