2017 Luxury Home Sales Continue to Strengthen

PRESS RELEASE
Contact: Kathleen Baylies
910-470-3190

March 7, 2017
For Immediate Release

luxury home wilmington nc

7527 Masonboro Sound Road and two adjacent lots came on the market in February for $5.75 million. Photo © Landmark Sotheby’s International. Used with permission.

WILMINGTON, NC – Sales of luxury homes in New Hanover, Brunswick and Pender counties continued to make a strong showing during the month of February.

Nine homes with a total value of $14.79 million sold.  That compares to six valued at $10.92 million in February 2016.

The number of available high-end homes grew, too.  Thirty-two new listings came on the market this February, compared to 15 during the same month in 2016.

Of particular note among the new listings was the addition of an ultra-luxury property priced more than $5 million.  The home at 7527 Masonboro Sound Road and two adjacent lots came on the market for $5.75 million.  This is one of only five single family homes priced in excess of $5 million currently available in the tri-county area.

Homes with asking prices higher than $5 million are relatively rare in our area.  Since 2000, there have been only 30 such listings and only three of those actually sold.  To have five such properties on the market at once is quite unusual.

The property at 7527 Masonboro Sound Road sits on more than seven acres overlooking Masonboro Sound and Masonboro Island.  The house was designed by architect Henry Bacon, who also designed the Lincoln Memorial.  This historically significant Italian Renaissance style home was built in 1913 and is almost 7,000 square feet with six bedrooms and seven bathrooms.

For more detail on recent activity in the luxury market, see the chart below.

  New Hanover County

Feb 2017 / Feb 2016

Brunswick County

Feb 2017 / Feb 2016

Pender County

Feb 2017 / Feb 2016

Newly Listed 18 13 10 1 4 1
Went Under Contract 7 4 6 1 1 1
Closed # Homes Sold 7 5 2 1 0 0
Total Closed $ Volume $12.64m $9.92m $2.15m $1.00m $0 $0
Total Current Listings 136 136 75 79 15 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 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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