Fall is finally upon us and the third quarter of 2017 is in the rearview mirror. We are excited to release the Q3 2017 Wilmington Nest Report. Market trends this past quarter were consistent with what we experienced in the first half of 2017. Depressed inventory levels continue to be the biggest factor impacting the market. Inventory levels declined year-over-year throughout our region leading to some of the lowest levels we’ve seen in recent years. With approximately 4.5 months of inventory available at the end of the quarter, current market conditions are strongly in favor of sellers. Lack of homes for sale is not an isolated issue in our marketplace, though. Markets across the country are experiencing inventory deficiencies to varying degrees.
Declining inventory levels are impacting our market in two primary ways: sales prices are rising and total sales are being constrained. Fewer homes for sale means buyers have fewer options to choose from and sellers have the ability to command a higher price. With fewer options available, potential buyers are not always finding a suitable home and are choosing not to buy. Quality homes in sought after areas however are selling much faster than in years past. These conditions are leading to multiple offer situations, making it increasingly important for buyers to be prepared to act quickly.
Continue reading for highlights of the third quarter performance and be sure to read the full Q3 2017 Wilmington Nest Report here.
Wilmington MSA
- Total sales declined 4% year-over-year, but were still above historical averages for the third quarter.
- Inventory levels dropped by 7% compared to the end of Q3 2016.
- The condo segment performed exceptionally well as sales remained constant as the median sales price increased 25% year-over-year.
New Hanover County
- Total sales decreased 4% compared to Q3 2016.
- Median sales price increased from $228,000 in Q3 2016 to $252,809 in Q3 2017.
- At the end of the quarter, there were approximately 4 months of inventory available.
Pender County
- Total sales declined 4% year-over-year.
- Inventory levels decreased by 19% year-over-year, which was the largest decline of any county in the greater Wilmington area.
- Average days on market dropped to 95 days.
Brunswick County
- Total sales increased by an astounding 23% this past quarter compared to Q3 2016.
- Market remains relatively balanced with just less than 6 months of inventory available.
- Median sales price of single family homes, which make up most of the market, increased more than 6% year-over-year.
Have questions? Be sure to contact your Nest broker today to learn more about current market conditions and what this report means for you.