The first half of the year seems to have come and gone in a flash, at which point we take the time to reflect on the first six months of the year and analyze what is going on in this active market. We are ecstatic to release the 2018 Wilmington Mid-Year Market Report, summarizing all that’s happened in our local market this year. Whether your considering selling your current home, buying a home, or just interested in learning more about our local real estate market, we hope you this report serves as a valuable tool.
All key metrics indicate that our market is quite strong and performing well. We experienced a year-over-year increase in total sales which has been the trend for the past five years while inventory is still on the decline in the area. Homes are also selling at a faster pace this year, averaging just 74 days on market before being sold. Current market conditions are still in favor of the seller and the competition amongst buyers is still as fierce as ever.
QUICK TAKEAWAYS
Wilmington MSA
1. The median sales price in the first half of 2018 was $254,415 compared to $242,000 in 2017.
2. Homes sold in the first half of 2018 spent an average of 74 days on market before being sold.
3. At the end of this past quarter, there were approximately 3.01 months of inventory available compared to approximately 3.14 at the end of Q2 2017.
New Hanover County
1. Days on the market are averaging 69 which has showed a steady decrease since 2016.
2. Total sales volume has risen 9.44% to $842,234.252.
3. The median sales price in 2018 was $254,750 compared to 239,000 in 2017.
Be sure to check out the full 2018 Wilmington Mid-Year Market Report here, which covers the real estate market in New Hanover, Pender, and Brunswick counties.
Whether buying or selling, it is increasingly important in current market conditions to talk with your Nest Broker about how your home fits into the bigger picture.
They will advise you and prepare you to make knowledgable decisions and help you achieve your real estate goals. Interested in what’s happening in other markets? To view all of our area market reports, click here.
Have questions? Contact your Nest Broker today.