Wilmington, NC- For only the fifth time in history, a residential real estate transaction in New Hanover County broke the $5,000,000 mark when it closed last month.
The house is located at 6 Beach Road South on Figure Eight Island. It’s an ocean front estate with a reverse floor plan that with four bedrooms, six baths and just under 5,000 square feet. It was listed by Vance Young, Intracoastal Realty. The exact same property sold just two years ag, n July 2018 the final sale price was $4,450,000. The most recent transaction closed on May st at $5,000,000.
(6 Beach Road South, Courtesy Vance Young, Intracoastal Realty )
That figure ties the mark as the third most expensive residential sales price in county history. The most expensive home purchase was also located on Figure Eight Island. 49 Pipers Neck Road sold in March of 2005 for $5,250,000.
Overall May sales in New Hanover County were down from year to year. In 2019 a total of 14 luxury homes sold, while this year that number was cut in half. Meanwhile Brunswick County saw an increase. Five luxury properties sold this year for a total of $6.3 million, compared to three homes that closed in 2019 for a collective $5.1 milliom
“The luxury market news for May was mixed,” says Kathleen Baylies, Broker in Charge at Just For Buyers Realty. “Sales were down in New Hanover and Pender, but up in Brunswick County. The most interesting statistic is the number of luxury homes that went under contract. That number is up across all three counties as compared to this time last year. That suggests buyer confidence remains strong.”
| New Hanover County
May 2020 / May 2019 |
Brunswick County
May 2020 / May 2019 |
Pender County
May 2020 / May 2019 |
||||
| Newly Listed | 18 | 31 | 6 | 16 | 4 | 8 |
| Went Under Contract | 22 | 15 | 13 | 3 | 2 | 1 |
| Closed # Homes Sold | 7 | 14 | 5 | 3 | 0 | 3 |
| Total Closed $ Volume | $15.6 M | $26.5 M | $6.3 M | $5.1 M | 0 | $3.9 M |
| Total Current Listings | 139 | 129 | 67 | 71 | 23 | 19 |
*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
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