AFTER A RECORD SETTING JULY, THE LUXURY HOUSING MARKET RETURNED TO NORMAL IN AUGUST.

Wilmington, NC-  The luxury housing market in the tri-county area lost some of its momentum in August. 2018 has been constantly a good year for homes priced at $1 million or more. With only a few exceptions every month has either equaled or exceeded its counterpart from a year earlier. The positive trend peaked in July, which had a total volume of sales of $39 million. That figure proved to be the third highest amount ever recorded in the tri-county area, and the largest amount since the housing market crash of 2018.

But August could not maintain the record pace. In Brunswick and Pender Counties sales were flat year to year and in New Hanover there was a slight decrease.

“What you are seeing is kind of like a hangover effect,” said Kathleen Baylies Broker In Charge at Just for Buyers Realty. “July was like the perfect storm, with everything coming together. And when that happens the following month almost always sees a slow down. Unless we continue to see these number for a few months in a row, then it’s pointless to read anything into them.”

 

The one bright spot for the month is the number of new luxury homes to come on the market.  In all 34 homes were listed in the tri-county area in August, with the bulk of those located in New Hanover County. One of those homes, at  14 Southridge in Wrightsville Beach, debuted as the number 10 most expensive home. It is a six bedroom, 8 bath house, with more than 5,200 square feet and has a listing price of $4,250,000.

(14 Southridge Courtesy of Intracostal Realty)

August 2018 Luxury* Home Report

  New Hanover County

Aug 2018  / Aug 2017

Brunswick County

Aug 2018  / Aug 2017

Pender County

Aug 2018  / Aug 2017

Newly Listed 22 17 11 6 1 2
Went Under Contract 4 14 1 5 0 1
Closed # Homes Sold 8 10 5 4 0 0
Total Closed $ Volume $14.16 $26.2m $5.87 $5.9 0 0
Total Current Listings 149 149 90 82 14 17

*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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