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We are excited to present the 2014 edition of the Nest Realty Wilmington Annual Report. At Nest, we believe it is important that our clients be well-equipped to make confident, informed decisions when it comes to buying or selling a home. One of the ways we do this is by synthesizing vast amounts of data to provide you statistics and metrics that are relevant to you and our local market.
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A N N U A L
R E P O R T
2014WILMINGTON
WELCOME TO THE NEST REALTY ANNUAL REPORT.
2014
WELCOME A Letter From the Broker 04NEST BIRD’S-EYE VIEW 2014 Highlights-at-a-Glance 05WILMINGTON AREA MSA 08NEW HANOVER COUNTY 10PENDER COUNTY 12DOWNTOWN WILMINGTON 14PINE VALLEY | MONKEY JUNCTION 15FOREST HILLS 16MASONBORO 17WRIGHTSVILLE BEACH 18PORTER’S NECK | OGDEN | FIGURE 8 19MURRAYVILLE 20EASTWOOD | UNIVERSITY AREA 22CAROLINA | KURE BEACH 23BRUNSWICK COUNTY 24
CONTENTS
4
HELLO!Nest Realty is excited to present the 2014 Nest Annual Report. This yearly wrap up is created to provide a thorough analysis of the Wilmington real estate market. We’ve synthesized vast amounts of data to provide you with relevant metrics and statistics to help you buy a new home, sell your current home, or simply learn more about the real estate market.
LOCAL The Wilmington market continued to see healthy improvement in 2014. The market experienced the most homes sold since 2007 as total sales increased nearly 4% over last year. Additionally, the average sales price jumped 3.85% which led to total sales dollars increasing by 8.25%. The number of days on market remained the same at 126 days, which is surprising due to the low inventory we experienced this past year. Higher prices could potentially be the reason we experienced longer days
on market, as the average home sale price rose from $190,000 in December of 2013 to $208,375 in December of 2014. Overall, the local market continued the upward trend we have witnessed for the past four years.
TRENDSNational real estate trends mirrored the movement in our local market. Home sales across the country were relatively flat, with inventory levels and median sales prices rising modestly. The most surprising trend was the continued drop in interest rates. Despite expectations for rates to end 2014 at well over 5%, we closed out the year with rates hovering around 4%. As always, rates will be watched closely as borrowing costs have a direct impact on the movements of all key real estate metrics.
OUR TEAM We’ve landed! We are proud to introduce a new breed of brokerage and the already exceptional Nest brand to
our local market. In addition to our Wilmington office, Nest Realty also continued its cautious regional growth in 2014, welcoming an office in Asheville, North Carolina. For the second year in a row, Inc. Magazine recognized Nest as one of the fastest growing private American Real Estate brokerages. Lastly, our Marketing & Creative team continued to grow, ending 2014 with 10 full-time staffers on board to help our brokers continue to provide exemplary customer service to our clients and community partners.
WILMINGTON
LOOK FOR OUR TREND
INDICATORS
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S A L E S
2011
$48,367,528
2012
$80,779,303
2013
$157,000,000
2014
$315,000,000
$365,000,000TOTAL
$365,000,000
2010
TOTAL CLOSINGS
983$400,000,000
$350,000,000
$300,000,000
$250,000,000
$200,000,000
$150,000,000
$100,000,000
$50,000,000
$1,000,000
A N N U A LTOTAL SALES VOLUME
NEST BIRD’S-EYE VIEW
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7
LIVE WHERE YOU LOVE
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AREA ANALYSIS FOR WILMINGTON AREA MSA
* The Wilmington Area MSA consists of the City of Wilmington, New Hanover County, and Pender County. Data as of 1/9/15.
MSA 2014 % 2013 % 2012
Total Sales 4617 3.20 4474 10.85 4036Median Price $215,340 7.18 $200,908 5.57 $190,300
Days on Market 122 -1.61 124 -13.29 143Avg. List Price $278,542 4.41 $266,785 3.91 $256,746Avg. Sale Price $266,815 4.10 $256,303 5.24 $243,534
Total Volume $1,231,884,194 7.43 $1,146,699,162 16.66 $982,905,006
WILMINGTON AREA MSA
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AREA ANALYSIS FOR WILMINGTON AREA MSA
* The Wilmington Area MSA consists of the City of Wilmington, New Hanover County, and Pender County. Data as of 1/9/15.
