March 2016 Luxury Real Estate Market Report for Wilmington, NC

In our just released March Luxury* Home Report, the news for high-end buyers and sellers is mixed.

The supply of million dollar plus homes continues to exceed demand and sales in March were down compared to the same month last year.  New Hanover, Brunswick and Pender counties saw a decline in the combined number of closed sales, from ten in March 2015 to six in 2016.  Total volume was down from $17.99 million to $8.95 million.

On the positive side, nine luxury homes went under contract last month, including two that were on the market less than 12 days.  Those two fast-selling properties were 1216 Pembroke Jones Drive in Landfall, listed for $1,295,000; and 29 W. Greensboro Street, a Wrightsville Beach townhouse listed for $1,130,000.

The priciest home sale to close was 421 S. Lumina Avenue, Wrightsville Beach.  Listed for $2,695,000, this classic, oceanfront beach cottage sold for $2,502,620.


102 N. Channel Drive, Wrightsville Beach, was one of five luxury homes to go under contract in New Hanover County during March. (Photo © Frank L. Minutillo, Just For Buyers Realty. Used with permission)

There are 260 homes on the market with asking prices at or above $1 million in New Hanover, Brunswick and Pender counties.  At the current rate of sales, there is a 2.4 year supply of luxury properties available.  That means high end buyers have plenty of choices and a definite advantage at the negotiating table.

March chart

*Luxury homes defined as those priced at $1,000,000 or higher.

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