\Wilmington, NC – Sellers of luxury real estate have plenty of reasons, like more than $10 million reasons, to be optimistic about 2019. The year started off with high end home sales having their best January in 11 years.
Eight luxury homes in New Hanover County, with price tags of $1 million or more, sold during the month. That far exceeds last January when only three such homes sold. The total value of the eight homes was $10,531,514. The last time January luxury numbers did this well in New Hanover County was in 2008 when eight luxury homes sold for $14,527,000.
“Those are strong numbers,” said Kathleen Baylies Broker in Charge at Just for Buyers Reality, “But what’s really interesting is the number of high-end homes that went under contract in January, because that bodes well in February and March.”
A total of 11 luxury homes went under contract in New Hanover County, these are transactions that are typically expected to close in the next 30 to 60 days. They include four homes that had listing prices above the $2 million mark.
The most expensive home that went under contract in January is located at 14 Southridge Road in Wrightsville Beach. The oceanfront home is more than 5,200 square feet with two master suites, four additional bedrooms, and a bonus room on the fourth floor. Asking price was $4,250,000.
(14 Southridge Rd., Courtesy Intracoastal Realty)
Another 15 luxury homes came on the market in January, but even with their arrival New Hanover County currently has its lowest inventory of seven figure homes in years. At this time last year, 164 homes were for sale priced at $1,000,000 or more, this year, that number has dropped by 43% to 95.
“Decreasing inventory is a leading indicator od rising prices,” said Baylies. “With a smaller supply, buyers should expect to see further increases in the prices of luxury homes.”
|New Hanover County
JAN 2019 / JAN 2018
JAN 2019 / JAN 2018
JAN 2019/ JAN 2018
|Went Under Contract||11||4||4||1||0||0|
|Closed # Homes Sold||8||3||0||2||0||1|
|Total Closed $ Volume||10.5 M||4.7 M||0||2.5 M||0||1.2M|
|Total Current Listings||96||164||59||67||11||13|
*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 Kathleen Baylies, Just for Buyer’s Realty Broker in Charge. 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 Kathleen@JustForBuyersRealty.com, or visit www.JustForBuyersRealty.com