20112010 2012 2013 201420112010 2012 2013 2014
T R E N D I N G
20112010 2012 2013 2014$0
$250,000,000
$500,000,000
$750,000,000
$1,000,000,000
$1,250,000,000
2,500
3,000
3,500
4,000
4,500
5,000
4,474
$170,000
$180,000
$190,000
$200,000
$210,000
$220,000
T R E N D I N G
T R E N D I N G
4,036
3,1963,072
200,908
190,300189,900
202,251
1,146,699,162982,905,006
792,345,399800,386,363
SALES BY PRICE POINT
2012
0% 25% 50% 75% 100%
2013
15% 16% 7%
2014
11% 16% 8%
$0-99,999$100,000-199,999$200,000-299,999$300,000-499,999$500,000+
SALES BY TYPE 2014SINGLE FAMILY
CONDO
ATTACHED
3,718
506393
TOTAL SALES
TOTAL CLOSED VOLUME
MEDIAN PRICE
26%
24%
39%
38%
4,617215,340
1,231,884,194
9% 18% 8%29%36%
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NEW HANOVER 2014 % 2013 % 2012
Total Sales 3833 1.97 3759 9.69 3427Median Price $210,000 -19.43 $260,647 39.01 $187,500
Days on Market 117 -4.10 122 -15.28 144Avg. List Price $281,294 3.57 $271,610 4.52 $259,875Avg. Sale Price $269,075 3.23 $260,647 5.94 $246,030
Total Volume $1,031,363,267 5.27 $979,770,228 16.20 $843,145,638
NEW HANOVER COUNTY
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20112010 2012 2013 201420112010 2012 2013 2014
T R E N D I N G
20112010 2012 2013 2014$500,000,000
$600,000,000
$700,000,000
$800,000,000
$900,000,000
$1,000,000,000
1,500
2,000
2,500
3,000
3,500
4,000
3,759
$160,000
$180,000
$200,000
$220,000
$240,000
$260,000
T R E N D I N G
T R E N D I N G
3,427
2,6572,639
260,647
187,500184,000200,000
979,770,228
843,145,638
663,089,767697,781,322
SALES BY PRICE POINT
2012
0% 25% 50% 75% 100%
2013
15% 16% 8%
2014
11% 16% 9%
$0-99,999$100,000-199,999$200,000-299,999$300,000-499,999$500,000+
SALES BY TYPE 2014SINGLE FAMILY
CONDO
ATTACHED
3,001
481351
TOTAL SALES
TOTAL CLOSED VOLUME
MEDIAN PRICE
24%
23%
40%
39%
3,833
210,000
1,031,363,267
9% 18% 9%26%38%
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PENDER 2014 % 2013 % 2012
Total Sales 784 9.65 715 17.41 609Median Price $231,950 6.64 $217,500 2.59 $212,000
Days on Market 143 6.72 134 -2.90 138Avg. List Price $265,083 9.80 $241,420 0.95 $239,137Avg. Sale Price $255,766 9.55 $233,467 1.73 $229,490
Total Volume $200,520,927 20.12 $166,928,934 19.44 $139,759,368
PENDER COUNTY
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20112010 2012 2013 201420112010 2012 2013 2014
T R E N D I N G
20112010 2012 2013 2014$75,000,000
$100,000,000
$125,000,000
$150,000,000
$175,000,000
$200,000,000
300
400
500
600
700
800
715
$205,000
$210,000
$215,000
$220,000
$225,000
$230,000
T R E N D I N G
T R E N D I N G
609
539
433
217,500
212,000210,000210,000
166,928,934
139,759,368129,255,632
102,605,041
SALES BY PRICE POINT
2012
0% 25% 50% 75% 100%
2013
14% 19% 5%
2014
9% 16% 3%
$0-99,999$100,000-199,999$200,000-299,999$300,000-499,999$500,000+
SALES BY TYPE 2014SINGLE FAMILY
CONDO
ATTACHED
TOTAL SALES
TOTAL CLOSED VOLUME
MEDIAN PRICE
37%
31%
34%
37%
784231,950
200,520,927
717
2542
7% 20% 5%39%28%
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20112010 2012 2013 2014
MEDIAN PRICE
20112010 2012 2013 2014
TOTAL SALES
TREND ING
20112010 2012 2013 2014
TOTAL CLOSED VOLUME
$18M
$20M
$22M
$24M
$26M
$28M
120
140
160
180
200
220
$70,000
$80,000
