Wilmington, NC- In a month filled with so much uncertainly, a plummeting stock market, a worldwide health crisis, and millions filling for unemployment, New Hanover County luxury home sales somehow managed to record their best month well over a decade.
In March, 20 properties with a sales price of $1 million or more were sold county wide. The transactions collectively totaled $44.9 million. That makes March the third best month ever recorded. In June 2005, 27 luxury homes sold in New Hanover County. The next month, July of 2005, saw 23 homes close.
“New Hanover County was very close to matching the all-time record for monthly sales, but six deals fell through this past month,” said Kathleen Baylies, Broker-In-Charge at Just For Buyers Realty. “We can also see the number of luxury homes that went under contract was significantly lower than last March. So, not surprisingly, it appears the growing concerns about the virus are changing the strong trajectory we’ve been seeing in the high-end market.”
The March numbers also helped to shatter a record for the best opening quarter. In the first three months of the year, 42 luxury homes sold in New Hanover County. That tops a mark set in 2007 when 33 homes sold in the first quarter.
One of the properties that closed in March is located on 2601 Shandy Lane. It sold for $1.6 Million on March 20th. The homes sits on more than two acres off Greenville Sound Road. It features four bedrooms, four and a half baths, in more than 4,200 square feet. Although it has been expanded and modernized over the years, the center portion of the home was built in 1750, allowing it to lay claim to being one of the oldest structures in the county.
(2601 Shandy Lane, Courtesy of Cindy Southerland, Intracoastal Realty)
|New Hanover County
March 2020 / March 2019
March 2020/ March 2019
March 2020/ March 2019
|Went Under Contract||10||16||6||5||0||3|
|Closed # Homes Sold||20||9||2||1||2||2|
|Total Closed $ Volume||$44.9 M||$15.1 M||$3.1||$1.8 M||$2.3||$3.7|
|Total Current Listings||152||139||74||59||26||11|
*Luxury homes are 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