July was Best Month in Luxury Home Sales since the Housing Market Crash

Wilmington, NC- July 2018 was the third best month ever recorded for luxury home sales in the tri-county area, and the best month since prior to the housing market crash in the fall of 2008.

New Hanover, Brunswick and Pender, each saw a year to year increase in the number of units and in the total dollar volume of luxury home sales. And each county saw a huge increase in the total dollar volume of luxury homes sales. That figure went up by $13 million in New Hanover County alone, it doubled in Pender County, and in Brunswick County, it increased by more than 700%.

In New Hanover County 9 high-end homes closed in the month of July, up from 8 in July of 2017. Brunswick went from 1 in July of 2017 to 6 in July of 2018. And in Pender County the number of closed homes went from 1 last year to 2 this year.

The most expensive home to close in July is located on 6 Beach Road South on Figure Eight Island. The final price tag was $4,450,000. That is the second most expensive home to sell in all of the tri-county area in 2018. The most expensive home is located on 7521 Masonboro Loop Road, it closed in February for $4.9 million.

 

 

 

 

 

 

 

 

(6 Beach Road South Courtesy of Intracostal Realty)

In all three counties, the total price tag of luxury homes that sold in July was $39million, making it the most expensive month since January 2006 when sales in the three counties totaled $39.85 million. The all-time record high month was June 2005 when high-end homes combined for $45.1 million in sales.
In New Hanover the total increase in volume went from $14.33 million last year to $27.8 million this year. In Brunswick County it spiked from $1.22 million to $8.88 million and in Pender it more than doubled going from $1.64 million last year to $2.32 million this past July.

Also of note July is the overall inventory of $1 million plus homes is declining. Fewer homes came on the market in New Hanover and Brunswick Counties last month. And overall, there are 27 fewer luxury homes for sale in the area from year to year. The lower inventory could be the latest sign that high-end homes are in greater demand and their prices could continue to increase.

July 2018 Luxury* Home Report

  New Hanover County

July 2018  / July 2017

Brunswick County

July 2018  / July 2017

Pender County

July 2018  / July 2017

Newly Listed 18 27 7 8 5 1
Went Under Contract 7 9 4 3 5 0
Closed # Homes Sold 9 8 6 1 2 1
Total Closed $ Volume $27.8 $14.33 $8.88 $1.22 $2.32 $1.64
Total Current Listings 147 173 86 84 16 19

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

This report is presented by Doug Wahl, Marketing Director 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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