Now that the numbers for January 2017 are in, here is the latest real estate market update for Wilmington, NC. The numbers are on par with what we expected and, when compared to January 2016, show massive changes in key areas:
A 40.75% increase in the total number of homes sold
A 42% increase in the total volume of real estate sold
A 10% decrease in the number of days on market
Combined together these numbers indicate that our market continues to surge towards an even stronger seller’s market. These numbers strongly resemble numbers from 2005 and 2006, the years immediately preceding the market correction that began in 2007 (CLICK HERE for more detailed information about that time frame). As we move through the year, interest rates are expected to rise and it will be interesting to see how that impacts the real estate market.
One of our specialties at the Fine Coastal Living Team is understanding the market and helping our clients understand it as well so that they can make informed decisions. If you or anyone need assistance with real estate matters, please let us know and we are happy to help:
Of all the questions that real estate agents field, “So, how is the market?” is one of the most common. “Unbelievable!” is the most common, canned, coached, scripted response that many agents are taught to give, perhaps to avoid getting into specifics. Of course if a buyer or seller is asking that question, they probably want specifics and and not a scripted, general, canned answer. The only way to give details about the market is to study it and so we utilize this Total Market Overview as one of the methods by which we evaluate the local market.
Here are some interesting facts based on this research:
The most expensive house for sale in Wilmington is 7422 Sea Lilly Lane, listed for $8.2MM. CLICK HERE to read more and see photos.
The least expensive house for sale in Wilmington is 1307 Nun Street, listed for $25,000, CLICK HERE for more information.
Currently one of the most active price points in New Hanover County is between $200,000 and $300,000- CLICK HERE to see a list of homes in that price range.
The Inventory Levels (CLICK HERE to learn about inventory levels from an earlier post) are eerily similar to the 2005 and 2006 real estate markets.
This research is updated regularly and we do customize information for specific purposes (neighborhoods, price ranges, and other counties). If you’d like more information or need any help with real estate matters, please contact us!