“How’s the market?”
2017 seems to have come and gone in a flash as we’re nearly three weeks into 2018 already. At the start of every year, we sit down to answer the question we get asked more than any other, “How’s the market?” At Nest Realty, we understand the importance of providing our clients with the insight to make confident, informed decisions. One of the ways in which we achieve this goal is by analyzing vast amounts of market data and delivering it in a relatable fashion.
We are excited to release our 2017 Wilmington Annual Report. This report provides a comprehensive look at how our local market performed not only last year, but in year’s past as well. Whether you’re considering selling your current home, buying a home, or just interested in learning more about our local real estate market, we hope this report serves as a valuable tool.
The Wilmington area real estate market turned in another solid performance in 2017. For the third year in a row, we had a year-over-year increase in total sales. Even more remarkable is that over the seven year span from 2010 to 2017, total sales have more than doubled. In conjunction with the strong sales growth, sales prices have also risen significantly, rising 8.5% in 2017 compared to 2016.
In New Hanover County, average sales prices rose above $300,000 for the first time this year. On average, homes sold 13 days faster this past year than in 2016. One factor of potential concern in our market is the declining inventory trend. Inventory levels have been steadily declining over the past several years, dropping another 10% in 2017. Declining inventory is the primary cause of rising prices. With buyers having fewer options, sellers can command higher prices. Buyer demand remains strong however, which indicates that the market is poised to absorb an influx of inventory.
Within New Hanover County, Wrightsville Beach saw the largest year-over-year increase in total sales at nearly 50%. Homes in the Murrayville/Ogden are were the fastest selling in 2017, averaging just 42 days on market. The Monkey Junction/Independence Area had the largest increase in median sales price, rising more than 16% to $215,000. The Brunswick County market had an exceptionally strong with sales rising nearly 13% in conjunction with a 12% increase in median sales prices. New construction is becoming an increasingly larger segment of our market as the number of contracts written this past year was up more than 28% from 2016.
Be sure to read the full 2017 Wilmington Annual Report below to learn more about how the Wilmington market performed in 2017. Have questions? Contact your Nest Broker today to find out what this report means for you and to discuss your real estate goals.
We’re happy to help you Live Where You Love, and MOVE Boldly in 2018.
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