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Praful Thakkar's Blog

By Praful Thakkar | Agent in 01810

WILMINGTON REAL ESTATE - MARKET REPORT FOR AUGUST 2011

WILMINGTON REAL ESTATE - FOR THE MONTH OF AUGUST 2011

Here is what is happening in Real Estate Market of WILMINGTON, MA for the month of AUGUST 2011. Please note that this statistics is for SINGLE FAMILY HOMES only. (SOURCE: MLSPIN)

This table compares the real estate market in WILMINGTON, MA for the month of AUGUST last year and this year.

  AUGUST 2010 AUGUST 2011 Trends
Number of Homes Sold 13  24
Median Sale Price $429,000  $312,450
Averge Sale Price $420,973 $337,033 
Days on Market 92  104
Sale Price to List Price Ratio 97  98 
Total Volume $5,472,650  $8,088,799 

The number of sales are up - almost doubled. But there is a big impact on median and average prices. The reason being, many homes sold during the month are sold at low price.  It's all the good news considering we hear it otherwise - based on number of sales. Days on market for these homes have gone up too - the other reason to have any concern about this market!

Overall, compared to last August, it's a great market - lot of improvement on number of sales despite lower median price, and average price. This is what one should look forward to every month, if the average price goes up!

Let's take a look at this chart that describes the trends for WILMINGTON, MA market over last year(courtesy: AltosResearch).

After a major drop in inventory before spring along with median price, not surprisingly enough, the median price went up, perhaps resulting into increase in inventory. Around summer time though, the increase in inverntory has to reflect on median price - and that's what you see here, eventually: Increase inventory and lower median price. I expect the trend to be reveresed next spring.

Feel free to reach me should you have any question about this.

See you next month - with another report to on how WILMINGTON, MA Real Estate market is doing

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