We are proud to present you with this synopsis of the national, regional, and localized trends that matter most to you, found here in our Wilmington_2022 Annual Report.
MARKET OUTLOOK – NATIONAL LEVEL
With our Nest Annual Report, we aim to provide the most useful information possible, as every homeowner needs to keep tabs on their investment, and every potential shopper needs to be informed before embarking on such a major financial decision. Locally, we study neighborhoods, builders, and development trends, but on a national level, there are three trends that year-in and year-out are a fantastic indicator of the overall health of our national economy, and by extension, the housing market: Mortgage Rates, Consumer Confidence, and Unemployment Rates. Looking at these numbers allows us to make predictions of what we should expect to see in 2023—which is a more stable real estate market. Mortgage rates have increased more quickly than economists had predicted, but they still remain in an affordable range, historically speaking. And while consumer confidence is down entering 2023, it has been trending upward since June 2022. And finally, unemployment is running extraordinarily low, which points to potential real wage gains in the coming year, benefitting average consumers.
MARKET OUTLOOK – LOCAL LEVEL
At the start of every year, we pore through sales charts, look back at our goals, and check the accuracy of our predictions for the past year. This knowledge helps us better prepare our agents as we launch into 2023. Looking back, we can confidently say that 2022 was by all accounts better than expected. From an economic standpoint, there is no question that a year ago we weren’t expecting interest rates to rise as quickly as they did, coupled with a drastic slowing of inventory in our local markets. But even in the lowest inventory our local market has ever seen, Nest managed to outperform our previous years’ sales volume. Our incredible agents produced $350 million in sales in 2022, an increase of 3.55% from 2021. We more than doubled our luxury properties—those that sold for over $1 million.
Needless to say, we are darn proud of our agents. Nest Realty Wilmington has been one of the most productive firms in the area for eight years running, and every year we continue to grow our wonderful family of clients.
–We’re not here to float along the same old current. We’re one with the place around us, ebbing and flowing with our market’s tides. We’re tuned in and switched on, setting the tone for those looking on. We’re daring to shift how things are done—and daring you to do the same. At Nest, we are all about intentional and strategic growth. As of 2022, we have 451 Nest agents buying and selling throughout 23 offices in 17 locations, spanning seven states across the U.S. With each new office that opens, we are able to expand our reach, better serving you, our incredible clients.