SPRING BRINGS A LOT OF HEAT TO THE LUXURY HOUSING MARKET

Wilmington, NC- The luxury housing market in New Hanover County had its best  April in more than a dozen years.

A total of 10 homes valued at $1 million or more sold in the past month for a combined value of         $15,159,000. This is the strongest April showing since 2006 when 11 homes sold for $18.1 million.

In addition, April 2018 had 5 other homes that went under contract for a combined total of $7.3 million. Those transactions are expected to  close now and early June.

Photo from Bald Head Island Real Estate

 

April proved to a more sluggish month for neighboring counties. No luxury homes sold in Pender County and only one closed in Brunswick County. The property at 208 Row Boat Road on Bald Head Island went under contract in early April for $1,895,000 and closed  on the 23rd.

Both New Hanover and Brunswick saw a larger than usual number of new  luxury homes coming on the market last month. A total of 22 new million dollar plus homes were listed in New Hanover with another 15 going on the marker in Brunswick County. The most expensive of new luxury home is on 310 Beach Road on Figure Eight Island. With an asking price of $4,299,000 the property hits the market as the 9th most expensive home currently for sale in the tri-county area.

Still, with the new homes coming on the market, inventory of high end homes is declining. Right now, there are 237 million dollar homes for sale in the tri-county area, which is down by 8% from the same time last year. Experts say that is a reflection of the changing market place. “The high end of the market lagged the rest of the real estate market for a long time. The number of available homes far outpaced far outpaced the anemic demand,” Says Kathleen Baylies Broker-in-Charge of Just for Buyers Realty. “As the economy continues to improve, more buyers are feeling comfortable committing to a luxury property and that is causing a slight reduction of inventory.  Tightening inventory is a leading indicator of a strengthening market and suggests luxury home sales are headed in a positive direction.”

  New Hanover County

Apr. 2018  / Apr. 2017

Brunswick County

Apr. 2018  / Apr. 2017

Pender County

Apr. 2018 / Apr. 2017

Newly Listed 22 16 15 8 0 2
Went Under Contract 5 8 0 8 0 1
Closed # Homes Sold 10 5 1 4 0 1
Total Closed $ Volume $15.16 M $7.41 M $1.90 M $5.17M 0 $1.19 M
Total Current Listings 127 150 85 88 15 16

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

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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