Local Luxury Market Boomed in 2017

WILMINGTON, NC – Luxury home sales in the tri-county area boomed in 2017 producing the best sales numbers in a decade.

A total of 149 homes sold for more than $1 million each in New Hanover, Brunswick and Pender in 2017. That compares to 99 high-end homes sales in 2016. Total dollar volume topped $248 million, almost a 56% increase over 2016. Last year’s luxury sales were the highest they’ve been since 2007.

Of note were the 12 ultra-luxury homes, with selling prices of $3 million or more, which sold last year. That compares to only four similar sales in 2016 and represents the highest number since 2007 when 16 homes with price tags exceeding $3M sold.

The most expensive properties to sell in each of the counties this past year were:

New Hanover: 226 Beach Road North, Wilmington sold for $4.8M on August 16.

Brunswick: 207 Row Boat Row on Bald Head Island sold for $1.85M on May 18.

Pender: 330 Olde Point Loop, Hampstead sold for $1.64M on July 31.

The year had a strong finish with December 2017 sales doubling those of December 2016. Nine luxury homes totaling $17.14M sold this December. That compares to four homes with a total value of $8.13M the same month in 2016.

The most expensive new listing to hit the market in December was 6 Beach Road S. on Figure Eight Island. The nearly 5,000 square foot, ocean front house features a reverse floor plan and nearly floor-to-ceiling windows throughout the home; as well as 5 bedrooms, 5 ½ baths, a game room, elevator, and expansive decks for enjoying the sweeping water views. The property is listed for $5.25M.

This home at 6 Beach Road South on Figure Eight Island was the most expensive new listing in the tri-county area during December 2017. Photo © Intracoastal Realty Corp. Used with Permission.

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.

Comments

  1. I wonder if that would still be the case this year..

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