Third Quarter Report on Million Dollar Property Sales in New Hanover County

In the greater Wilmington area, twenty homes and two lots sold for more than a million dollars each during the third quarter of 2015.

That compares similarly to the same quarter in 2014, when 20 homes and two lots sold.

Both years, the neighborhoods with the most million dollars sales were Figure Eight Island (3 in 3rdQ 2015, 7 in 3rdQ 2014) and Landfall (3 in 3rdQ of each year.)

Prices continue to strengthen in the Wilmington luxury market.  The average price of homes selling for more than $1M was $1,645,000 this year vs. $1,529,000 last year.  Also reflecting the stronger market was a higher list to sell ratio (the asking price relative to the selling price.)  This past quarter it was 90.84% vs. 89.88% same period last year.  Three of the “over a million dollars” homes sold in less than 30 days this year.  Last year, only one sold that quickly.

The highest price per square foot increased from $694 to $841.  The least expensive sold for $123 per square foot last year and $145 this year.

The most expensive home to sell, based on total price, was 6454 Shinnwood Road.  Built in 2002 and stretching over 7100 square feet, it has six bedrooms, five full and three half baths, a pool, a private dock and sits on almost a full acre lot on the Intracoastal Waterway.  The price: $2,820,000.

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Based on price per square foot, the most expensive home to sell between July 1 and September 30 was 405 S. Lumina Avenue in Wrightsville Beach which sold for $841 p/sq.ft.  This 1963 ocean front home was not updated.  With 2793 sq.ft., the home was laid out to accommodate two families with separate kitchens and living rooms.  It sold for $2,350,000.

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The “best deal” among the New Hanover County luxury homes was 2122 Stillwater Place in Landfall.  This well-appointed 7,000+ sq. ft. home sold for $145 p/sq.ft. or $1,050,000.  Considering the closest selling price per sq. ft. was $222, the buyers really got “a steal!”

Looking to purchase a luxury home in New Hanover County?  Give us a call at 910-202-4813 or email us at [email protected]

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