Wilmington, NC- Luxury real estate sales ended up being a tale of two counties in April. Brunswick County experienced one of its best months ever, recording nine closings with a collective value of $14.9 million. To qualify as a luxury sale a home must sell for $1 million or more. The last time there were more high end sales in Brunswick County was in May 2006 when 12 homes sold for $15.9 million.
The most expensive home to close in Brunswick County is located at 1405 West Main Street in Sunset Beach. The 5,175 ocean front home sold on April 13 for $2,995,000. The house is U shaped with six bedrooms and six and a half baths and is the southernmost ocean front home in the state.
(1405 West Main Street. Courtesy McNeely Group Landmark Sotheby’s International Realty)
Meanwhile, in New Hanover County April luxury sales went in a different direction. Only two homes sold for a collective $2.9 million. The last time sales were this anemic in the county was September 2018, the same month Hurricane Florence made landfall. That month recorded one sale for $2.1 million.
“When there is a particularly slow month, especially in New Hanover County, it’s almost always due to a situation beyond anyone’s control,” said Kathleen Baylies, Broker-in-Charge at Just For Buyers Realty. “Two years ago, you had Florence. It would be tempting to say ‘and this year you had Covid-19.’ While I have no doubt the virus was a factor, it’s perplexing that Brunswick County, the county right next door, didn’t see the same falloff. Frankly, I don’t know how to explain that.”
Looking forward, it’s possible New Hanover’s lackluster April 2020 performance may be just an irregular blip. The number of homes that went under contract last month suggest that May’s sales numbers will be slightly behind last years’ strong performance, but more in line with typical numbers for the month.
|New Hanover County
April 2020 / April 2019
April 2020/ April 2019
April 2020/ April 2019
|Went Under Contract||9||15||4||3||1||3|
|Closed # Homes Sold||2||9||9||1||0||0|
|Total Closed $ Volume||$2.9M||$17.7M||$14.9M||$4.4M||0||0|
|Total Current Listings||148||125||78||63||24||13|
*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