$90,000
$100,000
$110,000
$120,000
TREND ING
TREND ING
188184
144
164
108,950
78,000
102,450
118,750
25,764,143
19,202,86619,261,252
23,676,439
217
28,787,708
110,000
DOWNTOWN 2014 % 2013
Total Sales 217 15.43 188
Median Price $110,000 0.96 $108,950
Days on Market 129 -9.15 142
Avg. List Price $142,237 -2.50 $145,889
Avg. Sale Price $132,662 -3.20 $137,043
Total Volume $28,787,708 11.74 $25,764,143
DOWNTOWN WILMINGTON
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20112010 2012 2013 2014
MEDIAN PRICE
20112010 2012 2013 2014
TOTAL SALES
TREND ING
20112010 2012 2013 2014
TOTAL CLOSED VOLUME
$100M
$120M
$140M
$160M
$180M
$200M
500
600
700
800
900
1,000
$140,000
$150,000
$160,000
$170,000
$190,000
$200,000
TREND ING
TREND ING
957
778
604585
180,000170,000
163,283
182,500
205,276,503
151,685,447
114,453,727120,913,959
953
211,130,611
196,500 PINE VALLEY 2014 % 2013
Total Sales 953 -0.42 957
Median Price $196,500 9.17 $180,000
Days on Market 101 7.45 94
Avg. List Price $226,213 3.16 $219,290
Avg. Sale Price $221,543 3.28 $214,500
Total Volume $211,130,611 2.85 $205,276,503
PINE VALLEY | MONKEY JUNCTION
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20112010 2012 2013 2014
MEDIAN PRICE
20112010 2012 2013 2014
TOTAL SALES
TREND ING
20112010 2012 2013 2014
TOTAL CLOSED VOLUME
$25M
$30M
$35M
$40M
$45M
$50M
125
150
175
200
225
250
$130,000
$140,000
$150,000
$160,000
$170,000
$180,000
TREND ING
TREND ING
228215
166157
169,200
153,000
162,750
169,900
44,366,559
39,692,246
30,088,38633,125,899
22144,613,759
180,000
FLAT
FOREST HILLS 2014 % 2013
Total Sales 221 -3.07 228
Median Price $180,000 6.38 $169,200
Days on Market 123 -2.38 126
Avg. List Price $212,560 4.06 $204,261
Avg. Sale Price $201,872 3.74 $194,590
Total Volume $44,613,759 0.56 $44,366,559
FOREST HILLS
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20112010 2012 2013 2014
MEDIAN PRICE
20112010 2012 2013 2014
TOTAL SALES
TREND ING
20112010 2012 2013 2014
TOTAL CLOSED VOLUME
$25M
$50M
$75M
$100M
$125M
$150M
200
250
300
350
400
450
$220,000
$230,000
$240,000
$250,000
$260,000
$270,000
TREND ING
TREND ING
427
343
274259
248,000
234,500
242,500240,000
124,838,936
90,093,47077,143,11376,628,900
390 123,216,546
269,450 MASONBORO 2014 % 2013
Total Sales 390 -8.67 427
Median Price $269,450 8.65 $248,000
Days on Market 117 12.50 104
Avg. List Price $330,269 9.38 $301,935
Avg. Sale Price $315,940 8.06 $292,363
Total Volume $123,216,546 -1.30 $124,838,936
MASONBORO
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20112010 2012 2013 2014
MEDIAN PRICE
20112010 2012 2013 2014
TOTAL SALES
TREND ING
20112010 2012 2013 2014
TOTAL CLOSED VOLUME
$80M
$100M
$120M
$140M
$160M
$180M
50
100
150
200
250
300
$475,000
$500,000
$525,000
$550,000
$575,000
$600,000
TREND ING
TREND ING
251245
167152
565,000
517,000
570,000
600,000
166,847,220
157,878,290
112,725,596107,971,400
261177,347,838
580,000WRIGHTSVILLE 2014 % 2013
Total Sales 261 3.98 251
Median Price $580,000 2.65 $565,000
Days on Market 169 -27.47 233
Avg. List Price $728,247 1.44 $717,895
Avg. Sale Price $679,494 2.22 $664,730
Total Volume $177,347,838 6.29 $166,847,220
WRIGHTSVILLE BEACH
* Includes Landfall area and surrounding neighborhoods.
