Overall Luxury Market Holds Steady; $3M+ Sales Boom

WILMINGTON, NC – During August, sales of homes priced at or more than $1 million kept pace with sales a year ago. However, homes priced over the $3 million dollar mark are the big story.

From January 1 through August 31, seven properties have sold over the $3M mark in the tri-county area of New Hanover, Brunswick and Pender. With four months to go, 2017 already tops the total annual sales of $3+ million homes for every year in the past decade. (See chart below for historical perspective of annual sales topping $3M.)

The last time more homes over $3M sold in a single year was at the peak of the real estate market in 2007. That year, sixteen homes priced at or more than $3M closed. While 2017 is unlikely to surpass that total, there are currently four more similarly priced homes under contract and a total of 27 actively listed on the local MLS.

Of those 27 properties, eight are listed for $5M or more.

The estate at 1121 Pembroke Jones Drive in Landfall is the newest listing to join this elite group of available ultra luxury homes.

Listed for $5M on August 18, this exceptional 7800 sq. ft. home sits on a 1.27 acre lot overlooking the Intracoastal Waterway and a large pond. It features large expanses of windows to capture the views; two kitchens; a wing with four guest bedrooms, each with its own bath; a salt water pool and separate built-in hot tub; an elevator; multiple decks and balconies with sweeping water views; a private boat slip; four fireplaces; a wine cellar that can accommodate 400+ bottles; geothermal heating and cooling; extensive built-ins and a climate controlled three car garage.

The chart below provides an overview of all sales of luxury homes in the tri-county area during the month of August.

This report is presented by Kathleen Baylies, Broker in Charge at Just For Buyers Realty. 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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