May 2016 Luxury Real Estate Market Report for Wilmington, NC

Local Luxury Home Report Shows Significant Spike in Activity
621 Nixon TB Landmark Sotheby's Captioned

Area luxury home sales were up 31.5% in May, following two consecutive months when million dollar plus home sales in New Hanover, Brunswick and Pender counties lagged those from the same time period a year ago.

The total luxury sales volume this May was $18.13 million compared to $13.78 million in May 2015.   Most of that gain is a result of sales in Brunswick County where four homes closed this May.  There was only one luxury home closing in Brunswick County in May of 2015.

Meanwhile, Pender County saw one closing during May of this year and none in May of 2015.  That property, 621 Nixon Avenue in Topsail Beach, was the second million dollar home to sell in Pender County this year.  That is noteworthy because only two Pender County homes priced over a million dollars sold in all of 2015.

With one sale less than last May, New Hanover County luxury home closings did not exceed those of last year, however, this June’s numbers are on track to outpace June 2015 by more than 50%.

Based on the number of homes in New Hanover and Pender Counties that went under contract during the month of May, the trend of high-end homes sales will increase sharply in June.   The two county total of pending contracts was 15, up from 5 in May 2015.   Homes put under contract in Brunswick County are not included because the Brunswick County Association of Realtors doesn’t require their members to submit dates indicating when properties are put under contract, so the data on pending contracts in that county is incomplete.

There are currently 257 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 1.8 year supply of luxury properties available.  While the high-end market is showing signs of improvement, buyers still remain in a strong negotiating position for homes in this price range.

May 2016 Luxury Report chart

This report was compiled by Just For Buyers Realty, the largest exclusive buyers agency in southeastern North Carolina.  If you’re shopping for a luxury home in the greater Wilmington area, including Wrightsville Beach, Figure Eight Island, Kure Beach or along the Intracoastal Waterway, call Just For Buyers Realty at 910-202-4813.  Our Exclusive Buyers Agents pride themselves on being consumer advocates, not sales people.  You can count on them to do the research and provide you with the pertinent information you need to make well-informed choices.

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