Happy 2017 Wilmington! Each year as we prepare for the spring market, we first take a look back at the year that was in our local real estate market. We are proud to present the 2016 Wilmington Annual Report. We know that you’re often inundated with real estate market data that can be difficult to decipher. Our goal at Nest is to provide you with local, relevant, easy-to-understand data to empower you to confidently make informed decisions when the time arrives.
The Wilmington area real estate market had yet another strong year. Total sales levels in the Wilmington metropolitan statistical area (MSA), which includes New Hanover and Pender counties, rose 7% compared to 2015 levels. Prices continued their upward climb in 2016 as both median and average sales prices rose this past year. Inventory levels continued to decline in 2016 ending the year nearly 27% lower than at the end of 2015. Luckily, the dip in inventory led to only a modest increase in sales price. Homes also sold faster in 2016 as average days on market dropped 8%. Overall, market indicators are positive, but the inventory situation will be one we monitor closely in 2017. With the current conditions, it is a sellers market. To learn more about how the Wilmington market performed last year, take a look at the highlights below and read the full 2016 Nest Realty Annual Report here.
- Total sales in the Wilmington MSA rose approximately 7%
- Median sales prices in the Wilmington MSA increased 5%
- Homes sold in New Hanover County averaged 80 days on market
Have questions? Don’t hesitate to contact your Nest Broker to learn more.