Upper End of Local Luxury Market Suddenly Simmers

 

286 Beach Road North on Figure Eight Island, listed for $4.5 Million in July, went under contract after just nine days on the market. Photo © Intracoastal Realty Corp. Used with permission.

 

WILMINGTON, NC – After picking up steam in June, activity of homes listed for more than $3 million made a record jump in July.

While no homes priced for more than $3 million closed during July, four homes priced between $3.45 – $5 million went under contract.  Also, six new listings came on the market, bringing the total number of active listings with asking prices above $3 million to 29.

To put these numbers in perspective, the tri-county area (New Hanover, Brunswick, and Pender) has seen an average of 3-4 homes priced more than $3 million sell per year over the past ten years.

If all four homes that went under contract during July actually close, they will exceed the yearly average of total homes sold at this price point.

The home at 286 Beach Road North on Figure Eight Island, listed for $4.5 Million in July, went under contract after just nine days on the market. This Caribbean Island style home features African teak ceilings, poplar walls, teak cabinets and travertine countertops. Situated on a large, secluded oceanfront lot, residents and guests enjoy sweeping views of the Atlantic Ocean. This home is scheduled to close at the end of August.

Overall, the local luxury market (all homes over $1 million), showed significant growth in July as compared to the same month last year.  The total dollar volume was up 82.7%, from $9.41 million to $17.19 million.  The total number of million dollar plus homes sold increased by 66%, rising from six last July to 10 this July.

The chart below details July’s tri-county activity.

July 2017 Luxury* Home Report

New Hanover County

July 2017  / July 2016

Brunswick County

July 2017  / July 2016

Pender County

July 2017  / July 2016

Newly Listed 27 16 8 8 1 4
Went Under Contract 9 16 4 3 0 1
Closed # Homes Sold 8 6 1 0 1 0
Total Closed $ Volume $14.33 $9.41m $1.22m 0 $1.64m 0
Total Current Listings 173 136 84 94 19 16

*Luxury homes defined as those priced at $1,000,000 or higher. Statistics are from the North Carolina Regional Multiple Listing Service.

As the name implies, Just For Buyers Realty serves only buyers. In a state where buyers purchase real estate at their own risk, the company’ s mission is to serve as Superheroes for Buyers, using all of the secrets of the trade to protect buyers at every stage of the process.

Contact Just For Buyers Realty by calling 910-202-4813 or by e-mail at [email protected], or visit www.JustForBuyersRealty.com.

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