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20112010 2012 2013 2014
MEDIAN PRICE
20112010 2012 2013 2014
TOTAL SALES
TREND ING
20112010 2012 2013 2014
TOTAL CLOSED VOLUME
$110M
$120M
$130M
$140M
$150M
$160M
350
375
300
450
475
500
$210,000
$220,000
$230,000
$240,000
$250,000
$260,000
TREND ING
TREND ING
469470
373
426
245,000251,150
226,000
240,750
150,665,700
140,002,122
114,511,162
139,106,372
499
166,705,030
262,000PORTER’S NECK 2014 % 2013
Total Sales 499 6.40 469
Median Price $262,000 6.94 $245,000
Days on Market 117 -0.85 118
Avg. List Price $353,422 5.15 $336,103
Avg. Sale Price $334,078 3.99 $321,249
Total Volume $166,705,030 10.65 $150,665,700
PORTER’S NECK | OGDEN | FIGURE 8
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20112010 2012 2013 2014
MEDIAN PRICE
20112010 2012 2013 2014
TOTAL SALES
TREND ING
20112010 2012 2013 2014
TOTAL CLOSED VOLUME
$30M
$40M
$50M
$60M
$70M
$80M
250
300
350
400
450
500
$145,000
$150,000
$155,000
$160,000
$165,000
$170,000
TREND ING
TREND ING
456431
314287
151,000
147,000
156,550
166,000
76,683,412
68,423,122
52,332,45850,743,144
477
83,694,280
159,500
MURRAYVILLE 2014 % 2013
Total Sales 477 4.61 456
Median Price $159,500 5.63 $151,000
Days on Market 95 1.06 94
Avg. List Price $179,664 4.75 $171,520
Avg. Sale Price $175,460 4.34 $168,165
Total Volume $83,694,280 9.14 $76,683,412
MURRAYVILLE
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“AS FIRST-TIME HOMEBUYERS, WE WERE SO THANKFUL FOR
OUR NEST AGENT.
— HILLARY & ED KENNY
Our Nest Agent worked tirelessly on our behalf to make sure everything was in
order from appointments to closing. She listened to our concerns and addressed
them promptly. She was the perfect combination of friendly and professional. We
couldn’t have asked for a better agent to purchase our first home!”
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20112010 2012 2013 2014
MEDIAN PRICE
20112010 2012 2013 2014
TOTAL SALES
TREND ING
20112010 2012 2013 2014
TOTAL CLOSED VOLUME
$30M
$35M
$40M
$45M
$50M
$55M
175
200
225
250
275
300
$135,000
$140,000
$145,000
$150,000
$155,000
$160,000
TREND ING
TREND ING
295279
205208
151,000
147,500
139,900
153,250
53,464,341
49,066,599
34,521,63835,972,733
31258,619,886
160,500EASTWOOD 2014 % 2013
Total Sales 312 5.76 295
Median Price $160,500 6.29 $151,000
Days on Market 111 -0.89 112
Avg. List Price $196,298 4.71 $187,473
Avg. Sale Price $187,884 3.67 $181,235
Total Volume $58,619,886 9.64 $53,464,341
EASTWOOD | UNIVERSITY AREA
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20112010 2012 2013 2014
MEDIAN PRICE
20112010 2012 2013 2014
TOTAL SALES
TREND ING
20112010 2012 2013 2014
TOTAL CLOSED VOLUME
$90M
$100M
$110M
$120M
$130M
$140M
350
375
400
425
450
475
$225,000
$230,000
$235,000
$240,000
$245,000
$250,000
TREND ING
TREND ING
466
441
372378
240,000
235,000238,020
245,500
128,682,189
121,557,319
103,394,832104,839,412
452 129,304,449
251,000
FLAT
CAROLINA BEACH 2014 % 2013
Total Sales 452 -3.00 466
Median Price $251,000 4.58 $240,000
Days on Market 146 -13.10 168
Avg. List Price $297,796 3.91 $286,596
Avg. Sale Price $286,072 3.60 $276,142
Total Volume $129,304,449 0.48 $128,682,189
CAROLINA | KURE BEACH
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20112010 2012 2013 2014
MEDIAN PRICE
20112010 2012 2013 2014
TOTAL SALES
TREND ING
20112010 2012 2013 2014
TOTAL CLOSED VOLUME
$120M
$140M
$160M
$180M
$200M
$220M
500
600
700
800
900
1,000
$150,000
$160,000
$170,000
$180,000
$190,000
$200,000
TREND ING
TREND ING
945
825
677
764
185,500
170,000170,000
190,000
201,394,364
161,285,603
136,201,766
166,580,377
1,022227,365,247
199,900BRUNSWICK 2014 % 2013
Total Sales 1022 8.15 945
Median Price $199,900 7.76 $185,500
Days on Market 120 0.84 119
Avg. List Price $226,649 4.33 $217,232
Avg. Sale Price $222,471 4.39 $213,116
Total Volume $227,365,247 12.90 $201,394,364
BRUNSWICK COUNTY
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“WORKING WITH OUR NEST AGENT TO PURCHASE OUR HOME
WAS A SEAMLESS TRANSACTION FROM START TO FINISH.
— JOE & CLAIRE MALCZYN
Our Nest Agent kept us informed throughout each step of the home buying
process and they made it a point to educate us during the experience. Their
knowledge and confidence in the process gave us peace of mind every step of
the way. We would recommend them to anyone looking to buy or sell.”
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LIVE WHERE YOU LOVE
1508 MILITARY CUTOFF RD, SUITE 203WILMINGTON, NC 28403800.325.NEST nestrealty.com
WILMINGTON
