The spring market is heating up and we are excited to release the Q1 2017 Wilmington Nest Report. In the first quarter of 2017, we experienced many of the same trends as 2016. Our market continues to be active and buyer demand remains strong resulting in a modest increase in total sales this past quarter. Inventory levels continue to decline and current market conditions still favor sellers. Limited inventory has continued to put upward pressure on prices throughout our market. The interaction between inventory and prices will be one we monitor closely throughout the year.
Continue reading for the highlights from this past quarter and be sure to read the full report here.
Wilmington MSA
- Total sales rose year-over-year for the 10th straight quarter, increasing 5% this past quarter.
- Inventory declined by 20% compared to the end of Q1 2016.
- Average days on market dropped to 91 days.
New Hanover County
- Total sales increased 9% year-over-year, reaching a five year high for Q1 sales.
- Median sales price rose by nearly 8% compared to Q1 2016.
- Months of inventory totaled just 3 months at the end of the quarter.
For more information on how our local real estate market performed including Brunswick and Pender counties be sure to check out the full Q1 2017 Wilmington Nest Report.
Have questions? Contact your Nest Broker today to learn more and find out what this report means for you.