LUXURY HOUSING MARKET HITS A MAY SPEED BUMP

Wilmington, NC- After one of the most successful Aprils ever, the luxury housing market in the tri-county area slowed down considerably in the month of May. Sales of homes valued at $1 million or more dropped by 33%  from May of 2017 to May of this year.

The biggest decrease took place in New Hanover County where sales fell by $5 million. In 2017, a total of 14 luxury homes sold in the county for a combined price of $22.3 million. This May, only 10 homes sold for a combined $17.3 million.

In Brunswick County the numbers fell by half. In May of 2017, a total of 6 homes sold for $8.6 million.  Compare that to this year with 3 homes selling for $4.3 million.

Only Pender County saw an increase in total value. The home at 230 N. Anderson Boulevard in Topsail Beach sold for $2,165,000. That tops last year’s mark, when one home sold for $1.36 million.

The best news to come out of May could be the number of multi-million dollar properties that sold. A total of 5 homes worth $2 million or more closed in the month. Three of those homes were located in New Hanover. Both Pender and Brunswick County had one a piece.

Currently there are 245 luxury homes on the market. Of those138 of those are in New Hanover County, 93 are located in Brunswick and 14 are in Pender County.  Two of the newest homes to come on the market in May made it to the list of the Top 10 most expensive houses in the tri county area.  An 8 bedroom, 6500 square foot home at 49 Piper’s Landing on Figure 8 Island debuts as the 4th most expensive home in the area with a price tag of $5,195,000.

Meanwhile a home on Masonboro Island climbs into the number 10 spot.  It’s located at 6309 Sea Mist Court. The home is 3 stories, with 3 family rooms, an elevator and a private beach. It sits on more than one acre with 5 bedrooms, 6 baths and more than 7800 square feet. The asking price is  $3,950,000.

(6309 Sea Mist Court Photo Courtesy of Intracoastal Realty)

 

 

 

  New Hanover County

May 2018  / May 2017

Brunswick County

May 2018  / May 2017

Pender County

May 2018 / May 2017

Newly Listed 30 30 15 8 2 3
Went Under Contract 4 13 0 4           0 1
Closed # Homes Sold 10           14 3 6           1 1
Total Closed $ Volume $17.33 $22.33 $4.3 $8.6 $2.17 $1.36m
Total Current Listings 138 160 93 83 14 18

* 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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