Luxury Home Market Dips

PRESS RELEASE                                                                                       Contact: Kathleen Baylies
October 11, 2016                                                                                                           910-470-3190

For Immediate Release

septemberluxuryreportimageListed for $4.29 Million, 520 Beach Road North on Figure Eight Island is the most expensive home listed in September. Photo © Landmark Sotheby’s International Realty, Surf City, NC.  Used with permission.

WILMINGTON, NC – After a very active August, the local luxury market for homes for sale in Wilmington NC slowed considerably in September.  Six homes with sales prices in excess of $1 million sold in New Hanover, Brunswick and Pender Counties.  The dollar volume totaled $8.5 million.

In August, there were 15 sales totaling $28,244,775.

“It’s typical to see that type of drop,” says Kathleen Baylies, Just For Buyers’ Realty’s Broker in Charge.  “Most homes that closed in September went under contract in August.  August is a month when potential buyers are distracted by other things, such as summer vacations and preparing to get the kids back to school.”

The most expensive new listing to come on the market in September was 520 Beach Road North on Figure Eight Island.  Listed for $4,290,000, the home is more than 4200 sq. ft. and sits on a large 2.4 acre ocean front lot.  The four bedroom / five bath home is comprised of a main house and a guest wing, each with its own kitchen and living areas.  Features include a wet bar, elevator, and multiple ocean-facing decks providing sweeping water views.

There are currently 241 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 3.3 year supply of luxury properties available, which puts buyers in a very good position when negotiating the purchase of a high end home.

September 2016 Luxury* Homes for Sale in Wilmington NC Report

New Hanover County

Sept 2016  / Sept 2015

Brunswick County

Sept 2016  / Sept 2015

Pender County

Sept 2016 / Sept 2015

Newly Listed 16 9 7 0 1 0
Went Under Contract 7 5 3 2 2 0
Closed # Homes Sold 4 6 2 1 0 0
Total Closed $ Volume $6.22m $9.47m $2.28m $1.10m 0 0
Total Current Listings 136 n/a 88 n/a 17 n/a
*Luxury homes defined as those priced at $1,000,000 or higher
Statistics are from the North Carolina Regional Multiple Listing Service.

This report was compiled by Just For Buyers Realty, the largest exclusive buyers agency in southeastern North Carolina.  If you’re shopping for luxury homes for sale in Wilmington NC 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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