2018 Wilmington Annual Report
“HOW’S THE MARKET?”
2018 seems to have come and gone in a flash. While everyone is busy making resolutions at the beginning of the year, at Nest, we’re busy answering one question, “How’s the market?” This is a question often posed to us as real estate Brokers and we understand the importance of providing our clients with the insight to make confident, informed decisions. We analyze vast amounts of market data and deliver it in a relatable fashion.
We are excited to release our 2018 Wilmington Annual Report. This report provides a comprehensive look at how our local market performed not only last year, but in years 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 2018. Median sales price increased and days on the market increased. However, total sales did take a downward turn, but that was due to low inventory. Buyers are out there, but there is not enough inventory to keep up with demand.
In New Hanover County, average sales prices rose to $310,479. Total inventory had a major drop at 17.95%. One factor of potential concern in our market is the declining inventory trend. Inventory levels have been steadily declining over the past several years. 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.
In Pender County, the days on the market dropped dramatically by almost 20%. Same as New Hanover county, inventory is low and average sales price increased.
Brunswick County is also following the same trends as Pender and New Hanover. Total volume increased while months of inventory and days on the market took another turn downwards. The median sales price continues to increase at a record high of $232,000.
Within New Hanover County, Greenville Loop area saw the largest year-over-year increase in total sales at nearly 50%. Homes in the Sunset Park/Greenfield Lake, RiverLights, Pine Valley and Murrayville/Ogden were the fastest selling in 2018, averaging under 50 days on market. The Myrtle Grove had the largest increase in median sales price, rising more than 17.81% to $325,000. New construction is becoming an increasingly larger segment of our market as total volume and sale along with average sales price increased. Luxury properties were on a decline in 2018.
Be sure to read the full 2018 Wilmington Annual Report below to learn more about how the Wilmington market performed in 2018.
Have questions? Contact the Full Circle Group 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 2019.