June Luxury Home Report Shows Drop in New Listings

June Luxury Home Report Shows Drop in New Listings

June Luxury Photo and Caption

WILMINGTON, NC – In its June Luxury Home Sales Report, Just For Buyers Realty reports the number of newly listed homes with asking prices at or above one million dollars fell nearly 42%, from 36 in June 2015 to 21 in June 2016.  Those numbers are for New Hanover, Brunswick and Pender counties.

Kathleen Baylies, Broker in Charge, speculates the reason so few new listings came on the market during June may be the recent media reports of slow sales in the high-end housing market.

“Recently, two local media outlets have run prominent articles about the challenges luxury home sellers are facing,” says Baylies.  “It’s an interesting story, especially compared to the overall real estate market, which is doing extraordinarily well; but it may have caused some high-end sellers to postpone putting their homes on the market.”

Sales of million dollar plus properties continue to lag behind 2015 numbers.  In the first six months of 2016, a total of 51 luxury homes sold for $79.46 million.  During the same time period last year, 53 homes sold for a total of $87.47 million.

There are currently 250 homes on the market with asking prices at or above $1 million in the three-county area. At the end of May, there were 257.  At the current rate of sales, there is a 1.3 year supply of luxury properties available.  That compares to a 1.8 year supply at the end of May.

Perhaps another sign of an improving luxury market, five of the 16 homes to close in June went under contract in 10 days or less.

June 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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